TL;DR
- Start reviewing your retirement plans early to gain more control over your future lifestyle.
- Define your ideal retirement lifestyle and set a clear savings target based on your desired annual expenses.
- Regularly check your superannuation balance and investment options to ensure your money is working effectively.
- Increase contributions when possible—small percentage boosts today can make a big difference by retirement.
- Account for actual lifestyle costs including housing, healthcare, and leisure when estimating retirement needs.
- Stay flexible about retirement age—it impacts how long your savings need to last and when you can access funds.
- Recalculate your retirement outlook annually to stay on track and adjust for life or financial changes.
- Be prepared to adapt your plans as life evolves—regular check-ins reduce surprises and improve financial security.
Retirement might feel far away, but the reality is: the sooner you check in on your plans, the more control you’ll have over your future. It’s easy to push this stuff to the side—especially when you’re busy juggling day-to-day expenses—but a few smart decisions today can make a huge difference down the line.
If you’re unsure where to start, the best move is to get a clear picture of where you stand. Tools like the super projection calculator by TelstraSuper make it easy to estimate how your current savings track toward the lifestyle you want in retirement.
Understand Your Retirement Target
A common mistake people make is assuming superannuation alone will be enough—without ever checking the numbers. The truth is, “enough” looks different for everyone. It depends on the lifestyle you want, how long you expect to be retired, and whether you plan to supplement your super with other income. That’s why setting a clear retirement target is key.
Whether it’s a modest lifestyle or something more comfortable with travel and extra hobbies, start by defining what you want, then estimate what it will take to support that.
Know How Much You’ve Already Got
You might be pleasantly surprised—or shocked—to learn what’s already in your super. But either way, knowledge is power. Check your latest super statement or log into your account to get the current balance, your employer’s contributions, and how much you’ve personally added. From there, review the investment mix—are you in a high-growth option? Conservative? Knowing this helps you understand both your potential for growth and your risk level.
Remember, it’s not just about how much you’ve saved—it’s also about how that money is working for you.
Review Your Current Contributions
One of the most impactful things you can do is increase your contributions—even slightly. Adding an extra 1–2% now can compound significantly over the years, especially if you’re still in your 30s or 40s.
Salary sacrificing or making voluntary contributions when you get a bonus or tax return are great ways to top up your balance without feeling the hit in your day-to-day spending. Even if retirement feels far away, this is a smart long-term habit that pays off.
Account for Lifestyle Costs
It’s easy to throw around a big number when thinking about retirement—say, $1 million—but what does that actually mean for your monthly budget? That’s where retirement planning becomes more practical.
Work backwards. Think about how much you’d realistically like to spend each year in retirement, then estimate how long you might need that income. Factor in regular bills, health care, leisure, and housing—will you still be renting? Paying off a mortgage? Downsizing? Understanding your expected costs helps you put your savings target into context.
Consider Retirement Age Flexibility
Many people assume they’ll retire at a certain age—usually 65—but the reality is more fluid. Some choose to work part-time into their late 60s, while others aim to retire early. The age you retire impacts both how long your savings need to last and when you can access your super.
Having flexible retirement plans can reduce pressure and open up more options, especially if unexpected life events shift your trajectory.
Revisit and Recalculate Regularly
Retirement planning isn’t a one-time event. Your financial situation, super balance, goals, and even legislation can change over time. That’s why it’s worth checking in at least once a year.
A quick review can help you spot whether you’re on track—or if a small tweak now could prevent a bigger issue later. Make it part of your annual routine, like a health check-up, and you’ll be more confident and better prepared as the years go on.
Frequently Asked Questions
Why should I check my retirement savings early?
The earlier you review your retirement plans, the more time you have to make impactful adjustments like increasing contributions or optimizing investments.
How can I figure out my retirement savings target?
Estimate the annual income you’ll need in retirement based on your lifestyle goals, then multiply it by the number of retirement years you expect.
Is it enough to rely on superannuation?
Not always. Superannuation helps, but depending on your lifestyle goals, you may need to supplement it with personal savings or investments.
How often should I check my retirement plan?
Ideally, review it at least once a year, especially after major life events or changes in income, to stay aligned with your goals.
What’s the benefit of flexible retirement age planning?
Flexibility gives you options—whether to retire early, work part-time, or adjust spending—reducing stress if circumstances change.
Get Comfortable with the Unknowns
Planning for retirement isn’t about having a perfect blueprint. It’s about making the best choices with the information you have now—and being ready to adjust as life changes. There will always be unknowns: inflation, health needs, market changes. But with a solid plan and regular check-ins, you give yourself room to respond, adapt, and stay on course. It’s not about predicting the future perfectly—it’s about being prepared for whatever it brings.
Checking in now could make all the difference later. Use the tools available, understand your position, and take small actions that lead to big results over time. The earlier you get clear, the easier it becomes to shape the kind of retirement you actually want—not just the one you end up with by default.