The Ultimate Retirement Planning Checklist

The Ultimate Retirement Planning Checklist

When your life has been all-consuming it is difficult to plan ahead and to start to think about transitioning to retirement or calculating how much you need for a financially secure retirement. It is difficult to avoid being influenced by what your friends are doing or what you read in your newspapers.

In my experience, it is common to make rash decisions in pre-retirement as you start to think about how to fund your retirement. Negative gearing is a common pitfall for pre-retirees who are trying to minimise tax but are not aware of the risks they are being exposed to and returns they require just to break even.

The first step in planning for a financially secure retirement is to understand the science or fundamentals of retirement planning. An understanding of the science or fundamentals of retirement planning can help you to take advantage of the many strategies at your disposal. You will be able to achieve your retirement goals without taking unnecessary risks that can lead to financial disaster and set your retirement plans back many years.

At Longwave Wealth we believe every person can have a happy, healthy and financially secure retirement by starting with an initial review of a retirement planning checklist which includes the following 6 components:

Retirement Income plan

Is your income well structured and tax-efficient and is your surplus income being invested efficiently for wealth creation purposes?

Most often the simple strategies can make the biggest difference. A retirement planning financial advisor will be able to show you how to minimise tax whilst saving for retirement.

Retirement Investment plan

Are you using a tax-efficient investment structure and can you sleep at night with the investments that you have?

A difference of one or two percentage points in return can make a large difference over a period of time and conversely aiming for a very high return close to retirement can lead to large losses and delay your retirement.

Retirement Debt plan

Is your debt structured in the best possible way and do you have a strategy to minimise debt before you retire?

As you near retirement, you need to very careful in taking on additional debt either for investment or for housing. Finding the right balance between debt reduction and wealth creation is a very important part of retirement planning.

Retirement Insurance  plan

Are your insurances up to date and is your family protected and able to live comfortably if something happened to you?

If your ability to earn an income is affected as you near retirement age it can have a major impact on your retirement plan. You need to find the right balance between the costs of retirement planning insurance and saving for retirement.

Retirement plan

Do you have a clear understanding of your retirement goals and are you on track to achieve them?

Superannuation laws are complex and seem to change whoever is in parliament at the time, however, it is still the most cost-effective way to save for retirement and you need to plan ahead to take advantage of the options that are available.

Retirement Estate plan

Is your will up to date and are your assets going to be transferred to the right people, at the right time, tax efficiently and in an asset protective way?

Your estate plan is the foundation on which your retirement plan is created. For any strategies that you use to save for retirement, you need to understand how tax may be saved for your beneficiaries, how the asset can be protected and where and when it will be received.


These are just some of the questions that you need to consider in a retirement planning checklist to make sure you are on track for a financially secure retirement.

We start our 7 step retirement planning process by completing a retirement planning checklist. Frequently by taking advantages of retirement planning strategies that are available, our clients are able to achieve their retirement planning goals without taking any unnecessary risks.

We offer a complimentary financial health check for anyone who wishes to see if they are on track for a financially secure retirement. Please click here if you would like to see if you are on track for a financially secure retirement. We will contact you to discuss the results.

This is a sample of the financial health check results.

Discussion question

Have you taken on any unnecessary risks to plan for your retirement that you would like to share with our readers so that they avoid the same mistakes?


Financial Health Check

The ART of Retirement Planning

General Advice Warning: Any advice on this site is general advice only and does not take into account the objectives, financial situation or needs of any particular person. It does not represent legal, tax, or personal advice and should not be relied on as such. You should obtain financial advice relevant to your circumstances before making any decisions.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top