Retirement Planning in Your 60s: The 7 Financial Moves That Matter Most in 2026

Your sixties are the decade where retirement planning shifts from something you think about occasionally to something that shapes every major financial decision you make. The choices made in this window, from 60 to 70, have a larger impact on retirement outcomes than almost any other period of financial life.

In 2026, that planning is happening against a backdrop of higher living costs, changing superannuation rules, an evolving Age Pension system, and an investment environment that looks very different from what most people planned around when they started their careers.

Here are the seven financial moves that matter most if you are in your sixties right now.

Move 1: Get a Clear Picture of Your Super Balance and Drawdown Rate

Many people in their sixties have a rough idea of their super balance but have never properly modeled how long it will last given their expected lifestyle costs and drawdown rate. In 2026 this modeling is more important than ever because the relationship between super balances, Age Pension eligibility, and living costs has become more complex.

A simple calculation that considers your current balance, expected annual drawdown, likely investment returns, inflation, and the point at which you may become eligible for a part or full Age Pension can reveal whether you are on track or whether adjustments are needed while you still have time to make them.

Move 2: Understand Your Age Pension Eligibility Timeline

Even if you are currently fully self-funded, understanding when and whether you might become eligible for even a part Age Pension is valuable retirement planning information. The part pension, even at a modest amount, also unlocks the Pensioner Concession Card and all the concessions that come with it.

The interaction between your super balance, other assets, income, and the Age Pension means that how and when you draw down your super affects your pension eligibility in ways that are not always intuitive. Getting this assessed by a specialist before you start drawing down significantly can make a material difference.

Move 3: Review Your Investment Risk Settings

The investment settings that made sense in your forties and early fifties may not be appropriate as you approach and enter retirement. Many Australians are surprised to find that their super is still invested in a high-growth option that carries significant market volatility at a time when they cannot afford a major market downturn to wipe out a large portion of their balance.

Reviewing your investment allocation and adjusting it to match your actual risk tolerance and timeline is one of the most impactful actions you can take in your sixties.

Move 4: Consolidate Super Accounts If You Have More Than One

Multiple super accounts mean multiple sets of fees. Even small annual fees compound significantly over the years remaining before and during retirement. If you have super accounts with previous employers that you have not consolidated, 2026 is the year to address this.

Checking for lost super through the ATO’s online tool is also worth doing. Many Australians have small balances sitting in accounts they have forgotten about.

Move 5: Consider a Transition to Retirement Strategy

If you have reached your preservation age but are not yet ready to fully retire, a Transition to Retirement pension may allow you to reduce your working hours without a proportional reduction in income. This approach has tax implications and requires careful planning, but for the right situation it can extend the life of your super balance while allowing a more gradual exit from full-time work.

Move 6: Plan Your Aged Care Funding Strategy Early

Aged care costs are one of the most significant and least planned-for financial risks in retirement. The aged care system in Australia underwent significant reforms in recent years and further changes are coming. Understanding how aged care is funded, what role your assets and income play in determining costs, and whether your current financial structure positions you well for this possibility is planning that most people leave far too late.

Move 7: Update Your Estate Planning Documents

Superannuation does not automatically form part of your estate and does not pass according to your will unless specific arrangements are in place. Reviewing your super fund’s death benefit nomination, your will, enduring power of attorney, and any testamentary trust arrangements is essential planning that many people in their sixties have either never done or have not revisited in many years.

Outdated estate planning documents can result in your super and other assets not reaching the people you intend them to reach.

Frequently Asked Questions

Is it too late to improve my retirement position in my sixties?

No. The decisions made in your sixties have a significant impact on retirement outcomes. Even small adjustments to investment settings, drawdown strategy, or concession entitlements can make a meaningful difference over a retirement that may last twenty years or more.

Should I pay off my mortgage before retiring?

This depends on interest rates, your super balance, investment returns, and Age Pension eligibility. For some people retiring mortgage-free is the priority, for others keeping money in super and carrying a mortgage can be financially advantageous. This is a decision that benefits from professional financial advice.

How much super do I need to retire comfortably in 2026?

The Association of Superannuation Funds of Australia publishes regular retirement standard figures. In 2026, a comfortable retirement for a single person is estimated to require around $595,000 in super at retirement, assuming some Age Pension support. For couples the figure is higher. However, individual circumstances vary significantly.