The Pre-Retirement Checklist: 7 Money Moves Australians Over 50 Should Make Now

Most people don't realise they've left their run too late until they're already too late.

They've spent 30 years building a career, raising a family and paying down a mortgage.

Retirement was always important, it just never felt urgent.

Then one day they look up and realise retirement isn't twenty years away.

It's five. Or ten.

And suddenly the decisions they make now matter far more than the decisions they made twenty years ago.

If you're in your 50s and reading this, you're probably not in that camp. You're thinking about it. You're asking the right questions.

The ones that matter most right now:

•    Do I actually know what my retirement looks like, not the vague version, but the real one?

•    Do I know the number? The income, the lifestyle, whether it lasts?

For many families across Australia, retirement has moved from a distant concept to something with a rough arrival date attached. And the difference between entering retirement with confidence and entering it with anxiety almost always comes down to what happened in the years before.

Here's what those years should look like.

1. Find out what your super balance actually means

You probably know your super balance. What most people don't know, and what actually matters, is what that number produces as income.

The Association of Superannuation Funds of Australia puts a comfortable retirement at approximately $73,000 per year for a couple and $51,000 for a single person (figures are approximate and updated quarterly). A balance that sounds impressive today can produce significantly less annual income than people expect once retirement begins.

This is the calculation that changes everything. Not the balance. The income it generates, whether it's enough, and how long it lasts.

If you don't know that number, you don't yet know where you stand.

2. Use the tax system while you still can

Here's the part most people wish they'd known earlier, super is one of the most tax-effective structures in Australia, and most people significantly under-use it during the years they're earning the most.

Concessional contributions, including salary sacrifice and employer contributions, are taxed at 15% inside super. If you're on a marginal rate of 37% or 45%, that gap is real money.

The annual cap is $30,000 (2025/2026 - increasing to $32,500 in 2026/2027). If you've had years where you contributed less than that, you may be able to carry forward unused amounts, provided your total super balance is under $500,000.

The window to use this doesn't stay open forever. Every year you're not maximising it is a year you can't get back.

3. Stop assuming your super investment strategy is still right

Most people set their investment option once and never revisit it.

At 35, that's probably fine. At 55, it's worth a proper look.

Australians are living longer than ever. A healthy 65-year-old couple today has a strong chance that at least one partner will live into their 90s. That means retirement isn't a short-term event. It could easily be a 25 to 30 year investment timeframe.

Here's the thing many people get wrong, pre-retirement doesn't automatically mean conservative. If your retirement needs to fund 25 to 30 years of income, and for many people it will, moving too defensive too early can quietly cost you more than market volatility ever would.

Your strategy should reflect your actual timeframe, your income needs, and your genuine appetite for risk. Not a default that was set when your circumstances were completely different.

4. Know how you'll draw income before you need to

This is the most underrated conversation in retirement planning, and most people don't have it until they're already retired.

How you access your money matters as much as how much you have.

An account-based pension, which is a super account that switches from saving mode to income mode when you retire, keeps your investments in a tax-free retirement environment while paying you a regular income. A Transition to Retirement strategy can allow you to access some super from age 60 while still working, giving some people the ability to reduce hours without reducing income.

But beyond the product type, sequencing risk matters too. Sequencing risk is the danger of drawing down investments during a market downturn early in retirement, which can quietly erode your balance faster than you'd expect. Draw from the wrong asset at the wrong time and you could increase your tax bill, reduce your Age Pension entitlement, or run out of money faster than your projections suggested.

This is the kind of decision that looks simple on the surface but isn't.

5. Make a deliberate call on debt

Retiring with a mortgage isn't automatically a problem. Retiring without a plan for it is.

Every dollar going to repayments in retirement is a dollar not going to travel, healthcare, family, or simply enjoying the life you worked for. But in some situations, depending on your interest rate, your investment returns, and your tax position, maintaining a low-rate mortgage while keeping money invested can make financial sense.

The point isn't which answer is right. The point is that without running the numbers, you can't know.

Consider a couple in their late 50s with $850,000 in combined super and $150,000 left on the mortgage. Whether they direct surplus cash toward debt reduction, extra contributions, or a split approach could produce meaningfully different outcomes by retirement. The difference between those outcomes isn't luck. It's modelling.

6. Learn the Age Pension rules even if you think they don't apply to you

This is the one people most consistently get wrong.

"We'll be self-funded" is a reasonable assumption for plenty of Australians. It's also an assumption that leads people to ignore rules that end up affecting them anyway.

The Age Pension has both an assets test and an income test. How your assets are structured, inside versus outside super, your investment mix, your relationship status, when you retire, directly affects what you're entitled to.

Some decisions made in your 50s flow through to your Age Pension entitlement a decade later. Structuring things well in advance isn't gaming the system. It's just planning.

And even a part pension carries value. Not just the income, but the concessions and benefits that come with it.

7. Stop treating this as something you'll get to

Everything above is available to you right now.

The strategies aren't complicated. What they require is time, and time is the one thing that runs out.

Starting a retirement plan at 55 instead of 60 can make a significant difference to retirement savings, simply because there's more time to contribute, invest and structure things effectively.

The families who enter retirement with the most confidence aren't always the ones who earned the most. They're usually the ones who understood their position clearly and made deliberate decisions while they still could.

If you've been meaning to get a proper picture of where you stand, your income in retirement, the gaps, the opportunities still available, this is the nudge.

Ready to find out what your retirement could actually look like?

A conversation with the Hunter FP team could make all the difference. What it gives you is clarity, on whether you're on track, what income you could generate, and what moves are still available to you before retirement arrives.

Book a no-obligation conversation with Hunter FP

No pressure. Just a clearer picture.

Frequently Asked Questions

Still have questions? Here are the ones we hear most often.

How much super do I need to retire comfortably in Australia?

It depends on your lifestyle, relationship status, and other assets. ASFA currently estimates a comfortable retirement requires around $73,000 per year for a couple and $51,000 for a single person (figures approximate and updated quarterly). Your personal target may be higher or lower.

Can I access my super before I retire?

In most cases, you can access super once you reach your preservation age, currently 60 for most Australians, and meet a condition of release. Rules vary depending on your age and circumstances.

What is an account-based pension?

An account-based pension is a retirement income stream that lets you draw regular payments from your super while the remaining balance stays invested in a tax-free environment once you're in retirement phase.

Should I pay off my mortgage before I retire?

There's no universal answer. It depends on your interest rate, investment returns, tax position, cash flow and personal comfort with carrying debt. The right answer comes from modelling both scenarios.

Can I get the Age Pension if I have super?

Yes. Eligibility depends on your age, assets and income, not simply whether you have super. Many Australians with substantial savings still qualify for a full or part Age Pension.

When should I start planning for retirement?

The earlier you start, the more options you typically have. For many Australians, the years between 50 and retirement are particularly valuable because they offer opportunities to increase super contributions, reduce debt and optimise retirement income strategies before work stops.

What happens if I retire with debt?

Retiring with debt doesn't automatically create a problem, but it does increase the income you'll need in retirement. The right approach depends on factors such as your interest rate, available assets, expected investment returns and personal comfort with carrying debt.

Can I work and access my super at the same time?

In some circumstances, yes. Once you've reached age 60, a Transition to Retirement strategy may allow you to access part of your super while continuing to work. Whether this is appropriate depends on your individual circumstances and objectives.

This article contains general information only and does not take into account your personal objectives, financial situation or needs. Before acting on any information, you should consider whether it is appropriate for your circumstances and seek professional advice.