Am I ready to retire?

We often look for a single number that will tell us we are ready to retire. There is more to it than that.

Being ready comes down to four things. You can work through them one at a time.

Start by knowing what your retirement will cost

Everything else rests on this, and it is worth working out rather than guessing at. The number is yours, not a national average — it depends on the life you want and where you live.

Our page on how much retirement actually costs walks through this, and the Lifestyle Planner helps you build your own figure, category by category.

Most women have more sources than they expect: super, investments, the value in a home, sometimes a part Age Pension. How you combine and time them changes how much you get from them, and how long they last.

Our page on making the most of your retirement income covers this in full.

Know where your income will come from

Decide when and how you'll step back

A retirement date is rarely as fixed as it feels — and "retired" is not a single state you switch into on a chosen morning. There are several ways through, and some are worth knowing about precisely because they are easy to miss.

A few you may not have come across:

Drawing on super while you keep working. A transition to retirement income stream lets you access some of your super from age 60 while still earning — which can be tax-effective. It can fund a move to three or four days a week without a drop in take-home, rather than working full-time right up to the day you stop.
Topping up super until you retire. Selling a home, a quieter year, or simply unused contribution room from earlier years can each open a window to add to super shortly before you retire — sometimes more than the usual annual limits allow. The timing is what makes these work, which is why they reward planning a year or two ahead rather than on the day.
Choosing when to start each income source. Super, an account-based pension, investments, and for some the Age Pension need not all begin at once. The order you turn them on affects how long the whole lasts.

None of these is a recommendation, and whether any suits you — and how — is a question for a professional. The point is simply that "retire" has more options than most people assume, and the useful ones are often the quiet ones.

For most women in this group, super becomes available from age 60, once you meet a condition of release such as retiring; the Age Pension is separate, from 67. And because women often live well into their 80s and beyond, a plan that allows for a long life is a more complete one.

Get the legal side right as your circumstances change

When you move into retirement, there is some life admin well worth doing. It is easy to defer, but life can throw up surprises, so it is best sorted early. None of it depends on the size of your balance:

A current will, reflecting your assets and your wishes as they are now.
An Enduring Power of Attorney, so someone you trust can make financial and medical decisions if you cannot.
Up-to-date beneficiary nominations on your super. Super does not automatically follow your will — it goes where your nomination says, so it is worth checking.

If your situation has changed — a separation, a move, a change in who you'd want to act for you — these are the ones most likely to be out of date.

None of this needs to be settled at once. The Retirement Readiness Checklist brings the four together in one place, so you can see what is done and what is left.

A professional can help with two things in particular: showing you what your position looks like over a long retirement, in real numbers, and raising the questions you wouldn't have thought to ask.

Open the REadiness checklist

When you want to test your thinking against a professional's, Her Best Move Now can personally introduce you to a trusted financial adviser.

Introduce me to a trusted Adviser

Frequently Asked Questions

How do I know if I'm ready to retire?
You are ready when you can answer four things: what your retirement will cost, where your income will come from, when and how you'll step back from work, and whether your will, power of attorney and super nominations are in order. A clear view across these tells you more than any single balance.

When can I access my superannuation?
For most women in this age group, preservation age is 60, after which you can reach your super once you meet a condition of release, such as retiring. The Age Pension is separate, available from 67 for most Australians and subject to income and assets tests.

How much super do I need to retire?
It depends on the life you want, your housing, and how long your retirement runs. As a reference point, a single homeowner needs around $630,000 in super for a comfortable retirement on the ASFA standard — but your own figure comes from your circumstances, not the average. (See: How much does retirement actually cost?)

Do I need a will and power of attorney to retire?
They are part of being ready, and among the most commonly overlooked. A current will reflects your assets and wishes today; an Enduring Power of Attorney covers financial and medical decisions if you cannot make them yourself; and super beneficiary nominations direct your super, which does not automatically form part of your estate.

Can I retire gradually instead of all at once?
Yes. You can reduce your hours or work part-time rather than stopping on a set date, and there are ways to draw on some super while you keep working. A gradual step back can ease the change, financially and personally. Which suits you depends on your circumstances.

Sources:
ASFA Retirement Standard (March quarter 2026). Preservation age and Age Pension age: Australian Taxation Office; Services Australia. Information only; not financial advice.