Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
What are the best strategies that help you retire well?
Moneymagpie Team
16th Mar 2026
Retiring well doesn’t usually happen by accident. For most people, it’s the result of making a series of smart decisions over time, especially in the years leading up to retirement. The good news is that there are proven strategies that can help you boost your super, reduce tax, and give you more flexibility when you finally stop working. Here’s a practical breakdown of some of the most effective retirement strategies and how they’re commonly used.
- Why having a retirement plan matters
- Salary sacrificing into super
- Making personal concessional contributions
- Using the bring-forward rule
- Transition to retirement strategies
- Starting an account-based pension
- Spouse contribution benefits
- Study financial planning here
- Final thoughts
Why having a retirement plan matters
A retirement plan gives you direction and clarity. It helps you understand what you’re working toward and what steps you need to take along the way. Without a plan, it’s easy to delay decisions or feel uncertain about whether you’re doing enough.
You don’t want to get to the age of 60 or 65 and find that you need to keep working because you don’t have enough money to live on for the rest of your life. Likewise, you also don’t want to be a financial burden to your kids as they are trying to build their lives. A retirement plan provides clarity and helps you work towards achieving financial stability and self-sufficiency in retirement.
Salary sacrificing into super
Saving into a super makes retirement planning easier. By directing part of your income into super before tax, you reduce your taxable income and increase your long-term savings. Over time, even small amounts can grow significantly due to compounding.
This strategy is particularly effective for individuals in higher tax brackets. The key is balancing reduced take-home pay with everyday expenses so the approach remains sustainable.
Making personal concessional contributions
Personal concessional contributions allow you to add money to super from your own savings and claim a tax deduction. This can be especially useful in years when your income is higher than usual.
While contributions tax still applies, it’s often lower than your marginal tax rate. This strategy provides flexibility and can help smooth out tax outcomes while building super. Self-employed people and those with irregular income commonly use it.
Using the bring-forward rule
The bring-forward rule allows you to contribute multiple years’ worth of non-concessional contributions at once. This can be particularly useful if you receive a lump sum, such as from an inheritance or the sale of a property. By getting more money into your super earlier, you give it more time to grow. Timing is essential, as triggering the rule locks in contribution limits for several years. Planning makes this strategy far more effective.
Transition to retirement strategies
While this isn’t always the best approach, a transition to retirement strategy enables you to access a portion of your superannuation early, while you’re still earning a salary. This can help reduce working hours or restructure income in a more tax-effective way.
When used carefully, it can provide flexibility as you approach retirement. However, accessing super too early without replacing it through contributions can reduce long-term savings. This strategy is most effective when it’s part of a comprehensive, well-considered plan.
Starting an account-based pension
An account-based pension is a common method for funding retirement. It allows you to draw income from your super while enjoying tax-free earnings. The flexibility to adjust payments makes it appealing, but careful management is required to ensure savings last.
Withdrawal rates, investment choices, and spending habits all play a role. Used wisely, an account-based pension can provide both income security and peace of mind.
Spouse contribution benefits
A spouse contribution strategy can also offset your tax by around $540 per year if you make a contribution of up to $3,000 to your spouse’s super account. However, your spouse must have an income of less than $40,000 annually for this to be accepted.
Beyond the tax benefit, spouse contributions help balance super balances between partners, creating more flexibility and potentially better tax outcomes once retirement begins.
Study financial planning here
Thinking about taking your knowledge further or even helping others plan for retirement often starts with the right education. A postgraduate qualification in financial planning helps build practical skills around super, tax, and long-term wealth strategies. It suits anyone looking to move into financial advice or strengthen their understanding of retirement planning.
Final thoughts
There’s no single “best” retirement strategy. The most effective approach is usually a combination of options that suit your income, age, goals, and family situation. What matters most is having a plan, reviewing it regularly, and making informed decisions along the way. With the right strategies in place, retirement can be less about financial stress and more about choice, flexibility, and enjoying the life you’ve worked hard to build.
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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