Getting ready for retirement
As you approach your fifties and sixties, you will probably
start to think about retiring. For many women, this can herald a
significant change in lifestyle.
Some early planning for this new stage of life can help you
enjoy a successful transition from work to your retirement.
When can you retire?
In Australia there is no fixed age at which women have to
retire. Currently, you can access superannuation from age 55 to 60
depending on when you were born.You may be entitled to the age
pension from age 65 to 67, depending on when you were born. Use the
super and age pension calculator to find out.
Work out when you would be entitled to the Age Pension and
and pension age calculator
Making a gradual transition to retirement
Many women choose a gradual transition to retirement,
often winding back their working days over a few years. This lets
you become accustomed to a reduced workload and gives you time to
develop hobbies or interests for later in your retirement. By
delaying full-time retirement you can also accumulate a larger nest
There are many options available to help you make the transition
to retirement. For example, a transition to retirement income
stream, or pension, lets you draw down your super to supplement
your employment income when you cut back your working
week. See retirement income
planning for more information.
Case study: Jill gets a taste for retirement
Jill, a 60-year-old divorcee, wanted to retire but
was concerned about the loss of social contact and mental
stimulation that work provided.
'This year I've moved from a full-time role to a part-time
position. Initially I felt I had a lot of time on my hands, so I
joined the volunteer group at my local hospital, and now I feel
busier than ever!
'I'm still keen to stay on at work for a few more years but
getting a taste of retirement has been really reassuring. I'm not
so worried about being bored or lonely after I finish up with work.
And by putting off my full retirement and not drawing on my
retirement savings, my nest egg should last longer.'
Will you have enough
The amount of money you will need to
retire depends on your age and your intended lifestyle. Most
retirees need more income in their first years of retirement when
they might take the opportunity to travel or pursue hobbies. As
they get older, their lifestyle winds down and they will need less
To get an idea of how much money people typically need in
retirement, see how much is enough then use our
retirement planner to see how you're tracking.
Work out what income you are likely to have at retirement.
Give your super a last minute boost
If you earn substantial take-home pay but still worry that your
super won't be enough to fund a comfortable retirement, it may be
possible to give your nest egg a last minute boost.
Speak to your employer about salary sacrificing, or contributing
to super from your pre-tax income. While it means taking home less
pay now, it is a simple way to add to your super. It may also be
tax effective. For more on salary sacrificing see contributing extra to
If you're on a lower income you may be eligible for a government co-contribution. Find out more
from the Australian Tax Office: Super
Good advice can be a good
Our tax and super systems are complex. Getting good advice to
help you navigate through your finances can make a big difference.
See getting advice.
Managing the lifestyle
For many women, retirement involves a significant change in
lifestyle. Not only do you have more leisure time, you are likely
to see a lot more of your family and friends.
Talk to your partner about how you are both coping with
retirement. Healthy communication will smooth the transition from
worker to retiree, and let you make the most of this new stage of
Like any of life's milestones, retirement
requires careful planning to make it fulfilling. Looking ahead at
how much money you will need and what you like to do will help you
ease into retirement and enjoy your accomplishments.
Last updated: 18 Apr 2017