Other things to consider when planning your retirement

What is retirement planning? 

Retirement planning isn't just about growing your super balance; it's also about planning where you want your assets to go after you're gone (through your beneficiary nomination) and preparing for life's uncertainties while you’re alive.  

With the help of your lawyer, these retirement planning considerations are important to make sure your wishes are honoured. Remember, the state that you live in will play a role in how you approach these issues, so be sure to get legal advice. 

1. Enduring Power of Attorney

An Enduring Power of Attorney is the person you choose to handle your finances if you can no longer do so. 

Why it matters: 

Managing your finances

Your appointed person can pay bills, manage investments, and make financial decisions on your behalf. 

Protecting you while incapacitated

They ensure your financial matters are managed smoothly if you become unable to do so yourself. 

2. Advance Care Directive

An Advance Care Directive spells out your medical care preferences if you can't communicate. 

Why it matters: 

Medical Wishes

You can specify the kind of medical treatment you want or don’t want, like life support or palliative care. 

Ensuring your voice is heard

It ensures your healthcare team and family know your wishes and can honour them when you can’t speak for yourself. 

3. Medical Treatment Decision Maker or Enduring Guardian

Depending on which state you live in, the Medical Treatment Decision Maker or Enduring Guardian, is the person you appoint to make healthcare decisions for you if you can't. 

Why it matters: 

They are your advocate

Your chosen person can make informed decisions based on your beliefs and preferences. 

Peace of mind

Knowing someone you trust will make decisions in your best interest gives peace of mind to you and your loved ones. 

4. Statement of Wishes

This can be valuable in addition to a Will. It’s super important because it expresses your personal and sentimental wishes for your estate. 

Why it matters: 

Guides your loved ones 

It provides insight into your decisions and preferences, like what song you’d like played at your funeral, who will inherit your porcelain tea pot collection to who gets to adopt Roger the dog. 

It’s fluid 

You can update it easily as circumstances change, ensuring your wishes are always current. 

5. A Will

The purpose of a legal Will is to determine ‘who gets what’ after you pass away. 

Why it matters: 

Distributing your assets 

It lets you decide how your belongings, savings, and property are distributed among your loved ones. 

Appointing an Executor 

You can appoint someone you trust to carry out your wishes and handle your estate. 

Guardianship for kids 

If you have young children, you can name who should care for them if you're not around. 

For more information on planning your ideal retirement, head to our retirement hub.

The retirement hub

We’re always here to help. 

If you have any questions about beneficiary nominations and how they work with your super, book a time online to talk with a super specialist. For anything more, contact your lawyer. 

The information provided here is intended solely for general informational purposes and should not be construed as legal advice or financial advice. It is recommended that you consult with a qualified legal practitioner as part of your comprehensive retirement planning.