Retirement Planning

Should You Stay, Downsize or Move? Making the Right Housing Decision in Retirement

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senior couple at home

For many people, the family home is their biggest asset.

It’s also one of the most emotional financial decisions you’ll ever make.

As retirement approaches, I often hear questions such as: Should we downsize? Is it worth selling the family home? Will moving affect our Age Pension? Can we afford to stay where we are?

There isn’t a single answer that’s right for everyone. The best decision depends on your financial position, lifestyle goals and what you want retirement to look like.

Start With Your Lifestyle, Not Your House

Many people begin by looking at property prices.

I think it’s better to start by asking a different question: How do you want to live during retirement?

For some people, staying in the family home provides comfort, familiarity and close connections with neighbours, family and friends.

For others, maintaining a large home eventually becomes more work than enjoyment.

Your retirement home should support the lifestyle you want—not become another burden to manage.

Is Staying in Your Home the Right Choice?

Many retirees choose to remain in the home they’ve lived in for decades.

That can be an excellent decision, particularly if the home already suits your long-term needs.

However, it’s worth thinking ahead.

Will stairs become difficult? Will the home need expensive maintenance? Is the garden becoming too much work? Are you close to medical services and public transport? Will you eventually need help to continue living independently?

Planning before these issues become urgent usually gives you more options.

If you’d like to remain at home for as long as possible, government-funded support through My Aged Care may also help you maintain your independence.

Is Downsizing Really Worth It?

Downsizing is often promoted as an obvious financial decision.

Sometimes it is. Sometimes it isn’t.

While selling a larger home can free up capital, many people underestimate the costs involved.

These may include real estate agent commissions, legal and conveyancing fees, removal costs, stamp duty where applicable, renovations or upgrades to the new property, and moving expenses.

It’s important to calculate the true financial benefit rather than assuming you’ll automatically be better off.

How Downsizing Can Affect Your Retirement

Selling your home doesn’t just change where you live.

It can affect almost every aspect of your financial position.

Depending on your circumstances, downsizing may influence your superannuation strategy, retirement income, Age Pension entitlement, Centrelink assessment, investment strategy and estate planning.

This is one reason many people seek financial advice before signing a contract.

A little planning beforehand can prevent expensive mistakes afterwards.

Renting in Retirement

If you’re renting as you approach retirement, it’s especially important to understand how ongoing housing costs fit within your retirement budget.

Rent is usually one of the largest ongoing expenses retirees face.

While government assistance may be available in some circumstances, it’s worth preparing a realistic budget that allows for future rent increases as well as everyday living expenses.

Understanding your likely cash flow before you retire can provide far greater confidence about the years ahead.

Considering Retirement Living or Aged Care?

For some people, retirement villages or aged care become part of the conversation.

These options can provide greater support, security and social connection, but they also come with different fee structures and legal agreements.

Before making any commitment, it’s important to understand entry costs, ongoing fees, exit fees, how your investment is treated and the impact on your estate.

Your Home Is More Than a Financial Asset

The family home represents memories, independence and security.

That’s why decisions about selling, downsizing or relocating should never be based purely on numbers.

The right decision balances financial security with the lifestyle you want throughout retirement.

For one couple, remaining in the family home may be the best outcome.

For another, moving closer to family or reducing ongoing expenses may provide greater freedom and peace of mind.

Thinking About Your Next Move?

If you’re wondering whether staying, downsizing or moving makes the most financial sense, it’s worth exploring your options before making any major decisions.

As a financial adviser in Geelong, I help individuals and couples throughout Geelong and the Greater Geelong region understand how housing decisions interact with retirement planning, superannuation, Centrelink, Age Pension entitlements and long-term financial security.

Every situation is different, and having a personalised strategy can help you move into retirement with greater confidence.

Aged Care Planning: What You Need to Know Before You Need It

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aged care smiling pensioners

For most families, aged care isn’t something they think about until a health issue or unexpected event forces them to make decisions quickly.

Unfortunately, that’s often the worst time to start planning.

Over the years, I’ve helped many individuals and families throughout Geelong and the Greater Geelong region navigate the financial side of aged care. One thing I’ve learnt is that the earlier you understand your options, the more choices you’ll usually have.

Whether you’re planning for yourself or helping an ageing parent, knowing how the aged care system works can make the process far less stressful.

Staying at Home for Longer

Most Australians would prefer to remain in their own home for as long as possible.

Government-funded home care services can help make that possible by providing support with everyday tasks such as cleaning, shopping, meal preparation, personal care, transport, nursing and allied health services.

The level of support available depends on your individual circumstances and care needs.

The first step is usually registering with My Aged Care, where you’ll be assessed to determine the type of assistance you’re eligible to receive.

Because waiting periods can apply, it’s often worth beginning the process before care becomes urgently needed.

