Thinking about retiring in the next five years? Start here

If you are hoping to retire in the next five years, you have more options now than you will in the final year. Small changes made early can make a big difference to how comfortable and confident you feel when the day arrives.

1. Put a number on the lifestyle you want

Start with what you will actually spend. Travel, helping family, hobbies and health costs often change in retirement. A realistic budget is the foundation of every other decision.

2. Map out where your income will come from

Most retirees draw on a mix of sources, such as investments, savings and possibly the Age Pension. Understanding how these fit together helps you see whether there is a gap. Our retirement planning service starts exactly here.

3. Look at your debts

Carrying a mortgage into retirement is increasingly common. It is worth deciding now whether to pay it down faster, and how that compares with investing.

4. Check your protection

Insurance needs often change as you approach retirement. Some cover may no longer be needed, while other risks become more important. Read what to check before you renew income protection.

5. Get your estate in order

Retirement is a natural time to update your will and powers of attorney. Our guide to wills and powers of attorney covers the basics.