Financial advice for retirement planning 

Summary

Planning for retirement involves more than just growing your super, it's about turning your savings into a reliable income that lasts. Financial advice in the years before retirement can help you feel more prepared and confident about your future. While everyone's situation is different, the right advice can give you clarity and peace of mind at every stage of your retirement journey.

Why quality advice matters more as retirement approaches

Your 50s and 60s are critical ages for your financial security in retirement. As you gradually make the shift from accumulating super to drawing an income from it (often for 25 to 30 years or more), you face two key risks:

Longevity risk – The chance of outliving your savings as life expectancies rise.
Sequence-of-returns risk – The chance that a poor run of investment returns in early retirement, combined with pension drawdowns, leaves you short on savings in later retirement.

Quality advice matters here because small decisions compound. Choosing the right investment options, setting the right drawdown rate, and maximising your access to the Age Pension can meaningfully influence how long your money lasts. Just as importantly, it can help you feel more prepared and confident along the way.

What retirement planning advice actually covers

Retirement planning advice is all about you and your goals. A financial adviser will typically discuss your desired retirement age and lifestyle, model different scenarios, and help you make trade-offs based on what’s most important to you.

Some of the key topics they’re likely to cover are:

Superannuation strategy and contributions – Maximising your super by exploring salary sacrifice strategies, personal deductible contributions, after-tax contributions, spouse contributions, and downsizer contributions where eligible.
Investment options and portfolio construction – Helping you ensure your super is invested appropriately based on your time horizon, risk tolerance and desired income needs.
Retirement income streams – Converting your super account into a pension account if you’re eligible, which can help you access tax-free investment earnings and withdrawals from age 60. Or if you’re still working, considering a Transition to Retirement (TTR) strategy that lets you draw a tax-effective income from super to top up your regular income.
Age Pension and Centrelink benefits – Helping you maximise your benefits now and in the future by understanding how your financial assets and income are assessed by Centrelink.
Estate planning and beneficiary nominations – Reviewing your super death benefit nomination(s) to ensure your wishes can be carried out with unintended tax consequences for your beneficiaries.

What types of financial advice are available to CFS members?

CFS gives you access to a range of financial advice options that can help you get more confident about your plans for the future.

Whether you have a simple question about super or need a full financial plan, we have an advice option to suit any life stage and needs.

Super advice – Personal advice from a qualified CFS adviser on how to invest your super and the contributions needed to reach your retirement goal. No extra cost for eligible CFS members.
One-off advice – Personal advice from a specialist adviser on the topics that matters - super, pension, investments, insurance, debt or estate planning - via video call, with no ongoing commitment. Cost is complimentary for an initial consultation; advice from $550 - $3,300.
Comprehensive advice – A full review of your finances from an adviser you choose through the CFS Find an Adviser network. Meet in person, by video call or phone, with ongoing support available. Cost varies depending on your needs.

Frequently asked questions

For many Australians, tailored advice near retirement adds value through effective tax structuring, a suitable investment mix, and improved Age Pension outcomes once you’re eligible. Whether the fee is worthwhile depends on your circumstances, the scope of advice, and the changes you implement as a result.

It’s never too early to get an expert eye on your super, but financial advice becomes particularly important in the 5 to 10 years before your intended retirement date, as this gives contribution strategies and investment choices some time to have an impact. Advice is also valuable at retirement itself and during major life events such as inheritance, redundancy or divorce.

Eligible CFS members can access super advice at no extra cost. This includes advice on how to invest your super and the contributions required to achieve your retirement goal. One-off advice on super, pension or investment ranges from $550 to $3,300, while comprehensive advice that covers every aspect of your finances can cost between $3,500 to $7,000 upfront depending on the complexity of your situation. The cost is disclosed upfront, and you decide whether to proceed.

One-off advice focuses on one topic, such as starting a TTR pension or setting contribution levels. It’s typically faster and cheaper, can take your personal finances and super into account, and can include a partner. Comprehensive advice covers your whole financial picture – including super, investments, insurance, Age Pension and estate planning – and usually includes ongoing reviews.

Disclaimer

Super Advice by CFS Advice Services: AIL has appointed CFS Advice Services Pty Ltd ABN 52 682 119 651, AFSL 564571 (CFSAS) to provide one-off limited personal advice on specified topics to members of FirstChoice Superannuation Trust who access the Super Advice service. AIL and CFSAS are both members of the Colonial First State group of companies. CFSAS holds a financial services licence to provide personal financial product advice, and its financial advisers act under this licence when providing advice services to members. CFSAS is responsible for financial advice provided to you under the Super Advice service. Before you receive a financial service from CFSAS, you should read the Financial Services Guide (FSG) issued by CFSAS. The cost of providing the Super Advice service is collectively charged to all members of the Fund and is incorporated in the fees and costs shown in the PDS.

Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.

Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and FSG carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.