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Ready To Retire In 2021? 

Ready to retire in 2021? 

5 Essential things to consider before you fire your boss

Most of us dream about the day when we can finally finish work for good! Won’t it be nice to do more of the things we love, the things we have never had time for before?

But without some careful planning and dedication, retirement dreams may remain just that: dreams.

So, with so much on the line, how do you actually know when the right time to retire is?

You may have heard the stories of successful Australians retiring at age 55 or even younger!

What’s important to consider is that whilst the common retirement age is around 65 (as this is when most people can access their super), the perfect time to retire depends on your situation and what an ideal retirement looks like to you.

But if you want a little more guidance, sometimes it’s helpful to look at what others are doing.

According to the Australian Bureau of Statistics1:

  • 7% of Australians intend to retire before the age of 59
  • 23% of Australians intend to retire between the age of 60-64
  • 50% of Australians intend to retire between the age of 65-69
  • 20% intended to retire over the age of 70

You may have been planning your retirement in 2020, but decided to delay it by a year due to the economic uncertainty surrounding the pandemic.

So, now that we’re into 2021 – does it feel like the right time to retire? Given it can be a daunting move for so many, let’s explore the retirement decision-making process.

The security and routine of a job can be hard to let go of, but if you are ready to retire, the Retirement Advice Specialists at Central Coast Financial Planning Group can help you through this process, guiding you smoothly through the transition into your golden years.

When it comes to a big change like retiring, you want to make sure you do it right the first time, simply because there is no second chance!

In a survey conducted by Investment Trends, retired Australians were asked about mistakes made when planning for retirement, and what they would change if they had their time over?

Meaning (luckily for you) you can learn from their mistakes, so you don’t make the same ones.


Here’s the top 5 things retired Australians would do differently if they had a second chance to plan their retirement2

1. Make extra (or earlier) super contributions

Making extra contributions to your superannuation account helps to boost your retirement savings. Voluntary payments can also reduce your tax payments.

The Treasury’s 2020 Retirement Income Review analysed the entire Australian retirement system and explains how extra super contributions can help retirees:

“Voluntary superannuation provides the flexibility for people to save more and to make catch-up savings after periods out of the workforce.”3

Even small amounts add up over time and better prepare you for the future.

Check out this Retirement Calculator from to see how extra contributions will affect your retirement income.

2. Start investing earlier in life

The time you start investing could be the difference between whether you have a comfortable retirement or a modest retirement.

The earlier (and more) you invest means more freedom when you retire.

Starting earlier also allows you to take advantage of compound interest over your life, and reap the benefits when you’re ready to stop working and relax.

Want to find out more about how to invest successfully? Check out our investment tips.

3. Save more outside of superannuation

While making extra contributions into your super account is a tax-effective way to save for your retirement, it also means you won’t be able to access it until you retire.

It can be great to save some extra cash outside of your super to make sure all your savings aren’t tied up and inaccessible.

It’s also important to think about saving to meet short-term goals like holidays, or buying a caravan for that trip around Australia! As well as being covered for any emergency expenses that may turn up unannounced!

4. Learn more about growing your wealth through smart money management

Planning for a successful retirement involves having a better understanding of your finances, as well as knowing how to best manage your money.

Here are a few key things to consider about your retirement finances:

  • What will your cost of living be in retirement? This will depend on your lifestyle preferences.
  • Do you have any debts or ongoing expenses you will need to meet (think mortgage, rent, investment loan repayments, medical bills)?

Learning about your finances and spending habits will ensure you know how much you’ll need for your perfect retirement.

5. Consider retiring later

Reflecting on their retirement planning, many Australians wish they had retired later in life.

For one, this gives you more time to build up your savings. This is especially important as life expectancy continues to increase.

For some, they haven’t decided how they want to spend their retirement yet and ‘retired just for the sake of it’.

Whether you want to travel, take the time to pursue a loved hobby, or spend time with the grandchildren, it’s worth taking the time to plan your lifestyle in retirement to avoid any early retirement regrets!


Even though there is a lot to consider before you fire your boss, planning your retirement needn’t be nerve-racking.

With retirement planning and wealth management assistance from our Financial Advice team at CCFPG, you can take comfort knowing your retirement is being well looked after with your best interests at heart.

Ready to retire in 2021? Book an initial appointment with one of our Retirement Advice Specialists. We have offices located at Central Coast – Erina (CCFPG), Newcastle – The Junction (NFPG) and Sydney CBD (SWA).


2 Investment Trends. Retirement Income Report.
3 Commonwealth of Australia (The Treasury). Retirement Income Review, July 2020.

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