It’s never too late: build financial confidence as retirement nears

ARTICLE

12 November 2025

3 min read

As retirement approaches, many people in their 50s and 60s find themselves wondering: Have I saved enough? Is it too late to start planning?

If that sounds familiar, you’re not alone – and it’s not too late. Even if you’re only beginning to think about retirement now, there’s plenty you can do to build confidence in your financial future.

The most important step is to simply start – to take stock of where you are, think about the life you want, and begin shaping a plan to make it happen.

We spoke with Mark Osborne, Senior Financial Planner at AIA Financial Wellbeing, to understand how you could make the transition into retirement with confidence – no matter when you begin.

See retirement as a journey

Mark encourages clients to think of retirement as a journey that unfolds in chapters, each with different priorities and spending needs.

He says retirement happens in three stages:

Early retirement: when retirees are in their best health and ready to enjoy the freedom they’ve worked hard for – travelling, spending time with family, or getting involved in their communities.
Mid-retirement: a gentler pace of living, where many begin to scale back and often consider downsizing.
Late retirement: when priorities shift toward care needs and closer family support.

Understanding these stages takes the pressure off – it’s not about having everything sorted now, but preparing for what’s next.

It’s never too late to start

For many people, it’s easy to feel like the moment for planning has passed. But Mark reassures, “it’s never too late – and you’re not alone.”

“Many people delay planning because they’re focused on helping their kids, paying off their home, or supporting elderly parents. But even small changes can make an impact.”

Adding extra to your super, reviewing your insurance, and ensuring your financial products still provide good value can all strengthen your position.

“And sometimes,” Mark adds, “just talking to a financial planner and understanding your options can make retirement feel a lot less overwhelming.”

Take stock of where you are

Before any plan can take shape, it’s important to know where you stand.

“I often like to look at the ‘do nothing’ scenario first – if you took no action, what might your super balance be when you retire?” says Mark.

Then ask yourself:

How long do I plan to work?
Will I retire all at once or ease into it?
Will I still have a mortgage?
What are my long-term plans for my home?
What legacy do I want to leave?

Even if you’ve never looked closely at your super or long-term goals before, starting today can make a real difference.

Take practical steps now

“Many people don’t even know their super fund balance or how to check their account,” Mark notes. “Start there – understand where things stand today.”

Then check how your fund is invested and whether the level of risk still suits you.

“Also review any insurance held within your super,” he adds. “Insurance costs generally increase as we age, so it’s important to make sure any cover still meets your needs.”

These small actions can provide immediate clarity – and help you feel more in control of your financial future.

Why professional advice matters

“People often come in having done considerable research,” Mark says. “It’s great that retirees today are more informed than they were ten years ago. But our retirement system is constantly evolving, with new rules and products being introduced all the time.”

Professional advice can ensure you haven’t missed anything – and that your plan is tailored to your specific goals and needs.

“A trusted expert can help you cut through the noise and focus on what’s relevant and meaningful for your situation,” Mark says.

Looking ahead with confidence

Whether you’re years away or already on the home stretch, remember – the most important step is simply to start. Each small decision helps turn uncertainty into confidence and brings you closer to the retirement you’ve dreamed of.

Need retirement guidance?

A starting point may be your super fund. Most funds offer their members free, limited advice on your super, how it’s invested and steps towards transitioning to retirement. However, for more comprehensive advice including assessing your insurance needs and setting up a retirement income stream, it’s best to speak with a financial planner.

AIA Financial Wellbeing has a team of qualified financial planners who can help you take the first step toward retirement with clarity, confidence, and peace of mind.

Disclaimer:
Copyright © 2025 AIA Financial Services Pty Limited (ABN 68 008 540 252, AFSL 231109), trading as AIA Financial Wellbeing. All rights reserved. This information is current at the date of this publication and is subject to change. This provides general information only, without taking into account factors like the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, health, medical, nutritional or other advice. Before acting on the information in this publication, individuals should consider its appropriateness having regard to such factors.