Understanding Home Care Costs

Many people are surprised to learn that government assistance doesn’t always mean care is completely free.

Depending on your financial circumstances, you may be asked to contribute towards the cost of your care.

Exactly how much you’ll pay depends on your income, assets, the type of care you receive and the provider you choose.

Understanding these costs early can help avoid unexpected surprises later.

When Residential Aged Care Becomes the Right Choice

Sometimes remaining at home simply isn’t practical or safe.

Residential aged care provides 24-hour support for people who require ongoing assistance with daily living or medical care.

Moving into residential care is a significant life decision—not only emotionally, but financially as well.

One of the biggest questions families ask is: “How are we going to pay for it?”

Understanding Aged Care Accommodation Costs

Residential aged care fees can be confusing because there are several different costs involved.

Depending on your circumstances, you may be required to pay a basic daily care fee, a means-tested care fee and accommodation costs.

Accommodation payments can often be made as a lump sum known as a Refundable Accommodation Deposit, as daily payments called a Daily Accommodation Payment, or as a combination of both.

Choosing the right option can have a significant impact on your cash flow, estate planning and ongoing retirement income.

Should You Sell the Family Home?

This is one of the biggest financial decisions many families ever face.

There isn’t a single answer that’s right for everyone.

Some people choose to sell their home and use part of the proceeds to pay a Refundable Accommodation Deposit.

Others prefer to keep the property and rent it out.

Each option has advantages and potential drawbacks.

Your decision can affect your Age Pension entitlement, Centrelink assessments, ongoing income, estate planning outcomes and the inheritance you leave your family.

These decisions are often difficult to reverse, so it’s important to understand the long-term implications before proceeding.

Don’t Forget the Age Pension Rules

Many people don’t realise that what happens to the family home can influence Age Pension eligibility.

Depending on whether you sell the property, rent it out or keep it vacant, different Centrelink asset and income assessment rules may apply.

Understanding these rules before making decisions can help avoid unintended consequences.

Short-Term Care Is Also Available

Not everyone entering the aged care system requires permanent residential care.

Government-funded support is also available for shorter periods, including recovery after a hospital stay, respite care to give family carers a break, and short-term restorative care designed to help people regain independence after illness or injury.

These services can often delay or even prevent the need for permanent residential care.

Why Financial Advice Matters

Aged care isn’t just about choosing the right facility.

It’s about coordinating your finances, superannuation, investments, Centrelink entitlements, tax position and estate planning so they continue to work together.

The right advice can help you understand how much aged care is likely to cost, whether selling the family home is appropriate, how to structure accommodation payments and the effect on your Age Pension.

Planning ahead often provides more flexibility and greater peace of mind for both you and your family.

Need Help Planning for Aged Care?

If you or a family member are beginning to think about aged care, now is the ideal time to understand your options.

As a financial adviser based in Newtown, I work with individuals and families throughout Geelong and the Greater Geelong region to help them navigate aged care funding, Centrelink, Age Pension entitlements, retirement planning and estate planning.

A little planning today can make difficult decisions much easier tomorrow.

How Much Money Do You Really Need to Retire?

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retired couple working out finances

One of the first questions people ask me is, “Wade, how much money do I actually need to retire?”

The honest answer is that there isn’t a single number that suits everyone.

I’ve worked with clients throughout Geelong and the surrounding region who have retired comfortably with very different levels of wealth. What made the difference wasn’t simply how much they had saved—it was having a clear plan for how that money would support the lifestyle they wanted.

Retirement Means Different Things to Different People

Some people picture retirement as travelling around Australia in a caravan, taking overseas holidays and enjoying regular meals out.

Others are perfectly happy spending more time at home, gardening, seeing the grandchildren, volunteering or enjoying the lifestyle that Geelong offers.

Neither approach is right or wrong.

Your retirement should reflect what matters to you, not someone else’s expectations.

That’s why retirement planning should always begin with your goals rather than an arbitrary dollar figure.

A Good Starting Point

There are several useful guides that can help estimate how much you may need.

Many people have heard the old rule of replacing around 70% of their working income during retirement. While that can provide a rough guide, it doesn’t take into account your individual circumstances.

The ASFA Retirement Standard and the Super Consumers Australia Retirement Savings Targets are both useful tools that estimate the savings required for different retirement lifestyles.

These benchmarks assume you own your home and are intended as guides only. If you’re renting, have significant debt or expect higher living expenses, your retirement needs may be quite different.

Your Lifestyle Determines Your Retirement Budget

Rather than asking how much money you need, I encourage clients to think about how they want to live.

Some of the questions we discuss include:

  • Will you travel regularly?
  • Do you plan to help your children or grandchildren financially?
  • Will you renovate or downsize?
  • How much do you expect to spend on hobbies and recreation?
  • Will you remain in your current home?

