Retirement means different things to everyone. It may be a definite point in time when you stop work, and begin a new phase of life.

Or it may be a gradual process where you vary working hours as your priorities shift. You might decide to leave employment and return to part-time work later.

How much money you’ll need to retire

Most people can now expect to live well into their 80s. This means if you stop working in your mid-60s, you'll need retirement income for 20 years or more.

Making a retirement plan can help you manage your finances, and cope better as your life and priorities change.

Talk about your retirement priorities with a partner, colleague or friend.

Get professional advice, if you need it. Your super fund, a licensed financial adviser or a Services Australia Financial Information Service (FIS) officer can help you.

Where your retirement income can come from

Find out when and how to access your super, then explore your retirement income options.

Your main options are:

• an account-based pension
• an annuity
• a lump sum, or
• a combination of these.

Or consider a transition to retirement strategy.

Check if you're eligible for the Age Pension, government benefits or seniors concessions. See how tax on retirement income works and where to get help if you need it.

Weigh up the pros and cons if you’re considering downsizing your home, or a reverse mortgage or home equity release product.