Has retirement snuck up on you?

If you’re a worker in your late 50s or early 60s, that might seem like a silly question. By this point, you’ve spent the past forty or fifty years building your career and cementing your financial future.

Your 50s and 60s are the perfect time to review, boost and protect your super savings. Credit: Aresna Villanueva

But going from building your nest egg to being ready to use it requires a little planning to make sure you’re getting the most out of your savings.

Retirement in Australia has changed over the past few decades. A 2020 treasury review of Australia’s Retirement Income System highlighted Aussies are living longer, meaning their savings have to stretch further. Not only are individuals retiring later than they were 20 years ago, they’re also more likely to gradually wind down their hours with part-time work.

Planning for the final years of your working life means taking stock of your savings and goals. Despite this, recent research from the Association of Super Funds of Australia (ASFA) suggests a decent chunk of older Australians haven’t yet done their retirement homework.

The group’s survey of 1500 adults found half of them had not consulted any sources of information about their retirement – including 40 per cent of those aged over 65.

It’s time to review how your super is invested and your risk tolerance. “Depending on the amount of savings you have and your income needs, you might reassess the risk profile of your super investments and take a more conservative strategy now that you are nearing........

© The Age