45 – 55: Have time on your side?

Financial experts say that around this time in your life, your disposable income may increase as debts decrease and children become independent. It can also be a time when significant lifestyle changes can occur – such as the desire to move in new directions. Whatever your situation, now is the time to make sure your retirement plan is on track.

Check you're on track, ask yourself

  • What do I want to do in retirement? How often do I want to eat out? Do I want to travel? Do I have, or want to continue any hobbies?
  • Where do I want to live in retirement?
  • Will I need a car? 
  • When am I going to retire? How long does my super have to last?
  • Will I still have debts to cover?
  • Should I consolidate my super?
  • How much am I actually going to get? Is it enough? If needed, what adjustments to my contributions can I afford to make now?
  • How do I want to take my super – as a lump sum or pension?
  • Should I have a medical check up?
  • Do I want to phase in my retirement? Or work full-time until the day I retire?

Useful sources of information

Super guru – a comprehensive guide to super including the Westpac-ASFA Retirement Living Standard which shows how much you may need in retirement, produced by the Association of Superannuation Funds of Australia Limited.

Getting advice – a step-by-step guide to choosing the right financial adviser, published by the Australian Securities and Investments Commission in association with the Financial Planning Association of Australia.

Advice worth taking – a guide to financial planning and seeking advice from a financial planner, produced by the Financial Planning Association of Australia.

Centrelink financial information service – a free and independent service and you do not have to be getting a payment from Centrelink to use it.

Superannuated Commonwealth Officers Association – a national organisation which seeks to improve and safeguard the value of superannuation benefits of government employees and superannuants and their families and also seeks to build and maintain those services important for promoting well being and financial security in retirement.

National Information Centre One Retirement Investments – a free service which aims to improve the level and quality of investment information provided to people with modest savings who are investing for retirement or facing redundancy. 

Department of Finance and Deregulation Superannuation branch – this branch supports the Minister for Finance and Deregulation, with his responsibilities for superannuation for Australian Government employees and Commonwealth parliamentarians.

The learner investor site – an online guide to the world of investing published by the Eureka Report which aims to inform, advise, guide and educate investors.

www.seniors.gov.au – a single point of access to Government and non-Government information and services for Australians over 50 published by the Australian Government.