Retirement Preparation Checklist: Financial, Personal, and Social Considerations

Financial steps to prepare for retirement

• Review your financial plans, assets, and budget with a financial adviser or accountant.
• Consider the impact of job or hour changes on your retirement plan.
  • Meet with your superannuation fund to discuss:
    • When can I access my super?
    • Can I receive the money as a lump sum or in smaller payments?
    • Can I contribute more to my super before retiring?
    • What are the taxation implications?
    • What insurance coverage do I have?
• Review and update life insurance policies and beneficiaries.
• Contact Centrelink to discuss eligibility for pensions and concessions.
• Review estate planning documents such as your Will and Powers of Attorney.
• Book a 1:1 appointment with a legalsuper Client Service Manager – they will be able to assist you with your super questions.

Personal considerations before retiring

• Review your proposed retirement date:
  • Can you afford to retire when planned?
  • Should you retire earlier or later?
• Discuss retirement expectations with your partner and family.
• Minimise relationship challenges by discussing each other's needs and expectations.
• Plan post-retirement logistics:
  • Where will you live?
  • Will you need access to health services or a carer?
  • Consider your mobility needs.
• Schedule a thorough health check and implement preventative health measures.
• Meet with Peer Support or a counsellor to discuss emotional readiness for retirement.
• Review your health insurance.
• Develop a post-retirement plan outlining new routines and activities.

Building a strong social network for retirement

• Identify your support network, including:
  • Family and close friends
  • Work colleagues, managers, and HR team
  • Peer support and retiree clubs
• Maintain your work-life balance by catching up with people and engaging in hobbies.
• Join or explore community groups to stay socially active post-retirement.

Professional planning for a smooth retirement transition

• Discuss retirement plans with your manager and HR:
  • How can your manager support your transition?
  • Are changes to your hours or responsibilities needed?
• Explore job opportunities outside your current role if interested.
• Reach out to your professional network if seeking other work.
• Consider upgrading or learning new skills through courses.
• Explore mentoring or volunteering opportunities, either formally or informally.
• Contact your superannuation fund to discuss how leave or work changes might impact your super.