Seven tips for a super end of financial year

As you near retirement age, and even well before, it's essential to ensure your financial plan aligns with your retirement goals. The close of the 2023-24 financial year is the time to review the past twelve months and plan for the new year. Consider these seven tips as you prepare for your financial future.

1. Assess your financial situation

Take stock of your current financial position. Calculate the value of your assets, including savings, investments, and your super balance. List any outstanding debts and upcoming expenses.

2. Set your goals

Define what you want for your retirement—consider how you want to live and what a comfortable retirement looks like for you. Some factors to consider include your lifestyle preferences, travel plans, healthcare needs, and expenses you might anticipate.

3. Create a retirement budget

Understanding how much you’ll need throughout retirement and how you can use your super as an income stream are things you can consider when the time is right. A super specialist can help you understand when to start planning and help you create a budget for managing your expenses. Book a chat in a super specialist’s diary.

4. Maximise your retirement funds

How much super do you have and how much will you need when you stop working? A super specialist can help you find the answers and understand how your super can keep working for you even when you stop going to work.

5. Is an income stream for you?

A retirement income stream can be drawn from the super you’ve accumulated during your working life. You may also have other potential sources of income beyond your savings and investments such as the Age Pension (if you’re eligible) or part-time employment opportunities.

6. Tax implications

You’ll need to understand any tax implications of your retirement income sources and withdrawals from your super and that’s another area a super specialist may be able to help.

7. Estate planning

Ensure your estate planning documents, such as wills, trusts, powers of attorney and insurance policies are up to date and reflect your wishes. Review your beneficiary nominations and make sure they’re the type of nomination that can ensure your wishes are carried out after your death.

Retirement is not just about reaching a certain age and leaving your job—it can be one of the best stages of your life. Consider our seven tips and book a chat with a super specialist to make sure your end of financial year can help you on your way to a comfortable retirement.

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