Nearly 40% of Australians believe they will not have enough funds to retire comfortably. With pressures due to cost of living increases, it is likely we will see this number continue to grow. To ensure that you have enough money to sustain you through retirement, it’s important to consider factors which may influence your capacity to save for retirement at different stages of your life.

For those in their 20s and 30s, it’s not uncommon to have multiple superannuation accounts, which have been opened up from early work in part-time or casual jobs. However, having multiple funds can lead to fees eating away at your savings, so it’s best to consolidate them into one account.

People entering the workforce will no longer encounter this issue, as they will be permitted to use their superannuation account in any job. Your 20s and 30s is also an optimal time to pay off any debts or credit cards and take advantage of the superannuation co-contributions scheme.

For individuals in their 40s and 50s, it’s crucial to continue making voluntary contributions to your superannuation fund while juggling growing living costs. You can also consider spousal contributions or contribution splitting. This is also the time to review your retirement plan, including your insurance and beneficiary policies, and consider if a self-managed super fund (SMSF) is right for you.

In your 60s, it’s important to determine when you wish to retire and consider the Transition to Retirement (TTR) income stream. You may also be eligible for a government age pension or a tax-free lump sum withdrawal from your super fund. Estate planning strategies should also be considered at this stage.

It’s important to seek financial advice that is tailored to your specific circumstances throughout each stage of your life to ensure that you have enough funds to retire comfortably.