Jasmine Birtles
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How Can a Financial Planner Help You Prepare for Retirement?
Moneymagpie Team
5th Mar 2026
Are you trying to plan for retirement but aren’t sure where to start? You aren’t alone! Many people find themselves unsure how to plan for retirement or ensure they have enough saved to live comfortably. One way to prepare is to work with a financial planner to create a plan that helps you achieve your goals and have enough money to enjoy retirement. Today, we walk you through how a financial planner can help you prepare for retirement so you can see if it’s the right option for you.
- Assess Your Budget
- Help With Pre-Retirement Plans
- Check Your Super
- Discuss Retirement Income Options
- Find a Financial Planner for Your Retirement Planning Today
Assess Your Budget
First, assess your budget and determine how much money you will need for retirement. Understanding how much you need to live the life you want in retirement will determine how you currently prepare for it. Alongside the money you currently earn, you need to check what is currently in your super or other pension funds to see what adjustments you need to make now to ensure you have enough for your retirement.
Working out how much money you need for retirement can be challenging, and everyone will have a different number. To work this out, consider the lifestyle you want in retirement, whether you are single or in a relationship, and how much money you need to enjoy it. A financial planner can help you here, and generally, the Association of Superannuation Funds of Australia recommends that you have the following lump sums by retirement age:
- For a comfortable lifestyle: $51,805 per year for a single person or $73,077 for a couple
- For a modest lifestyle: $$32,897 per year for a single person or $47,470 for a couple
These figures are a good guideline, but they might not suit everyone. That’s why you must discuss your lifestyle goals with a financial planner to help determine the funds you need. Without a specific number in mind, it can be very difficult to prepare a financial plan for your retirement accurately.
Help With Pre-Retirement Plans
Working with a financial planner before you reach retirement age is an excellent way to prepare for retirement. A financial planner can help you with the transition to retirement, where you will shift from accumulating wealth to distributing it. Financial planners can ensure that you are prepared for this next chapter, looking at your different options you can explore to help you build as much money as possible before retirement hits.
As part of this, they will assess your current financial situation, discuss your goals with you, and create a tailored financial plan to help you achieve them before retirement. When looking for a financial planner, check whether they offer pre-retirement services, as these are what you will need to prepare for the next stage of your life.
Check Your Super
You also want to check your superannuation fund to see when you can access it. Knowing when you can access your super fund will allow you to see when you could retire or reduce your working hours. Typically, you will access your super when you turn 60 and retire, allowing you to use the money for your living expenses. However, the definition of retiring can vary, depending on when you stop working and your age. Usually, you can access your super when you are:
- Aged 60-64 and have stopped working for an employer after the age of 60, or have permanently stopped working
- Aged 65 and older, you can access your super regardless of whether you are working or not
Discuss Retirement Income Options
Finally, you can use a financial planner to discuss your retirement income options. While you won’t be earning a wage from an employer during your retirement, there are a few ways that you can fund your lifestyle. A financial planner can discuss these options in more detail and help determine which is right for you. Typically, you have the following options for your retirement income:
Assets
Assets, including shares, personal savings, and property, make up part of your income when you retire. These assets and their roles need to be carefully considered to ensure you are utilising them to the best of your ability. Some choose to downsize to free up money in their home, while others will use stocks and shares to provide additional income.
Continuing to Work
While retiring usually means you stop working, you can continue working to top up your income. Many retirees will work on a part-time or casual basis, providing a transition to retirement and topping up their pension.
Superannuation Fund
A superannuation fund can be accessed once you retire or turn 65 and can be used to fund your retirement. You can work with your financial planner to maximise the benefits of your superannuation and ensure it continues for you once it reaches preservation age.
Government Age Pension
Most Australian citizens will receive a full or partial government age pension, providing they meet the age and residency requirements. There is also an income and asset test that must be passed before you are awarded your pension. If you are eligible, you will receive fortnightly payments that can top up your retirement fund.
Account-based Pension
An account-based pension allows you to withdraw from your superannuation fund if it remains invested, providing money to cover medical bills, home renovations, or other expenses you might need help paying. Doing so allows you access to regular amounts of money, too, which can help you budget better.
Find a Financial Planner for Your Retirement Planning Today
A financial planner can help you tailor all of this to create the perfect plan for your retirement. Doing so will allow you to plan appropriately for retirement and enjoy your golden years worry-free. When looking for a financial planner, we recommend checking out Solace Financial. They have a dedicated team of retirement planners that can help you get the most out of your money and prepare for retirement. Contact their financial planners to see how they can help you today.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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