Retirement planning looks very different depending on your personal circumstances. Being single, owning your home outright, and relying on superannuation to fund retirement presents both opportunities and important decisions.
This real-life example (with personal details changed for privacy) shows how we approach retirement planning for a single client preparing to step into retirement with confidence.
The Situation
Our client was approaching retirement later this year after finishing up full-time work. She is a single homeowner with no debt, has adult children, and was keen to understand whether her superannuation would comfortably support her lifestyle in retirement
She estimated that around $900 per week would be sufficient to meet her ongoing living costs and wanted guidance on:
· how to structure her super for retirement
· whether there were any final strategies worth considering before retiring
· how super would interact with Centrelink entitlements
At the time, she had approximately $215,000 in superannuation, held with a retail provider she had been with for many years.
The Key Questions We Looked At
Rather than jumping straight to product selection, the first step was to understand the bigger picture. Some of the key questions we explored included:
· Is the current super structure appropriate heading into retirement?
· Are there any final contribution strategies worth considering before retirement?
· How should super be invested once retirement income starts?
· How will superannuation income streams interact with the Age Pension?
· Is the current fund still suitable given the lack of engagement and support?
These questions form the foundation of a sound retirement strategy — particularly for single retirees, where income certainty and flexibility are crucial.
Exploring Retirement Income Options
We spent time explaining how account-based pensions (ABPs) work and how super moves from the accumulation phase into retirement. This included:
· how retirement income is drawn
· minimum pension requirements
· tax treatment of super income after age 60
· how Centrelink assesses super once retirement begins
Understanding these mechanics early helps retirees make informed decisions and avoid unexpected outcomes as they transition into retirement.
Investment Strategy Still Matters in Retirement
A common misconception is that super should become “very conservative” at retirement. In this case, the client felt her risk tolerance sat somewhere in the middle — which made sense given she still needed her savings to last long term.
We discussed:
· diversification across asset classes
· balancing growth and defensive investments
· managing volatility while still targeting long-term sustainability
Even in retirement, superannuation is still an investment portfolio — not just a bank account — and getting the balance right can materially impact outcomes over time.
Reviewing the Existing Super Fund
The client raised concerns that she hadn’t heard from her existing provider in years and wasn’t sure who the adviser listed on her statements even was. This opened the discussion around whether the current product still suited her needs.
We talked through the differences between:
· retail superannuation products
· industry super funds
· fees, investment options, and retirement income features
Based on her preferences and circumstances, we agreed it was worth exploring an industry fund option that could provide strong long-term value, simpler structure, and suitable retirement features
Additional Strategies Considered
Given her age and timing, we also discussed:
· deductible contributions before retirement
· recontribution strategies to improve tax outcomes for beneficiaries
· how these strategies may reduce tax both now and in the future
Not every strategy is appropriate for every client, but understanding what is available allows informed decisions to be made.
The Takeaway
This example highlights that retirement planning isn’t just about reaching a certain age — it’s about making deliberate decisions at the right time.
For single retirees in particular:
· clarity around income needs is critical
· super structure and investment strategy matter
· Centrelink interactions shouldn’t be overlooked
· reviewing long-held super funds can uncover opportunities
With the right planning, retirement can move from uncertainty to confidence.
Following the advice process, the client was able to structure her superannuation to meet her desired retirement income, maximise her Age Pension entitlements, and implement strategies to reduce potential tax on her estate for her adult children. With a clear plan in place, she was able to retire with confidence, knowing her finances were aligned with her goals.
Final Thought
If this scenario sounds similar to your own — whether you’re retiring soon or simply want to understand your options — getting professional advice can help ensure your superannuation is working as hard as possible for your future.
Let’s see if we can help you.
Contact Greybox Wealth for an obligation-free, no-cost initial appointment.