5 things you can do to plan for retirement now – even if it’s still a while away

It's never to early to start preparing for retirement. We explore Vanguard's simple steps that can help you double your retirement confidence.

1. Learn more about money and super

Before you do anything else, the most important step is to understand more about your money and superannuation.

You need to understand where the money in your super fund is invested, what fees you pay, when you can access it and how you can grow it.

Armed with this basic information you can start to make more informed decisions about your retirement.

To find out more, take Vanguard's SmartRetire Quiz. This simple quiz tests your knowledge of superannuation and helps you fill in any gaps along the way

2. Understand how the retirement system works

Once you've nailed the basics, it's time to start thinking more seriously about your retirement.

You'll need to understand how much you need (and how much you can afford) to spend in retirement each year, and the ages at which you can access super (which can depend on when you stop working).

Start by:

• Figuring out your retirement goals. Will you own your own house? Do you have other investment assets? Roughly how much will you need to live on each year in retirement? Vanguard's Retirement Confidence Video series can help you plan ahead.
• Consolidating your super funds. If you have more than one super fund it's very important to consider consolidating them into one. Having multiple funds can mean paying multiple fees and missing out on growth. Before consolidating your superannuation, please consider how this may affect your current arrangements, such as insurance cover or fees and costs that may apply with switching. Review the PDS to understand any potential impacts or loss of benefits.
• Checking in with your super regularly. Check your super balance from time to time. See how it grows and remember to check things like how much you're paying in fees and your insurance cover.

3. Plan for the retirement you want

For most Australians, retirement begins at some point in your 60s. But it depends on your plans and resources.

Australians can access their super from age 60 if they're no longer working. And from 65 you can access your super even if you're working. But you can't access the Age Pension until 67 (and depending on your assets and super balance you may not qualify for the pension).

You may want to retire as early as possible. This means saving up more outside of your super (e.g. via investing) or making a plan to cover your living expenses in the years between retirement and age 60.

A major factor in retirement planning is figuring out your lifestyle. You may wish to downsize your home or move to a different area. You may have big plans to travel. You may even want to keep working part-time well into your 60s or beyond. It's all up to you.

Your retirement plans also help guide your super choices. Most super funds offer investment options like Growth or High Growth if you are decades out from retirement and are willing to accept higher risk in exchange for longer-term growth.

If you'd prefer less risk because you're closer to retirement or more conservative in your investing approach, you can opt for Balanced or Conservative options.

If you want to leave it to the experts, Vanguard Super's smart Lifecycle option auto-adjusts your investment asset mix over time based on your age. You start with a higher proportion of growth assets early in life and gradually de-risk as you age. Without any extra effort on your part.

4. Consider topping up your super

We mentioned above that topping up your super is one way to prepare for retirement. In fact, it's probably one of the smartest things you can do. Especially if you're young.

With superannuation, time is your friend. If you put an extra $5,000 into your super at age 25 and then retired at age 65, that extra cash would have 40 years slowly working away and growing for you. This could add thousands to your ultimate balance come retirement.

You can make voluntary super contributions up until age 75, and doing so may help reduce your overall income tax.

5. Check in with your super regularly

Super is a long game, so you don't need to check it every week like your transaction account. But it's important to keep your eye on it.

For one thing, it's very satisfying (and motivating) to watch your super balance grow over time. It helps you keep retirement in mind as you go through life.

And as you make big changes in your life and career, your super can be affected too. If you take time off work to have a child or go through a period of unemployment, your super could fall behind.

If your income increases later in life, you might be in a position to start making extra super contributions.

Check if your super fund has an app like Vanguard's, it makes managing your super simple. You can check your balance, review your contributions and stay informed, all from your phone.

Where to from here?

After taking these steps to better manage your super, it's worth considering how your current fund stacks up.

If you're paying high fees or seeing poor returns, it could be time to compare your super and consider switching.

Fees and performance play a big role in how much you'll have at retirement. That's why Vanguard Super focuses on keeping costs low and offering smart, diversified investments.

Vanguard Super's Lifecycle option is one of the lowest-cost super products on the market¹, with an annual fee of just 0.56%. That means more of your money stays invested.

And it's not just about low fees - performance matters too. Vanguard's Lifecycle option for members aged 47 and under has delivered a 14.51% annualised return since launching in October 2022 through to 31 October 2025².

Low fees and strong returns don't have to be a trade-off. Look for a fund with proven investment expertise and a commitment to keeping costs down.

Want to feel more confident about your retirement?

Explore insights from Vanguard's How Australia Retires report and take the SmartRetire quiz to better understand your retirement readiness.

More information about Vanguard

1. Vanguard analysis using SuperRatings Fee Report, shows Vanguard MySuper Lifecycle as one of the lowest fee MySuper products as at 30 June 2025. All MySuper products that are part of the SuperRatings universe are included in the analysis. The benchmarked fees and costs reference ongoing annual fees and costs disclosed in the PDS. If you invest in an investment option other than Lifecycle, the yearly fee may differ. Other fees and costs may apply, please refer to the PDS for more information.

2. Past performance is not a reliable indicator of future performance. Performance annualised from 5 October 2022 through 31 October 2025. Performance returns are calculated using the sell price, which is net of investment fees and tax. Other charges, fees and costs may apply. Please refer to Vanguard's Super Product Disclosure Statement for more information. Performance since launch may not be an indicator of performance over longer periods. Performance for periods greater than one year is annualised. Investment returns are not guaranteed