Maintaining independence in retirement requires a certain level of planning. Effective retirement planning allows individuals to enjoy the lifestyle you want during the later years of life. Here are 5 things to establish before you retire to have a happy, healthy and rewarding retirement.


The Australian Government requires employers to make a minimum contribution to superannuation on behalf of their employees. Individuals also have the opportunity to make voluntary contributions to their super during their working life to top up their balance.

When an individual reaches retirement age and stops working, superannuation becomes an income stream alongside the age pension. A financial planner may assist you with superannuation advice to help you accumulate more, and to manage it effectively in retirement.


The element of the unknown in life makes insurance all that more important to have. Certain events can significantly impact individuals. Obtaining adequate insurance coverage transfers the financial risk of particular events to insurance companies.

Each individual has different needs regarding insurance, therefore it is important to identify which insurance cover is appropriate for your circumstances. Risks that can impact your financial situation still occur in retirement so it is vital to check that you are adequately protected before you enter the retirement stage of your life.


There is plenty of choice when it comes to debt products and structures for consumers. From a car loan to mortgage and credit cards, they can all add up. Having large amounts of debt later on in life can put pressure on your retirement savings accounts.

When reviewing your debt it is important to consider your risks including cash flow, costs and flexibility, especially as you are nearing retirement. Having little to no debt in retirement will increase your cash flow for retirement and will alleviate the pressure on your retirement account.


There is a large amount of information out there when it comes to investing so understanding key investment concepts can help you make the most of your investments. Keeping track of your investments prior to retirement can assist you in creating your retirement budget. You may like to consider seeking assistance from a financial service such as Ethica when it comes to tracking your investments effectively.

1.Aged Care

It is important to understand the complex area of aged care as you enter retirement. Government reforms have seen aged care change over the past few years. When preparing for retirement it can be a good idea to understand the main concepts of aged care and whether it will be suitable for yourself or your loved ones.

In later life, the time may come where an individual requires help when looking after themselves. This help can come from family members, friends and even aged care services. These services are designed to assist individuals with their changing needs in retirement. There are a range of services available from assistance with daily tasks whilst still residing in your home to moving to a residential aged care facility.

Care at home

Choosing to live independently in your own home may be your preference when entering into retirement. There may be a point where you will need help with your daily activities such as personal care, domestic duties, meal preparation, nursing care and transportation. There are several things to consider before you organise in-home help including the cost, type of service and eligibility.

Residential aged care facilities

There are a variety of reasons that an individual is no longer able to reside in their own home. An illness, disability, emergency or family commitments. If you experience one of these situations, a residential aged care facility may be the option for you.

It can be beneficial to gain an understanding of the various types of aged care services available and finding out how to organise the options most suited to your personal circumstances. Having knowledge of or even organising aged care for yourself and your loved ones prior to retirement age can lead to a more comfortable retirement.

There are plenty of considerations to make prior to reaching your retirement date. From superannuation and investments to being adequately insured and paying off any lasting debt. Having a good understanding of aged care can also be beneficial to assist with your financial planning. Your next step in preparing for retirement may be to consult a financial adviser.

Michael at Ethica is a financial planner in Maroochydore that is highly experienced in preparing clients for retirement. If you would like any further information about putting the important things into place prior to retirement you may like to get in touch with our friendly team here at Ethica Wealth Specialists