Retirement planning built around the income you'll actually need
Retirement planning is about accumulating and structuring wealth so it can reliably fund your life once you stop working, not just hitting a savings number.
Starting early matters, since it gives your strategy time to adjust as your circumstances and the market both change, and Morgans' advisers stay current on legislation through our dedicated technical research team, so your strategy reflects the latest rules.
Retirement planning is the accumulation of wealth to provide income and financial security in retirement.
Estate planning focuses on wealth preservation and wealth transfer.
When do you need financial advice?
How Morgans can help
Effective retirement planning strategies combine tax efficiency with strategic investment decisions, and the earlier you start, the more room you have to adjust course.
Whether you're actively planning retirement, easing into reduced working hours, or just starting to think about what retirement looks like for you, your Morgan's financial advisor works with superannuation and SMSF strategy, non-super investments, and Centrelink eligibility as one coordinated plan, not separate conversations.
Retirement planning
Effective retirement planning involves both tax efficiency and strategic investments. Beginning retirement planning early is crucial as it allows for ample time to prepare. Ensuring that your retirement income is tailored to align with your specific needs and goals is paramount. During retirement, income typically originates from three primary sources: superannuation, which includes pension income streams and lump sum withdrawals; non-superannuation assets, encompassing returns from shares, property, cash, and fixed interest; and Centrelink benefits, such as the age pension. Our expertise can guide you in structuring your retirement income stream to best suit your financial requirements.
Estate planning to protect your family's wealth, not just your own
Estate planning is about making sure the wealth you've built is distributed the way you actually intend, not left to default rules that may not reflect your wishes. Good estate planning advice goes beyond simply having a will, and getting it right matters most for the people you're planning to leave it to.
What good estate planning actually covers
A current, legally binding will is the foundation, but it's not the whole picture. Effective estate planning also considers:
- Powers of Attorney and medical directives, so decisions can be made on your behalf if you're unable to make them yourself
- Testamentary trusts, which can offer tax and asset-protection advantages over a straightforward inheritance
- Business succession plans, if you own or have a stake in a business
- Superannuation death benefit nominations, since super sits outside your will entirely
That last point catches people out more than any other: your will has no authority over your superannuation. Nominating beneficiaries and setting up binding death nominations is the only way to ensure your super is distributed the way you intend.
Getting the distribution right for each beneficiary
Good estate planning isn't just about who gets what, it's about understanding each beneficiary's individual circumstances so the inheritance actually helps them rather than creating complications. That might mean structuring an inheritance through a trust rather than a lump sum, or timing distributions differently across beneficiaries. This is where a coordinated conversation with your Morgans’ adviser, rather than a generic will template, makes the real difference.
Estate planning and your SMSF
If you have a self-managed super fund, trustees and members hold ultimate control over how death benefits are distributed within the fund, which makes proactive planning essential. You'll need a clear strategy for paying benefits to your chosen beneficiaries, with that strategy built into your trust deed, not just assumed. It's equally important to plan for winding up the fund in the event all trustees and members pass away, since this doesn't happen automatically.
Ready to put your estate plan in place? Find a Morgans’ adviser near you.
Implications for SMSFs
With respect to self managed superannuation funds, trustees and members effectively have ultimate control in the distribution of death benefits within your fund.
It is important you prepare a strategy for the payment of benefits to members' chosen beneficiaries and incorporate the facilities to implement this strategy in your trust deed. It will also be necessary to make preparations for the wind-up of the fund in the event of the deaths of all trustees and members.
Centrelink issues
Centrelink benefits are available for eligible seniors who have retired or are about to retire. Eligibility is based on two tests – the Incomes Test and the Assets Test. Your financial position (combined if a couple) is taken into account for these two tests, and eligibility for benefit payments is determined by the outcome of these tests.
We recommend you visit the ‘Retirement years' page on the Services Australia website. This page is a very useful guide to help individuals understand income support, what additional services and supplements are available and how you can make a claim. It also discusses residential aged care for those who are looking at their options for retirement homes.
