Retirement Planning

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.