A practical starting map for retirement planning in Australia

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.

Retirement planning in Australia rarely starts with a single date. It usually starts with a question: what happens to my work, my income and my week if things change? For some people the answer is leaving full-time work. For others it is fewer hours, occasional paid work, a small business, or a mix that shifts over several years.

This guide gives you an order to work in. First you name the change you are considering. Then you gather the information every path needs. Then you turn the gaps into specific questions and send each one to the right source. The aim is a clearer picture and a short list of questions, not a decision about when to stop work.

Step 1: Name the change you are considering

Most readers fit one of four situations. Pick the one closest to yours and write it in a single sentence.

Exploring. You work full time and have no date in mind, but you want to understand what the options look like.
Preparing. You expect to reduce your hours or stop work within the next few years and want to get your records and questions in order.
Making the change. You are about to give notice, reduce your hours or finish work in the next 12 months.
Living on a changed income. You have already reduced or finished work and want to check that your figures and assumptions still hold.

Many households sit in two stages at once. One partner may be finishing work while the other continues, or one person may be making the change while the other is still exploring. If that describes you, write one sentence for each person.

Age marks where rules change, not which stage you are in

Age bands such as 50 to 59, 60 to 66 and 67 and over are common reference points because certain rules attach to certain ages. They are a guide to which questions may apply. Two people of the same age can be in very different situations, and the rules that apply to you depend on your date of birth and your circumstances.

Three reference points are worth knowing about, and each needs checking against your own details:

Preservation age. The ATO lists preservation age by date of birth. It is 60 for people born from 1 July 1964 and lower for people born earlier. You can generally access super when you reach your preservation age and retire, or when you reach your preservation age, keep working and start a transition to retirement income stream.
Age 65. The ATO says you can withdraw your super when you turn 65, even if you are still working.
Age Pension age. Services Australia describes Age Pension age as 67 or older. The Age Pension also has income and assets tests and a residency requirement. The ATO notes that preservation age is not the same as pension age.

Stopping work does not release your super automatically. ASIC's Moneysmart explains in what happens to your super when you retire that you can only access it when you meet a condition of release.

Step 2: Gather the information every path needs

Whatever stage you are in, the same records answer most early questions. For each figure, note three things: the amount, the date it applies to, and where it came from. Mark anything you have estimated as an estimate. This keeps figures you can confirm separate from figures you are guessing.

Work and income

Recent payslips and any other regular income.
Your employment contract, award or enterprise agreement, including notice periods.
Current leave balances, including annual leave and long service leave.
Tax returns for the last few years.

Super

The latest statement for each account: fund name, account type, balance and its date, investment option, fees and any insurance cover.
A note of any account that might be lost or forgotten. Moneysmart explains how to find lost super.
A flag if any account is a defined benefit plan or a self-managed super fund. Both follow different rules, as Moneysmart notes on its super and retirement page.

Savings, debts and property

Balances for savings accounts, shares, managed funds or investment property, with dates.
Mortgage, loan and credit card balances, with repayment amounts.

Household spending

Twelve months of spending, grouped by category. Moneysmart's retirement plan guide lists useful groups: housing, utilities, food, clothing and household goods, health and leisure, and transport.
Costs that fall once a year or less often, such as insurance, car registration, home repairs and travel.
Costs that may change when work changes, such as commuting, work clothing or a second car.

Partner and household details

The same records for a partner, if you have one. Services Australia assesses income and assets for both partners when it works out Age Pension.
Any support you give or expect to give to family, such as help for adult children or care for a parent. Moneysmart suggests including these in a plan.

Step 3: Turn the gaps into questions

Once your records are in one place, gaps show up. A missing statement, an unclear fee or an unknown leave balance each becomes a question. Match each question to the body that can answer it.

When could I access my super, given my birth date and my work plans? Check the ATO's conditions of release, then ask your fund how it applies them to you.
What choices does my fund offer once I can access super, and what do they cost? Moneysmart lists leaving money in the fund, an income stream, a lump sum or a combination, and suggests contacting your fund to ask what choices and forms apply. Ask about fees and insurance at the same time.
What happens to employer contributions and insurance if my hours fall or stop? Ask your employer and your fund. Moneysmart notes that cover through super may change or end when you stop work or reach a certain age.
What will I be paid when a job ends? The Fair Work Ombudsman explains final pay, including unused annual leave. Check your contract or agreement for notice terms.
When could I be eligible for the Age Pension, and how would my income and assets be assessed? Start with Services Australia's pages on the Age Pension. Its free Financial Information Service can explain how your finances may affect eligibility.
How will tax apply to the mix of income I expect? Ask the ATO or a registered tax professional. Moneysmart's page on retirement income and tax explains that tax on super income depends on factors such as your age and the type of fund.
Which of my figures are confirmed, and which are estimates? This one you answer yourself, using the dates and sources you recorded in Step 2.

To see how the pieces might fit together, you can test scenarios in Moneysmart's retirement planner. If you plan to retire within the next year, its retirement income calculator estimates how much you could spend over the next 12 months. These are estimating tools, so label their results as estimates in your notes.

Step 4: Set an order for the next three months

A plan is easier to start when it has a sequence. One way to pace it:

Week one: write your stage sentence and a rough idea of the timeframe you are considering.
Weeks two to four: gather the records from Step 2 and fill in the dates and sources.
Month two: contact your super fund, your employer if relevant, and Services Australia's Financial Information Service with your list of questions.
Month three: review what you confirmed, update your estimates and decide whether any question needs a licensed professional.

A hypothetical example

Consider a hypothetical person in their early sixties who is thinking about moving to three days a week in about a year. Their stage sentence is: "Preparing to reduce hours within 12 months." Their gathering list shows two super accounts, one statement more than a year old and no record of their long service leave balance. Their first three questions become: which account is best documented, what is the current balance on the older statement, and how much long service leave have they accrued? None of these needs advice. Each needs a record or a phone call.

When to involve a professional

Some questions go beyond records, such as how a particular combination of super, savings and work income might be structured. Those are questions for a licensed financial adviser, who can consider your whole situation. ASIC's Financial Advisers Register lets you check an adviser's details. Bring your dated records and your question list so the conversation starts from facts.

Be cautious of anyone who pressures you to move your super quickly. Moneysmart and ASIC warn about pushy sales calls that target super savings, and advise you to stop and check claims first.

Where to go next

If your stage involves reducing or leaving work soon, the next useful read is a review of timing, cash flow and work details. If you are looking at how super and government support might fit together, start with the Age Pension and super overview. Either way, keep your inventory and update it whenever a figure changes.

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.