Strategic financial planning: maximising super contributions and retirement readiness

02 May 2024

For many, navigating financial landscapes when nearing retirement may require a targeted approach, particularly if you’re choosing to place an emphasis on bolstering superannuation. There are many practical ways you can optimise super contributions, stay informed about changes in superannuation policies, and be well-prepared for retirement.

Assess your superannuation position
Start by reviewing your current superannuation balance and projected retirement needs. Engage with financial planners to gain insights into your superannuation performance and understand how to make the most of your existing funds. To learn how Vision Super can help with financial planning, head to our Advice page .

Explore transition to retirement strategies
Investigate transition to retirement strategies that allow you to access a portion of your super while continuing to work. This can be a valuable tool for managing work-life balance, supplementing income if you decide to reduce your working hours and optimising your overall financial situation. A great resource is our education page, with a variety of superannuation topics including Transition to retirement https://www.visionsuper.com.au/education/  

Stay informed about super changes
Keep up to date with any changes to superannuation rules. If you’re aware of updates, you can adapt your financial strategies accordingly, taking advantage of new opportunities and navigating potential challenges.

Review insurance coverage
Reassess your life, total and permanent disability, or your income protection policies within superannuation. As circumstances change, so do insurance needs. Ensure your coverage is adequate, and consider adjustments based on your current health, lifestyle, working status and financial commitments. Also consider whether you still need the level of cover you currently hold - you can reduce or cancel your insurance in line with your lifestyle changes.

Participate in financial education seminars
Attend seminars or workshops that focus on superannuation and retirement planning. Staying educated on financial matters equips you with the knowledge to make informed decisions, adapt to changes, and proactively manage your retirement savings. Visit Vision Super’s events page for any upcoming seminars and webinars that interest you https://www.visionsuper.com.au/events/

Plan for healthcare costs
Anticipate healthcare expenses in retirement and plan accordingly. Investigate health insurance options and consider the potential impact on your superannuation. Proper planning ensures you're financially prepared for medical costs as you age.

Strategic financial planning is one part of planning for retirement. By maximising super contributions, staying informed about superannuation changes, and actively participating in financial education, you can build confidence to navigate the transition to retirement. Remember, staying proactive and informed is an important step in achieving your retirement goals.

Vision Super is here for you
Planning your financial future doesn’t have to be overwhelming. Vision Super’s friendly staff are here to help you on every aspect of your super, from the simplest question through to a comprehensive financial plan. To learn more, head to our Advice page or call us on 1300 300 820 Monday to Friday 8:30am to 5pm.

*This information is general advice which does not take into account your personal financial objectives, situation or needs. Before making a decision about Vision Super, you should think about your financial requirements and consider the relevant Product Disclosure Statement and Target Market Determination. Issued by Vision Super Pty Ltd ABN 50 082 924 561 AFSL 225054.