Australian retirees are facing unprecedented financial pressures. It’s no wonder that financial security weighs heavily on the minds of those in their retirement years, with homeowner couples needing up to $690,000 in superannuation savings, or $75,319[1] annually for a comfortable retirement, an increase of nearly $1,500 per year in just three months.
The reality is concerning. According to Colonial First State research, one in five Australians who have retired feel unprepared for retirement. Perhaps most troubling, almost one in four retirees use their pension payments to service debt. According to the Australian Bureau of Statistics, the burden is substantial – average household debt for Australians aged 55 and over has grown dramatically from $62,000 in 2003-04 to $242,000 in 2021-22. These challenges are compounded by rising living costs that affect those aged 65-74, particularly acutely.
The Value of Professional Guidance
Working with a qualified financial planner can make a meaningful difference in addressing these concerns. The evidence is compelling: Colonial First State research found that almost nine in ten advised Australians feel they are on track to reach their retirement goals, compared with less than half who have never received advice.
A financial planner brings clarity to complexity. We can help you understand how recent policy changes, such as the September 2025 pension increases of $29.70 per fortnight for singles and $44.80 combined for couples, and the revised assets test thresholds and adjusted deeming rates, may affect your personal situation. More importantly, we can help you make the most of these changes to your advantage.
Practical Solutions for Real Concerns
For retirees and pre-retirees without a clear plan, a financial planner can provide structure and direction. Research by the FPA found that pre-retirees who sought professional advice are almost three times as likely to have a good understanding of the financial resources required for retirement compared to those without advice. They can help develop comprehensive strategies that address:
- Debt management: Creating realistic plans to reduce or eliminate the debt that affects nearly one in four retirees, while maintaining quality of life and financial security.
- Income planning: Ensuring you’re receiving all entitled government benefits while structuring your superannuation and other assets tax-effectively to enhance your retirement income.
- Longevity planning: Building strategies to ensure your money lasts throughout retirement. National Seniors Australia research shows that two-thirds of retirees worry about their income lasting, yet many underspend and end up with substantial wealth intact at death.
- Investment positioning: Reviewing your portfolio to balance growth with capital preservation. Research shows that retirees receiving income from their superannuation savings are significantly more likely to be unconcerned about their finances in retirement.
Looking Forward with Confidence
The path to a comfortable retirement isn’t one-size-fits-all, and it’s never too late to seek support. Whether you’re approaching retirement or already enjoying it, professional financial advice can help transform worry into confidence. It’s about creating a roadmap that acknowledges your current reality while building toward the retirement you deserve.
Fidelity research found that Australians who had spoken to a professional adviser reported a higher quality of life, greater financial capability and resilience, and a stronger sense of meaning and purpose compared to those who remained unadvised. Despite these clear benefits, only 30% of Australians have sought professional advice.
With debt levels rising and cost-of-living pressures continuing to challenge budgets, the question isn’t whether you can afford financial advice; it’s whether you can afford to go without it. A good financial planner doesn’t just manage money; they provide peace of mind, helping you navigate today’s challenges while planning for tomorrow’s opportunities.
[1] https://www.superannuation.asn.au/consumers/retirement-standard/ March and June quarters 2025