Bountiful Wealth

22 Apr 2025

10 years till retirement? Here’s 10 things you need to do now

In many ways, 10 years can feel like a lifetime. But when it comes to retirement, there are a few things you may need to focus on to get you to that 10 year goal.

Whether you’re looking to travel the world, spend more time with loved ones, or simply enjoy your retirement without any financial stress, here are 10 things you could consider implementing now to make that dream a reality.

1. Getting clear on your retirement goals

The first step is to ask yourself what kind of retirement you want. Do you plan to downsize? Travel? Take up new hobbies? Your vision will help shape how much money you’ll need and how best to prepare for it.

Once you have a clear picture, put some numbers to it. Use an online retirement calculator or speak to the Bountiful Wealth team to estimate how much you’ll need in super, savings, and investments to support your lifestyle.

2. Maximising your super contributions

Superannuation will likely be your biggest source of retirement income, so now’s the time to maybe give it a boost. Consider making extra contributions while you’re still earning. There are a few ways to do this:

Salary sacrifice: Contribute a portion of your pre-tax income to super, which may reduce your taxable income.
After-tax contributions: If you have extra cash, you can make voluntary contributions and potentially benefit from government incentives.
Spouse contributions: If one partner earns significantly less, contributing to their super may help balance your combined retirement savings.

TIP: Check your super balance regularly and ensure your investments align with your risk tolerance and time frame.

3. Reducing and eliminating debt

Carrying debt into retirement can put unnecessary pressure on your finances. Consider tackling this head-on:

Here are some ways to reduce debt:

Pay down your mortgage as much as possible.
Clear any high-interest debts like credit cards and personal loans.
Consider consolidating debts to reduce interest rates and simplify repayments.

4. Reviewing your investments

If you have investments outside of super, such as shares, property, or managed funds, it pays to revisit and review them.

Are they still performing well?
Do they align with the level of risk you’re comfortable with?
Do you need to rebalance your portfolio to be more conservative?

Our expert team can help you assess whether your investments are on track. We can also advise whether any adjustments are needed to minimise risk and still achieve growth as you move closer to retirement.

5. Planning for healthcare costs

Healthcare expenses often rise as we age, so it pays to plan ahead.

Check your private health insurance and consider if it meets your future needs.
Factor healthcare and aged care costs into your retirement budget.
Keep up with preventative health measures to stay as healthy (and cost-efficient) as possible.
Set aside some extra savings for any unexpected medical expenses.

6. Work out your retirement income strategy

Once you stop working, it’s important to understand where will your money come from. You will likely rely on a mix of income sources, such as:

Your super pension
Age pension (if eligible)
Investment income (rental properties, shares, etc.)
Savings.

Review these income sources to ensure they match your retirement plans. Unsure how much you’ll need? Chat with us, this is our area of expertise.

7. Consider transitioning to retirement

A sudden switch from full-time work to retirement can be a big financial and emotional adjustment. If possible, consider transitioning gradually:

Reduce work hours while supplementing income with your super (through a Transition to Retirement pension).
Ease into a part-time or consulting role to maintain some cash flow.
Test out your retirement budget to see if it works before fully retiring.

This can help make the shift more manageable and give you confidence in your financial plan.

8. Updating your estate plan

It’s not the most glamourous of tasks, but reviewing your will, power of attorney, and superannuation beneficiaries is a crucial step as you move towards retirement. Make sure your assets will be distributed according to your wishes and that your loved ones won’t face any unnecessary complications.

9. Seeking professional advice

Retirement planning can be complex, time consuming and stressful. Small decisions you make now can have a big impact later on down the track. Engaging with a financial adviser can help ease the burden and can assist you in many ways. For example:

Optimise your super and investment strategy
Reduce tax obligations
Structure your retirement income efficiently
Plan for government benefits like the Age Pension.

10. Enjoying the journey

While preparing for retirement is important, don’t forget to enjoy life along the way. Financial security is about freedom, not just numbers in a bank account.

By focusing on these 10 things over the next 10 years, you’ll be in a stronger position to retire with confidence.

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Bountiful wealth has been looking after our pension fund for a number of years now. They provide an efficient and personal service which cannot be faulted, including home visits on a regular basis to keep us up to date with what is going on. We are confident that the advice Michael gives us is the best available.

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I have been a client of Michael Kerr and Bountiful Wealth for over 4 years. During this time, Michael along with his very capable staff, have provided me with excellent information and service. Efficient and user-friendly details of my investments have enabled me to understand to the best of my ability and agree to the best outcomes in the marketplace. Friendly persons in the Office always answer my queries or get back to me. I would have no hesitation in recommending Michael Kerr of Bountiful Wealth as your Financial Advisor.

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Bountiful Wealth was brilliant, Michael Kerr and the team sorted out my investments, insurance and fixed up my super and has built a plan for our retirement and our children. Has been a pleasure to have them manage our financial future.

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I have known Michael for a couple of decades and have found the team at Bountiful Wealth, knowledgeable, approachable, and great value for money.
Let's face it, you get what you pay for, and NO ONE can afford to get their choice of Financial Advisor wrong.

Mark White

I have been with my financial advisers since arriving in Australia in 2003 and had long and fruitful relationships with the 3 financial managers that I have had. Michael and his team are friendly, methodical, and efficient. The advice that is offered is tailored to your specific needs. In my time I have had to transfer multiple overseas pension funds to Australia, manage the sale and reinvestment of rental properties and transfer to retirement for both my wife and I due to ill health. The majority of this has happened in the last 4 years or so with Michael guiding us along the way. If you want someone with YOUR wealth as their main concern, I recommend Bountiful Wealth.

Russ Noonan

Mark has always contacted me personally whenever it is required or as a check-up. This is usually done over the phone with a follow up message by email. When I have contacted the office with a query he has always called back with the advice for the problem. When going over the information in his office, the information was well presented on the large screen in front of us. This made it easy to see what was being discussed and how it impacts on me. So far this has been very helpful in all aspects of the portfolio/superannuation. Mark is always very polite and calm when dealing with me.

Steve

With the help of a large screen, Mark made it easier for us to understand how he was going to make our investment grow.

Tony & Bev

I have Mark Smith from Bountiful Wealth as my financial advisor, and I am extremely satisfied with the services that Mark and the team provide. I would recommend Bountiful Wealth.

Narelle

Have found Mark most helpful and professional in managing my finances over the years.

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Adina D'Alessandro

Honestly just really happy I found Bountiful Wealth. Faze and Stephanie have been so helpful and easy to deal with from the start. They actually take the time to listen and explain things properly without making you feel like you don't know what you're talking about.

The whole team is super attentive and always quick to get back to you when you have questions. They've helped me get on top of my finances in a way I didn't really think was possible and I feel way more confident about where things are heading now.

It's rare to find people in this industry who genuinely seem to care about your situation rather than just going through the motions. Really grateful for everything they've done. Would recommend to anyone looking to get their financial life sorted!

Steve

10 years till retirement? Here’s 10 things you need to do now

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