Preparing for retirement involves considering how your financial resources may support your desired lifestyle once employment income changes or ends. Reviewing your expected expenses, available assets, superannuation and potential income sources can help you assess your position and identify areas that may require further planning.

Starting to consider these matters early may provide more time to review options as circumstances evolve. Retirement decisions should take account of your personal objectives, financial position, investment timeframe and tolerance for risk. Tax implications and eligibility requirements may also be relevant, depending on your circumstances.

Estate planning involves considering how assets and other responsibilities should be managed and transferred in accordance with your wishes. Depending on your circumstances, this may include reviewing your will, considering powers of attorney, assessing beneficiary arrangements and seeking advice about the legal and tax implications of transferring assets.

Thoughtful preparation can help clarify your intentions and reduce uncertainty for those who may need to manage your affairs in the future. Estate planning requirements vary, so legal, financial and tax professionals may be needed to address different aspects of an individual plan.

River Group Fund Services Pty Ltd encourages a considered approach to longer-term financial decisions, with appropriate professional advice sought where required.

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 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.