K Point Wealth’s guide to starting your retirement planning.
Retirement is one of life’s biggest milestones—and one that requires careful planning. Whether you plan to retire early or continue working longer, it’s never too soon to start thinking about your future.
Here are some key questions to ask, along with practical steps to help you get started.
When should I retire?
There’s no fixed retirement age in Australia. The decision is personal and depends on your goals, health, and financial position.
However, there are important milestone ages—such as when you can access your super or become eligible for the Age Pension—that may influence your planning.
What does my ideal retirement look like?
Your retirement strategy should reflect the lifestyle you want. Consider questions like:
- How do you want to live in retirement?
- Do you plan to travel?
- Do you want an active or more relaxed lifestyle?
- Where do you want to live?
- What type of home will you need?
- Will you require private health insurance?
- Do you want to support children or grandchildren financially?
If you’re unsure, discussing your goals with a partner or adviser can help clarify your direction.
How much will retirement cost?
As a general guide, you may need around 66% to 80% of your pre-retirement income to maintain your lifestyle.
For a more detailed benchmark, refer to the ASFA Retirement Standard, which outlines estimated budgets for modest and comfortable lifestyles.
For example, a comfortable lifestyle (ages 65–84) is estimated at:
- Couple: $68,014 per year
- Single: $48,266 per year
How do I start saving?
Begin by understanding your current position—your assets (including super and savings) minus your debts.
This gives you a baseline to determine how much more you need to achieve your retirement goals.
From there, you can explore different strategies to build wealth over time. Learn more about wealth creation or speak with an adviser for tailored guidance.
When should I start planning?
The earlier, the better. Starting early gives you more time to benefit from compounding and helps protect against unexpected life events such as illness or early retirement.
Even small steps taken now can make a significant difference later.
At K Point Wealth, we offer a range of financial planning services to help you build a clear and achievable retirement strategy.
Get in touch to see how we can support your journey.
Looking for retirement planning advice?
Our team will work with you to create practical, tailored strategies aligned to your goals.
Call us on 07 3891 5666 or email admin@kpointwealth.com.au.
