Overcoming financial fear in retirement

31 Oct 2023 4 min read

One of the most commonly asked questions when it comes to super is ‘how much will I need to retire?’ A YouGov research (commissioned by financial services provider Findex) reveals two in three Australians aged between 35 and 65 are not confident that they will have sufficient funds to retire comfortably. Nearing retirement doesn’t need to be stressful, but for many, it is. So, what can be done to change this and ensure people enter retirement with confidence? Firstly, let’s address why so people may feel apprehensive.1

Why might someone be nervous about retirement?

Uncertainty about the future

On top of uncertainty around personal life circumstances, an unpredictable economy can cause concern. Results from the latest Natixis Global Retirement Index show that 42% of participants were fearful that inflation is killing their dreams of retirement.2

Longevity risk

Australians are generally living longer, healthier lives. In the last 100 years, the life expectancy of Australians has increased by 20 years.3 With retirees living off their savings for longer, how can they be sure they have enough?

Low super balance

Everyone’s super balance is going to be different. For example, someone who has worked consistently throughout their career may have a higher balance than someone who hasn’t.

How can you overcome fears about your retirement savings?

For many, fear around retirement stems from not being sure how much money will be required. The truth is, there is no set amount of money that is going to be right for everyone. What an individual or couple will need will depend on a variety of factors, including lifestyle, goals, plans, expenses and so on.

However, there are ways you can plan and minimise financial fear around retirement.

Here are some suggestions:

Look at your finances today

The sooner you start thinking about your super — the better. ‘The earlier people can think about their retirement savings, the more likely they are to be able to live the retirement they want. Planning ahead means you will have more opportunities to implement strategies that will be beneficial down the track,’ said NGS Financial Planner Toby Perkins.

The best way to start preparing is to talk to a financial expert. It’s never too early to have the conversation. A Financial Planner will be able to review your financial position and assess what the best plan is. When planning for retirement, there are various strategies that can be implemented, depending on your personal circumstances, including:

  • Making tax-effective contributions to super
  • Reviewing your investment mix and asset allocation
  • Consideration of a Transition to Retirement strategy
  • Considering how assets outside of superannuation will impact your retirement

‘I can understand why some people feel nervous about retirement, but more often than not, it’s because they haven’t spent the time reviewing their current financial situation and planning for the future,’ said Toby. ‘If I could share one takeaway, it would be to plan ahead and, if possible, engage an expert as soon as you can. We offer free discussions with our Super Specialists, and I think that’s an excellent place to start.’

Think about what you want retirement to look like

While none of us know what the future holds, we can think about how we would like it to look. By setting up goals, you create a plan that can help make that a reality.

A financial planner can:

  • Discuss your goals for the short and long-term
  • Recommend strategies designed to help you meet your goals
  • Help you understand the likelihood of being able to meet your goals and how long your money may last through retirement
  • Improve your financial literacy.

Let us help you

Our financial planners can create strategies to maximise your financial position and meet your future objectives. They can also help you protect your lifestyle and assets through personal insurance and understand what happens to your super in the event of your death, including the impact on your loved ones receiving your super.

Seeking advice is a way to plan for your future, help mitigate risk and make the most of your saving opportunities. Having a planner that helps educate you about your choices and options as you plan for retirement can help ensure you feel confident and always informed.


The information in this document is provide by NGS Super Pty Limited ABN 46 003 491 487 AFSL 233 154 the trustee of NGS Super ABN 73 549 180 515. The information provided in this document is general information only and does not take into account your personal objectives, financial situation or needs. Before acting on this information or making an investment decision, you should consider your personal circumstances and read our Product Disclosure Statement and Target Market Determinations for more information. You should also consider obtaining financial, taxation and/or legal advice which is tailored to your personal circumstances before making a decision.

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