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Retirement income can come from account-based pensions, investments, cash reserves, annuities, rental income and Age Pension entitlements. A good strategy balances income needs, tax, investment risk, liquidity and estate planning.

Safe spending depends on your assets, age, investment mix, inflation, health, life expectancy and desired estate value. Retirement modelling can test different spending levels under different market scenarios.

For many retirees, super remains a tax-effective retirement structure. However, decisions should consider minimum pension payments, transfer balance cap rules, estate planning and whether funds are better held inside or outside super.

Super does not automatically form part of your estate unless directed appropriately. Retirees should review binding death benefit nominations, reversionary pensions, estate planning documents and tax implications for beneficiaries.

A financial adviser helps you make informed decisions about your money, including superannuation, investments, insurance, retirement planning, cash flow, tax-aware structuring, estate planning considerations and long-term wealth strategy.

In Australia, personal financial advice must be provided by an authorised adviser who is listed on the Financial Advisers Register. Advisers also need to meet conduct and disclosure obligations, including acting in the client’s best interests when providing personal advice.

You should consider financial advice when your financial decisions become complex, high-value or long term. Common triggers include buying a home, starting a family, receiving an inheritance, changing jobs, receiving equity or bonuses, preparing for retirement, selling a business, managing tax, or deciding how to invest surplus income.

Good advice is not just about investments. It is about creating a clear plan, understanding trade-offs and making sure decisions across tax, super, insurance, debt and estate planning work together.

Look for an adviser who is properly licensed, transparent on fees, experienced with clients like you, and able to explain advice clearly. ASIC’s MoneySmart recommends checking an adviser’s qualifications, experience, fees, services and whether they have any links to product providers.

A good adviser should take time to understand your goals, explain alternatives, disclose costs and risks, and give you space to make informed decisions.

A strong advice process usually includes discovery, goal setting, strategy development, written recommendations, implementation and ongoing review.

For personal advice in Australia, clients may receive a Statement of Advice explaining the advice, the basis for the recommendations, relevant costs, benefits, risks and any conflicts or remuneration. ASIC guidance emphasises that advice should be clear, concise and effective.

The cost depends on complexity. A simple advice engagement may be relatively contained, while comprehensive advice covering superannuation, investments, insurance, retirement modelling, tax structures and estate planning coordination may cost more.

Best practice is for fees to be clear upfront, agreed in writing and linked to the scope of advice. Clients should understand whether fees are fixed, hourly, ongoing, asset-based or a combination.