Once those questions are answered, it’s much easier to estimate the income you’ll require throughout retirement.

Don’t Ignore Debt

One issue I see regularly is people approaching retirement while still carrying debt.

A mortgage, car loan or personal loan can place unnecessary pressure on your retirement income.

In some situations, using superannuation or other assets to reduce debt may improve cash flow and even increase eligibility for government benefits such as the Age Pension.

Every situation is different, though. The tax consequences, Centrelink rules and long-term impact should all be considered before making any decisions.

Professional advice can often uncover opportunities people weren’t aware existed.

Understanding Where Your Money Goes

Before retirement, most people have a reasonable idea of what they earn.

Far fewer know exactly what they spend.

Creating a realistic retirement budget starts with understanding your current expenses.

Consider areas such as household bills, food and groceries, insurance, medical expenses, vehicle costs, holidays, entertainment, and gifts or support for family.

Many work-related costs disappear in retirement, while healthcare and leisure spending often increase.

Knowing where your money is going helps remove much of the uncertainty around retirement.

If You’re Renting, Plan Carefully

Home ownership plays a significant role in retirement planning.

If you expect to rent throughout retirement, you’ll need to budget for future rent increases as well as day-to-day living costs.

Government assistance may be available depending on your circumstances, but it’s important to understand how this fits into your overall retirement strategy.

Planning early provides far more options than leaving decisions until retirement arrives.

Every Retirement Plan Is Different

After many years helping people across Geelong prepare for retirement, I’ve learned that successful retirement planning isn’t about chasing a magic number.

It’s about understanding your goals, making informed decisions with your superannuation, managing tax effectively, maximising any Age Pension entitlements and creating an income that gives you confidence for the years ahead.

A personalised strategy often provides far greater peace of mind than relying on general rules or online calculators.

Thinking About Retirement?

If you’re approaching retirement and wondering whether you’re financially ready, now is a good time to seek advice.

As a financial adviser based in Newtown, I work with individuals and couples throughout Geelong and the Greater Geelong region to help them understand their retirement options, make the most of their superannuation and develop strategies designed to support the lifestyle they want.

Whether retirement is just around the corner or still several years away, having a clear plan today can make a significant difference to your future.

Senior white couple standing on a beach embracing

Can You Access Your Super Early? Here’s What You Need to Know

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access superannuation early

One of the most common questions I hear from people approaching retirement is: “Can I get my super before I retire?”

The answer is sometimes, but the rules are much stricter than many people realise.

I’ve spoken with plenty of people across Geelong and the Greater Geelong region who have seen social media videos claiming it’s easy to unlock super early. Unfortunately, many of those claims are misleading, and acting on bad advice can lead to serious financial and tax consequences.

Before making any decisions, it’s important to understand how the rules actually work.

When Can You Access Your Super?

For most Australians, your superannuation is designed to provide an income in retirement, not while you’re still building your career.

Generally speaking, you can access your super when:

  • You turn 65, regardless of whether you’re still working.
  • You reach age 60 and permanently retire.
  • You reach age 60 and leave an employer, even if you later decide to work elsewhere.

The rules can vary depending on your circumstances, so it’s always worth getting advice before making a withdrawal.

What Is Preservation Age?

Many people confuse their preservation age with their Age Pension age.

They’re two completely different things.

Your preservation age is the earliest age you may be able to access your super under certain conditions. For most Australians retiring today, that age is 60.

Your Age Pension age is currently 67, and eligibility depends on both your age and your financial circumstances.

Reaching your preservation age doesn’t automatically mean you can withdraw your entire super balance.

Reducing Your Work Hours?

If you’re not quite ready to retire completely, a Transition to Retirement pension may be worth considering.

A Transition to Retirement strategy allows eligible Australians to draw a regular income from part of their super while continuing to work.

Many people use this strategy to reduce their working hours, supplement their income, ease gradually into retirement or improve their overall retirement strategy.

There are limits on how much you can withdraw each year, and the strategy isn’t suitable for everyone. Whether it adds value depends on your income, tax position, super balance and long-term goals.

Be Careful of Social Media Claims

Over the past few years I’ve noticed an increasing number of advertisements promising “easy access” to super before retirement.

Some suggest you can withdraw your super to invest in property.

Others promote expensive medical or dental procedures as a pathway to accessing your retirement savings.

The reality is very different.

Early access to super is only available under limited circumstances set out in legislation. Applications are carefully assessed, and strict eligibility requirements apply.

If someone tells you there’s a simple loophole that allows anyone to access their super early, it’s worth being very cautious.

Are There Any Genuine Early Release Options?

Yes—but they’re quite limited.

