“Planning for retirement isn’t just about a finish line—it’s about the freedom to live the life you want, on your terms. And that starts by understanding what steps to take at every stage.”
— Daniel Grusd, Director of Wealth Management, Onelife Financial
Whether retirement feels a lifetime away or just around the corner, being intentional about your super and strategy now can make all the difference. The sooner you get clear on your goals and take control of your financial position, the more freedom you’ll have in the future.
Here’s what to focus on in your 40s, 50s, and 60s to help you feel confident, capable, and ready to live the life you want—when you want to live it.
In Your 40s: Build Strong Foundations
Your 40s are all about setting yourself up. You’ve likely settled into your career and have more capacity to contribute to your super—and time is still on your side.
Top 3 considerations:
- Track down and consolidate your super
If you’ve changed jobs, you might have multiple accounts. Consolidating can reduce fees and simplify your super management. Be mindful of any insurance cover you may lose by consolidating. - Start contributing more
A small increase now could mean a big difference later. Consider salary sacrificing or making after-tax contributions while you’re still working full time. - Review your investment mix
Your long time horizon means you may be able to take on more growth-oriented investments. Make sure your risk level aligns with your goals.
💡 Tip: This is a great decade to define what retirement looks like for you—so your finances can be shaped to support it.
In Your 50s: Step Up Your Strategy
Retirement is starting to feel more real, and decisions you make now have a significant impact on your future lifestyle.
Top 3 considerations:
- Understand your retirement gap
Use super calculators to compare your projected super balance with what you might actually need. This helps guide your contribution strategy and goal setting. - Make use of catch-up rules
If your total super balance is under $500,000, you can carry forward unused concessional contributions from the past five years to top up your super more quickly. - Consider spousal or downsizer contributions
Boosting your partner’s super or using proceeds from selling your home (if eligible) can help maximise your household retirement balance.
💡 Tip: Begin planning what a comfortable retirement means to you—and put numbers behind that vision.
In Your 60s: Fine-Tune and Transition
This is the decade where many Australians start to transition into retirement or begin accessing their super.
Top 3 considerations:
- Understand your access options
From preservation age (between 55 and 60), you can explore a Transition to Retirement (TTR) strategy or withdraw lump sums once you retire. - Be aware of tax and withdrawal rules
While super income streams are generally tax-free from age 60, it’s essential to be across transfer balance caps and how your withdrawals might impact Age Pension entitlements. - Review your estate planning
Make sure your super beneficiary nominations are current and legally binding, and consider how your super integrates with your will and broader financial legacy.
💡 Tip: Your retirement strategy doesn’t stop when you retire. Continue to review your income needs and investment approach to keep your finances working for you.
“Retirement planning looks different for everyone, but the one constant is the value of advice. Super is just one part of the puzzle—it’s how you use it that matters.”
— Daniel Grusd, Director of Wealth Management, Onelife Financial
Ready to Take the Next Step?
No matter what decade you’re in, superannuation and retirement planning are too important to leave to chance.
A clear, customised strategy—built around your goals, timeline, and lifestyle—can make all the difference.
📩 Do your Financial Health Check here or book a chat with the Onelife Financial team today and start building your roadmap to retirement with confidence.
👉 Book now
📚 Sources:
- Moneysmart by ASIC – Prepare to Retire
- Australian Taxation Office – Super Contributions and Caps
