Your forties and fifties are crucial decades for retirement planning, as there’s still time to strengthen your superannuation and build wealth to support the lifestyle you want in later life. However, many pre-retirees fear they’re not on track to meet their retirement goals, often due to certain retirement planning misconceptions.

These misconceptions can leave you believing you’re adequately covered when your super balance may tell a different story, or convinced you’re drastically behind when a few targeted adjustments could bring you back on course.

Here are five common myths that could be holding you back, along with practical retirement savings strategies to help move you forward.

Myth 1: I can get by on the Age Pension

Some people assume the Age Pension is enough to fall back on, but it is designed as a safety net for those with little or no retirement funds.

The maximum Age Pension rates provide only a modest level of income to cover essential living costs such as housing, food and healthcare.

If you want a retirement that offers lifestyle flexibility, whether that means travelling, pursuing hobbies or upgrading your car or home, you will need to supplement the Age Pension with superannuation or other investment income.

To maximise superannuation benefits and strengthen your retirement position, consult a licenced retirement planner on the Gold Coast who can help you develop a strong financial strategy.

Myth 2: My superannuation will be enough

One common retirement planning myth is that superannuation alone will cover everything you need in later life. The reality is that many Australians overestimate how far their balance will go, especially when factors like time out of the workforce, rising living costs and market movements reduce how much you ultimately retire with.

For some retirees, expenses do fall once they stop working because they are no longer commuting, raising children or paying a mortgage. In those cases, their current contribution rate may well keep them on track.

For others, costs can actually increase, particularly if they face higher healthcare needs or choose to move into a retirement community. These added expenses can place pressure on a balance that initially looked adequate.

Superannuation is not a static set-and-forget investment. Regularly reviewing your projected retirement income against inflation, lifestyle needs and expected expenses is essential. If you discover your balance may fall short, strategies like salary sacrifice, voluntary contributions or consolidating your super can help strengthen your position.

Myth 3: I need $1 million to retire comfortably

The idea that you need $1 million to retire comfortably is one of the most common retirement planning myths. It often causes unnecessary stress when many Australians can achieve a secure lifestyle with far less.

According to the Association of Superannuation Funds of Australia (ASFA), a comfortable retirement at age 67 means having enough income to enjoy good-quality living standards — including regular leisure activities, household upgrades, private health insurance, domestic travel and the ability to replace appliances and vehicles when needed.

ASFA estimates this requires about $595,000 for singles and $690,000 for couples in the June 2025 quarter, assuming they own their homes.

How much you personally need will depend on your lifestyle expectations, health needs, spending patterns and housing situation. So, instead of fixating on an unrealistic number, work with a retirement planner on the Gold Coast who understands the region’s living standards and can help you set a realistic savings goal.

Myth 4: I’ll be forced to retire at 67 even if I don’t have enough funds

Many Australians believe they must retire once they reach the government’s pension age, currently 67 in 2025. In reality, there is no mandatory cut-off age. You can keep working past 67 if you wish or if your financial situation requires it.

For those nearing retirement, this flexibility can be reassuring, especially if you anticipate needing extra time to build your super balance or pay off debt.

You could consider a phased transition where you reduce your hours, shift to part-time work, or move into consulting or freelancing as you near retirement.
Not everyone is ready to retire at 67, which is why you need to think about how you want to approach retirement and develop a smart retirement plan early. This may include modelling how long you wish to work or exploring alternative investments.

Myth 5: Retirement planning is only for the wealthy

Many people assume retirement planning is something you focus on only once you’ve built significant wealth. In reality, it’s most important for those in their peak earning years who want to make smart decisions now so they don’t fall short later.

If you’re in your forties, fifties or early sixties, you’re likely earning more than you did earlier in your career and may finally have some financial breathing room as children get older or debts start to reduce. These are ideal years to put structure around your super, investments and long-term planning. Even small, consistent changes during this phase can significantly improve your retirement position.

Women and families often face additional pressures, such as career breaks, caring responsibilities or uneven income patterns. These factors can reduce super balances, which makes tailored retirement planning even more important, not less.

The good news is that you don’t need a high income or a large super balance to benefit from professional support. A financial adviser can help you prioritise goals, make the most of your contributions and build a plan that reflects your circumstances, not someone else’s idea of wealth.

Stop believing the myths and start planning your retirement today

Now that we’ve dispelled some of the common retirement planning myths, you can move forward with an understanding that every person’s retirement needs are different. As such, you need a personalised plan, tailored to your circumstances rather than based on assumptions or the pressure to hit a magical number.

For retirement planning on the Gold Coast, book a call with one of our financial advisers to explore how we can help strengthen your financial future.

Frequently asked questions

General Advice Warning

The information and any advice provided in this article have been prepared without taking into account your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to those things.