Get advice

Good financial advice can really help you get your plans in order. It can also help you decide when to retire.

The earlier you retire, the longer you will have to live on your savings. You might have to support yourself for 30 years or more.

Work out how much you'll need

When you retire from full-time work, you'll need enough money to live at the standard you want for the rest of your life. Start by working out a rough yearly budget.

Look at your current living expenses and work out how they would change if you retired.

Government assistance

When you retire you may be eligible for the Age Pension and a number of other benefits including discounted public transport fares, concessions on your electricity and gas bills and free or discounted health care.

The bottom line

• Work out what you will have to live on when you retire. Will you be eligible for the Age Pension? What will you get from your superannuation?
• Take control of your money and plan now for your retirement needs.
• Get independent advice to help you decide how to arrange your finances.