Retirement Planning in Australia: What to Do 5 Years Out, 1 Year Out & On Retirement Day

This week on Friends With Money, Money Magazine host Ryan Johnson speaks with financial adviser Nick Bruining (Netplan) about preparing for retirement from five years out through to “R-day.”

They cover assessing family arrangements, assets and cash flow, likely lifestyle spending, and creating a wishlist while prioritising paying off non-deductible debt. Nick explains why life insurance often becomes less necessary as assets grow, and how to reduce investment risk in super as retirement nears while still keeping some growth for a 20–30 year retirement.

They discuss boosting super via salary sacrifice, personal deductible contributions, carry-forward concessional rules for balances under $500,000, and debunk the “million-dollar myth,” noting Centrelink can meaningfully top up income. The episode also covers downsizer contributions, part pension rules while working, concession cards, and applying via myGov within 13 weeks.

00:57 Five years out checklist

03:25 Rethinking life insurance

05:24 Super strategy and risk

08:54 One year out planning

11:28 Boosting super smartly

14:35 Downsizing and centrelink

17:10 Purpose and part pension

21:10 Applying for pension cards

23:55 Retirement day logistics

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