Transition to retirement checklist

Checklist for planning transition to retirement

Like most life events retirement can involve stresses and challenges that you might not have anticipated. A ready for retirement checklist can help you identify what challenges you may face in your transition to a new stage in your life.

Why you should plan for your retirement

Planning for this transition can ensure the process is as stress free as possible, and the sooner you start planning the better off you will be.

Early planning can give you time to implement solutions to avoid potential problems or allow you to reconsider your expectations.

Here is a simple retirement checklist, to give you an idea of what you have and haven’t already organised.

Ready to retire?

Employment

  • Decide if you want to retire and when.
  • Decide if you want to work part-time.
  • Make a list of your retirement goals.
  • Plan what to do with your time once you retire.

Finances

  • Calculate how much money you will need to live on each year (eg by looking at your current level of income and expenditure and adjusting for expected changes in retirement).
  • Calculate how much you need to deliver the retirement income you want.
  • Determine how long you expect to be retired.
  • Review your investments, savings and other assets.
  • Calculate the costs of your hobbies and interests in your financial predictions.
  • Consider how much you will need to maintain your health.
  • Plan for major expenses (eg new car, home renovations, a major trip).
  • Contact Centrelink about entitlements such as pensions.
  • Find out your eligibility to concessions.
  • Find out how much super you have in total, and track down any lost super.
  • Create a budget for use in your retirement years.
  • Ensure you have an up-to-date will.
  • Organise an enduring power of attorney for medical and financial decisions.
  • Speak to a financial advisor to answer any questions you may have.

Relationships

  • Talk to family and friends about your plans for retirement, and make adjustments if required.

Please note: This checklist is to be used as a guide only, and should not be considered investment advice. Before making any financial decisions you should always consult your personal financial adviser.

Contacts and resources

Print and electronic resources about retirement are available from government and financial advisory services.