Retirement Planning


Planning for retirement can assist you live the lifestyle you want now and into the future. Unfortunately most Australians will need to rely on government benefits when they decide to retire.

To make sure you’re on track towards achieving your financial goals, we take the time to understand how to make the most of your super contributions, plan for age pension and the future.

There are many things to consider in planning for your retirement years. We will assist to choose the correct pensions product and your eligibility for the Age Pensions. If you have a SMSF we can construct a suitable portfolio designed to fund your retirement. We will discuss the suitability of retirement strategies like transition to retirement, minimizing tax and maximizing retirement balance. Succession planning using your superannuation fund is also an important part of our retirement planning.

Bamboo Wealth will help you get ready and make smarter decisions about your future.

Retirement Planning - Some key points to consider

Planning for retirement should be an integral part of every person’s long-term wealth creation strategy. Most people will not want to just maintain the lifestyle they are accustomed to, but also to be able to do the things that they did not have the time to do in their younger days. Unfortunately, many people do not start planning for their retirement until the last few years of their working life and find that their nest egg is insufficient to adequately fund their retirement. Many of these people are then forced to apply for the Aged Pension and find that they are required to reduce significantly their standard of living over their remaining lifetime.

Setting retirement goals is important because they provide a general direction to retirement planning. The following considerations will need to be addressed:


  • setting retirement goals;
  • determining the expected age of retirement;
  • determining the expected size of the retirement nest egg;
  • how to fund any shortfall in projected income;
  • determining the estate to be left to the family;
  • addressing insurance and health issues

According to the Australian Superannuation Funds Australia, for a couple to life a comfortable lifestyle they will need to generate an income of $55,696 p.a. This means you will need to have about $640,000 in your superannuation fund when you retire. The recent Research by Milliman Retirement Expectations and Spending report published in June 2017, claims the median annual expenditure of a couple aged 65-69 is just $34,858, which is only marginally higher than today’s full aged pension allowance for couples of $34,819 per year. This is concerning when you consider 8 out 10 Australians rely on some form of government benefit when they retire at age 65.

A Retiree who meet a condition of release including preservation will be able to consider a number of options. A CERTIFIED FINANCIAL PLANNER® can assist to determine which option will meet your goals, objectives and lifestyle. Retirees can:

  • Take one or more lump sums, and/or
  • Use all or part of the benefit to commence a pension that meets the new minimum standard.
  • Take a combination of lump sums and an income stream
  • They can leave their superannuation money indefinitely inside the superannuation system.
  • A superannuation Pension
  • Government Age Pension
  • Dividends from share portfolio
  • Rental income from Investment Property
  • Distributions from a Managed fund
  • Distributions from a Family Trust
  • Contributions from family members and friends
  • Trading shares, currencies
  • Income from business or part time work

Seeking advice from a CERTIFIED FINANCIAL PLANNER® professional can help you understand the super balance you’re going to need to retire in comfort and come up with a strategy for working towards that target

There are also other important issue to consider which include:

  1. Estate Planning: How can my superannuation asset or income stream be distributed to when I die
  2. Aged Care: Will I have enough money to move into an aged care facility?  How will Centrelink treat my assets?
  3. Can I meet my income cashflow or receive other government benefits?