The time between now and retirement is very much a piece of string, so let's figure it out for you specifically.
Whether you're 40 or 55, your future doesn’t hinge on guesswork. It hinges on understanding your money, your options, and your mindset. The good news? Retirement isn’t an age — it’s a number. And more importantly, it’s a choice.
Here’s a no-nonsense, 10-step self-assessment to work out how soon you can bring the grind to a halt — and start planning for financial freedom, Noel Whittaker style.
Step 1. Know Your Number
Start by answering: how much income will you need each year in retirement? Think honestly. It might be $45,000, or it could be $90,000 — the goal is to replace your current lifestyle, not downgrade it. As Noel says, plan for retirement as if it is tomorrow.
ACTION: Use the ASFA Retirement Standard or jot down your expected expenses. Add 20% for rising health costs and inflation.
Want to model your spending patterns in more detail? Use Noel’s Budget Planner to break down your likely costs.
Step 2. Assess Your Current Super Balance
Open your super statement or log in to your fund. What’s your balance? What return did you earn last year? Are you in a growth, balanced, or conservative option?
ACTION: Write down your balance and investment mix. If you’re under 55 and in a conservative fund, you may be missing growth opportunities.
You can also use Noel’s Retirement Drawdown Calculator to estimate how long your money might last depending on how much you withdraw.
Step 3. Understand the Magic of Compounding
A 45-year-old with $400,000 in super earning 9% p.a. will have $3.3 million by 65. At 5%, they’ll only have $1.74 million. That’s the power of rate and time.
ACTION: Use the Compound Interest Calculator to project your future balance.
Step 4. Review Your Contributions
You can contribute up to $27,500 in concessional (before-tax) contributions each year — salary sacrifice or personal deductible contributions included.
If you’re over 55 and planning to sell your home, you may also be eligible to make a downsizer contribution of up to $300,000 per person (or $600,000 per couple) into your super. This is a fantastic way to boost your retirement savings late in the game — tax-free and without affecting your concessional cap.
ACTION:
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If you’re not already salary sacrificing, speak to your employer or accountant. Even small weekly amounts can add up.
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If you’re over 55 and thinking about downsizing, read the ATO’s guide to downsizer contributions and consult your adviser.
Try out Noel’s Extra Repayments Calculator to see how much extra contributions or repayments might save you over time.
Step 5. Minimise Fees
High fees eat away at compounding. A 1% fee difference can cost you tens of thousands over a few decades.
ACTION: Use the ATO’s YourSuper comparison tool to see how your fund stacks up.
Step 6. Consolidate Your Super
Multiple accounts mean duplicated fees and insurance. You could be losing thousands over time.
ACTION: Log in to myGov and check for lost super. Consolidate into the fund with the best long-term returns and lowest fees.
Step 7. Catch-Up Contributions
If your super is under $500,000, you may be able to contribute more by using unused caps from previous years.
ACTION: Check your contribution history in myGov or ask your super fund about your carry-forward cap.
Estimate your future lump sum using Noel’s Super Contributions Calculator.
Step 8. Prepare for Market Volatility
Markets rise and fall. A strong retirement plan includes a cash buffer so you don’t have to sell in a downturn.
ACTION: Aim to hold 3–5 years of expenses in cash or defensive assets when you retire.
Use Noel’s Savings Goal Calculator to determine how long it might take you to build your buffer.
Step 9. Review Your Estate Planning
Your super won’t automatically go through your will. Make sure your wishes are legally documented.
ACTION: Check you have a binding death benefit nomination with your fund. Update your will. And consider tax consequences if leaving super to adult children.
If you’re managing a mortgage in retirement, Noel’s Home Loan Offset Calculator may help you weigh options.
PRO TIP: Noel has written the Wills Death and Taxes Made Simple Ebook for this very purpose. With it you will learn how to plan your estate with confidence and leave a legacy for those you love, not a mess. It's also essential reading if someone close to you has died or is nearing end of life and you find yourself needing to deal with the estate.
Step 10. Run a Personal Retirement Simulation
Add up your super, investments, savings, and potential Age Pension. Divide that pool by 25–30 years to test if it covers your expected lifestyle.
ACTION: Use Noel’s Retirement Lump Sum Calculator to estimate what size nest egg you’ll need.
Then check your Future Value Calculator to project growth.
Also try the Mortgage Repayment Calculator if downsizing will leave you with a home loan.
Final Word
You don’t need to be rich to retire early — you need to be ready. Make friends with your numbers. Act on what you can control. And remember, the grind ends not when your boss says so, but when your money says you’re free to go.
For step-by-step guidance, grab your copy of Super Made Simple.
It’s everything you need to turn your super into freedom.