Where your retirement income actually comes from
Retirement income typically draws from three sources, and getting the balance right between them is most of what good retirement planning does:
- Superannuation, including pension income streams and lump sum withdrawals
- Non-superannuation assets, such as returns from shares, property, cash and fixed interest
- Centrelink benefits, including the age pension
Your Morgan's adviser helps structure these together so your retirement income matches your actual needs, rather than defaulting to whichever source is easiest to draw down first.
Centrelink and the age pension
Centrelink benefits are available to eligible seniors who've retired or are approaching retirement, assessed through two tests: the Income Test and the Assets Test, both based on your financial position (combined with your partner's, if you have one). Getting these tests right matters, since they determine what you're eligible for and how much.
For a detailed guide to income support, available services and how to make a claim, Services Australia's Retirement years page is a genuinely useful resource, and it also covers residential aged care options if that's part of your planning. If you're navigating an aged care decision alongside retirement, Morgans' aged care advice team can help with that specifically.
News & insights
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Retirement & Estate Planning FAQs
When should I start planning for retirement?
The earlier the better, since starting early gives your strategy more time to compound and more flexibility to adjust if your circumstances change. That said, it's never too late to get a plan in place, even if you're close to retirement already.
What are the main sources of retirement income?
Most retirees draw on a mix of superannuation (pension streams or lump sums), non-superannuation assets like shares and property, and Centrelink benefits such as the age pension. The right mix depends on your total assets, goals and eligibility.
Am I eligible for the age pension?
Eligibility depends on the Income Test and Assets Test, both assessed on your financial position, combined with your partner's if applicable. Services Australia's retirement years guide explains both tests in detail, or your Morgan's adviser can help you understand how they apply to your situation.
How does Morgans help structure retirement income?
Your adviser looks at your superannuation, non-super assets and Centrelink eligibility together, structuring withdrawals and income streams to match your actual needs rather than drawing down the easiest source first. This is reviewed and adjusted as your circumstances and the rules change.
Should I keep working part-time instead of fully retiring?
Many people transition gradually rather than stopping all at once, and this can have real advantages for both income and superannuation depending on your situation. Find a Morgan's adviser to work through what a transition-to-retirement approach could look like for you.
Do I need a retirement planning financial advisor, or can I do this myself?
You can plan retirement independently, but a retirement planning financial advisor adds real value when your income sources, tax position and Centrelink eligibility all need to work together rather than being managed separately. Morgan's advisers coordinate all three as one strategy, backed by a dedicated technical research team that tracks legislation changes for you.
Why select Morgans for stockbroking services?
For over 40 years, Morgans has built trust through customise financial solutions. Our clients gain access to ASX investment opportunities and benefit from award-winning research.
What's the difference between a will and an estate plan?
A will covers the distribution of assets that fall within your estate, while an estate plan is broader, including Powers of Attorney, medical directives, testamentary trusts and superannuation death benefit nominations. Superannuation, in particular, sits outside a will entirely.
Does my will cover my superannuation?
No, superannuation falls outside the scope of a will. To ensure your super is distributed as you intend, you need to nominate beneficiaries and, where appropriate, set up a binding death nomination.
What happens to an SMSF when a member dies?
Trustees and remaining members control how death benefits are distributed within the fund, which is why a clear strategy, built into the trust deed, needs to be in place ahead of time. Morgans' SMSF advice covers this in more detail.
Why do I need a testamentary trust instead of a straightforward inheritance?
A testamentary trust can offer tax and asset-protection advantages that a direct inheritance doesn't, particularly where a beneficiary's circumstances (such as a relationship breakdown, a business, or a disability) make a lump sum inheritance riskier. It's worth discussing whether this applies to your specific situation with your adviser.
How does Morgans help with estate planning?
Morgans' estate planning services help coordinate your will, Powers of Attorney, super death benefit nominations and, where relevant, business succession planning into one strategy, considering each beneficiary's individual circumstances. This typically works alongside your solicitor, who prepares the legal documents themselves.
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