A first-year-after-work review checklist

General information only. This article does not consider your objectives, financial situation or needs, and it is not personal financial, tax or legal advice. Official sources were checked on 20 October 2026. Rules, rates and thresholds change, so confirm current details before you act.

The first year after reducing or leaving full-time work tests every assumption you made before. Spending that looked steady on paper moves. Income arrives in new patterns. A routine that felt open becomes a set of choices about how to use time. A review at regular points lets you compare what you expected with what happened, and adjust with facts rather than worry.

Moneysmart describes retirement as having stages, and says the early years are often the busiest, when you set up your income, adjust your budget and may explore part-time work. This checklist follows that first stretch. It suits people who have finished work, reduced hours or moved to different work. It is not personal advice, and it does not tell you what to change.

How to use this checklist

Set four review dates: about one month, three months, six months and twelve months after your change. Put them in your calendar when you start.
Keep one set of notes. For each review, record the date, what you checked, the figure you found and where you found it.
Mark each figure as confirmed (from a statement, payslip or official record) or estimated.
Write down any question you cannot answer yourself, and who could answer it.

At one month: the basics are working

Income

List every payment that arrived this month, by source: final pay, leave payouts, wages from any new work, super payments, government payments, savings withdrawals.
Compare the amounts and dates with what you expected. Note any that were late, lower or missing.
Check tax on each source. If you receive Age Pension, Services Australia says it is a taxable payment, it does not deduct tax automatically, and you can ask it to do so. See deducting tax from your payment.

Spending

Record the first month of actual spending in the same categories you used when planning. Moneysmart's retirement plan guide groups costs into housing, utilities, food, clothing and household goods, health and leisure, and transport.
Note one-off costs separately, such as a trip, a repair or a purchase you had been saving for.

Paperwork

Confirm your final pay and leave payouts match what your employer's records and the Fair Work Ombudsman's information on final pay describe. Raise any difference with your employer.
Check that your super fund has your current contact details and that you know what happens to any insurance cover. Moneysmart notes cover may change or end when you stop work.

At three months: patterns appear

Income and spending

Compare three months of actual spending with your pre-change estimate, category by category. Identify the two or three categories furthest from your estimate.
Separate irregular costs from regular ones. Insurance, rates and registration may not have fallen due yet.
Ask what the gap, if any, tells you. Did costs rise, or was the estimate too low? Did something you expected to end continue?

Super

Find your latest statement and check the balance, any withdrawals, fees and investment option. Note the date each figure applies to.
If you moved money into an income stream, confirm the payment amount and frequency. Moneysmart's page on account-based pensions explains the general features, and it says you can decide how much to withdraw each year, subject to government minimum drawdown rules.
Write down any question for your fund and ask it. Do not rely on memory of a phone call. Record the date and what was said.

Government support and reporting

If you receive a payment from Services Australia, check what you must report. For Age Pension, it says you must report any employment income, and that relationship changes can affect your rate. See working while you're getting Age Pension.
If you are within 13 weeks of Age Pension age, check the steps in how to prepare to claim.

At six months: the shape of the week

Work patterns

If you are working, record your actual hours and earnings for the six months. Compare them with what you planned.
Note which work you enjoy, which drains you, and what you would change if you could.
If your work income has grown, check the tax and reporting questions you listed earlier. For Age Pension recipients, Services Australia's Work Bonus page explains how some employment income may be treated.

Routine and priorities

Write down a typical week. How much time goes to paid work, household tasks, family, friends, community involvement, exercise, hobbies and rest?
Ask which parts of the week you value and which you are filling out of habit. Moneysmart's guide to retirement stages mentions community involvement, personal growth, social connections and health and wellbeing as areas people focus on over time.
List the priorities you set before the change and mark whether each still matters, matters more or has dropped away.

Costs of daily life

Review health costs and any new regular expenses. Moneysmart has a page on managing health costs in retirement.
Check subscriptions, memberships and recurring payments. Cancel any you no longer use.

At twelve months: the full-year review

Income and spending for the year

Total your income by source and your spending by category for the full year. A full year captures annual costs that shorter reviews miss.
Compare each total with your original assumptions. Update the assumptions that proved wrong, and note which ones you are still unsure about.
Estimate the next 12 months. If you want a structured estimate, Moneysmart's retirement income calculator estimates how much you could spend over the next 12 months based on your super, Age Pension and other income sources. Label the result as an estimate.

Tax and records

Gather what you will need for your tax return: payment summaries, bank interest, work income records and any deduction records.
If you have business income, review the ATO's guidance on income tax returns for sole traders and confirm your obligations with the ATO or a registered tax professional.

Super and investments

Review fees, investment option and insurance on your latest statement. Moneysmart's retirement planning guidance suggests reviewing investment mix and fees as retirement approaches, and notes that a more conservative option can reduce short-term changes but may mean lower long-term returns. Whether to change anything is a decision for your own circumstances, ideally with a licensed adviser.
Check that your balance moved the way your records and expectations suggest. Query anything unexpected with your fund.

Wills, documents and nominations

Moneysmart suggests reviewing your will, powers of attorney and super beneficiary nominations, and setting a reminder to review them from time to time. See its page on wills and powers of attorney.

Routine, priorities and the year ahead

Look back at your weekly routine notes. What worked, what did not and what do you want next year to include?
List two or three priorities for the next 12 months and what each might cost in time and money.
Decide whether your work pattern still suits you. If you want to change it, list the questions to confirm before you do.

Signs it may be time to ask for help

Your spending is well above your estimate and you cannot identify why.
A payment, statement or notice does not match your records.
Someone contacts you with an urgent offer about your super. Moneysmart and ASIC advise you to stop, think carefully and check the claims first, and explain how to protect your super from pushy sales calls.
You face a decision that depends on your whole situation, such as how to draw on several income sources. Moneysmart suggests contacting your super fund and seeking advice from a registered financial adviser, whom you can check on the Financial Advisers Register.
You are unsure how your finances affect a government payment. Services Australia's Financial Information Service is free.

Notes to carry into year two

A review is only useful if its findings are saved. At the end of the twelve-month review, write a single page that records:

Your actual income and spending for the year, with the source of each figure.
The assumptions you have changed and the ones you are still testing.
Open questions and who you will ask.
Your next review date.

Official sources used

General information only. This article does not consider your objectives, financial situation or needs, and it is not personal financial advice. Official sources were checked on 21 October 2026. Rules and thresholds change, so confirm current details with the ATO, Services Australia or a licensed financial adviser before you act.