Depending on your circumstances, early access may be available under specific provisions, including compassionate grounds for certain medical or personal situations, severe financial hardship in limited circumstances, and the First Home Super Saver Scheme.

Each option has detailed eligibility requirements, and approval is not automatic.

Think About Your Future Self

It can be tempting to view your super as a pool of money that’s available whenever you need it.

However, every dollar withdrawn today is a dollar that no longer has years—or even decades—to grow through investment earnings.

One of the greatest strengths of superannuation is compound growth.

Even relatively small withdrawals can reduce the amount available to support your retirement income later in life.

That’s why it’s worth considering not just whether you can access your super, but whether you should.

Before You Make Any Decisions

Accessing your super is a significant financial decision.

Whether you’re considering retirement, reducing your working hours or simply wondering what your options are, it’s important to understand how any decision could affect your future income, tax position and Age Pension entitlements.

A little planning now can help you avoid costly mistakes later.

Need Advice About Your Super?

If you’re approaching retirement and would like to understand when you can access your super—or whether a Transition to Retirement strategy may be appropriate—I’d be happy to help.

Based in Newtown, I work with individuals and couples throughout Geelong and the Greater Geelong region to help them make informed decisions about superannuation, retirement income, Centrelink and long-term financial security.

If you’re unsure about your options, seeking personalised advice before making any changes can give you greater confidence about your retirement.

Age Pension Changes in 2026 – What They Could Mean for Your Retirement

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aged pensioners - couple

If you receive the Age Pension—or expect to rely on it in the future—it’s important to stay up to date with changes that could affect your income.

From March 2026, the Australian Government increased the Age Pension while also making gradual changes to the deeming rates used to calculate pension entitlements.

For many people across Geelong and the surrounding region, these changes will have only a modest impact. However, they’re a timely reminder that even small adjustments to the rules can influence your retirement income.

The Age Pension Has Increased

The latest Age Pension increase is designed to help retirees manage the ongoing rise in everyday living costs.

Although the increase won’t completely offset higher prices for essentials such as groceries, electricity, insurance and healthcare, every additional dollar can make a difference for households living on a fixed income.

For many retirees, the Age Pension forms an important part of their overall retirement strategy alongside superannuation, investments and personal savings.

What Are Deeming Rates?

One of the most common questions I receive is, “What exactly are deeming rates?”

Deeming rates are simply the Government’s way of estimating the income your financial assets generate.

Rather than looking at the actual interest earned on every bank account or investment, Centrelink applies a deemed rate of return to eligible financial assets. That estimated income is then used when assessing your Age Pension entitlement.

It’s a system designed to simplify the assessment process, but it also means your pension may be affected even if your investments earn more—or less—than the deeming rate.

Why Have Deeming Rates Changed?

During recent years, deeming rates were kept artificially low while interest rates and financial markets experienced significant uncertainty.

From March 2026, the Government began gradually increasing those rates instead of making a large adjustment all at once.

The deeming rates introduced from 20 March 2026 were 1.25% on financial assets below the lower threshold and 3.25% on financial assets above that threshold.

Because the increases have been phased in, most retirees are less likely to experience sudden changes to their Age Pension payments.

Are You Getting the Best Return on Your Savings?

One issue that doesn’t receive enough attention is whether retirees are earning competitive interest on their cash savings.

Many Australians leave substantial amounts of money sitting in transaction accounts that pay very little interest.

Others simply prefer dealing with their local bank branch rather than managing online savings accounts.

There’s nothing wrong with wanting simplicity and security, but it’s worth reviewing your banking arrangements from time to time. A better interest rate may improve your overall financial position without taking on additional investment risk.

Age Pension Planning Is About More Than Centrelink

Many people think retirement planning is simply about qualifying for the Age Pension.

In reality, it’s about understanding how all the pieces fit together.

Your superannuation, investment income, bank savings, Centrelink entitlements and tax position all interact with one another.

A change to one area can sometimes create opportunities—or unintended consequences—in another.

That’s why personalised financial advice is often far more valuable than relying on general information published online.

Every Retirement Situation Is Different

I’ve worked with many people throughout Geelong and Greater Geelong who are surprised to discover they may be entitled to more support than they expected.

Others are already receiving the Age Pension but haven’t reviewed their financial arrangements for years.

Small adjustments to your retirement strategy can sometimes improve your cash flow, increase your confidence and help ensure you’re making the most of the entitlements available to you.

Need Help Understanding Your Age Pension?

If you’re approaching retirement or already receiving the Age Pension, it’s worth reviewing your position whenever Government rules change.

As a financial adviser based in Newtown, I help individuals and couples across Geelong and the Greater Geelong region understand how Age Pension rules, Centrelink, superannuation and retirement income strategies work together.

A simple review today may help you make more informed decisions about your retirement tomorrow.