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Retiring in 2026? Four smart moves to protect your lifestyle

Over one quarter of a million Australians will start their retirement in 2026. Many more are looking ahead to the time when they can swap their 9 to 5 roles for the freedom of retirement. Getting the planning right will be critical for helping people to enjoy the retirement that they deserve.

One of the biggest fears for retirees is whether their savings will last1.

Will they truly have enough to enjoy the retirement they’ve planned for? The typical response is to reduce spending and this makes money last longer, but it comes at the cost of a reduced lifestyle.

The good news is that there are ways to manage this risk. As we head into 2026, here are the key areas new retirees should focus on.

  1. Plan to maintain your lifestyle

While some costs may drop in retirement, like commuting or work related expenses, retirees will likely spend more on travel and activities they’ve been waiting to enjoy.

Over time, the discretionary costs will naturally decline when retirees move into the passive and frail stages. Health costs will increase, but for most, these increases are offset by government subsidies and reduced spending in other areas2.

Understanding how spending evolves over time can help retirees plan with confidence, rather than cutting back too early and unnecessarily limiting their lifestyle.

  1. Don’t miss out on your entitlements

Many retirees miss out on Age Pension benefits simply because they don’t understand the rules3. This can be costly and impact the lifestyle you can enjoy in retirement.

The process can take time, so remember to apply for the Age Pension before you are 67.

Self funded retirees might not receive a part pension but if their income is below $101,105 a year4 they can receive the Commonwealth Seniors Health Card. This dramatically reduces costs for many retirees.

  1. Manage risk with longevity

As retirement approaches, many people reduce investment risk to minimise market volatility. While this can help smooth short-term fluctuations in capital, it doesn’t address a more fundamental challenge: how long their income will last.

Limiting market exposure may reduce volatility but it doesn’t guarantee your savings will last.

With Australians now living well into their 80s on average – 81.1 years for men and 85.1 years for women, retirement income often needs to stretch far longer than many people initially plan for5.

Retirees therefore need to strike a careful balance – maintaining enough exposure to growth assets so their capital base and income can keep pace with inflation, while managing one of the greatest retirement fears of all: running out of money.

  1. Spend freely while maximising what you leave behind

After more than 30 years of compulsory super, many retirees now have the savings they need to enjoy the lifestyle they’ve worked for. With the right strategies, retirees can make the most of their income today while still planning for tomorrow.

Retirees can start by focusing on generating the income they need to live the retirement they want. From there, they can consider how to preserve part of their portfolio for the long-term benefit of the next generation, if that’s important to them.

It’s worth exploring options carefully. Retirees can check the lifetime income streams offered by their super fund or speak with a financial adviser about other strategies to help them create their happiest retirement lifestyle.

Some lifetime income streams also include guaranteed death benefits, payable for a period linked to life expectancy (up to a maximum of 27 years). This means beneficiaries may receive a lump sum if the retiree does not live as long as expected.

Importantly, these products can provide a reliable income base, often include inflation protection and complement the Age Pension – giving retirees the confidence to spend more freely while maintaining financial security throughout retirement.

1 Challenger Retirement Happiness Index Research 2025.
2 Money in retirement: more than enough – Grattan Institute Report.
3 Five worst reasons people delay their Age Pension application.
4 Rate for singles, includes taxable income plus deemed income from account-based pensions.
5 Australian Bureau of Statistics (2022-2024), Life expectancy.

Source: Challenger

Hardik Gupta

Senior Paraplanner

Education: Master of Business Administration (Finance & marketing) & Bachelor of technology (B.tech)

Hardik is a financial professional with an MBA in Finance and extensive expertise in financial planning. As a Senior Paraplanner, he brings a wealth of knowledge and a deep commitment to helping clients achieve their financial goals.

With significant experience in the financial industry, Hardik excels in creating detailed financial plans, performing comprehensive financial analyses, and supporting financial advisors with client portfolio management. His strong background in finance provides him with a robust understanding of market dynamics, investment strategies, and risk management, enabling him to deliver tailored solutions that align with each client’s unique needs.

In his free time, Hardik enjoys spending quality time with his family, biking, playing snooker, and exploring new culinary delights through cooking.

Mayank Manta

Team Leader

Master’s of Commerce & Bachelor of Commerce

Mayank has 8 years experience in the Financial Services industry, with extensive understanding and in-depth knowledge of Financial Planning.

Mayank enjoys systems and numbers, ensuring that every step that needs to be followed gets done and every step that is unnecessary be removed from the process. Being an open, honest and naturally empathetic person, Mayank goes out of his way to ensure that clients, family and friends are happy and content. In his free time, Mayank enjoys spending quality time with my family, creating lasting memories with the people who matter most to him.

Another activity he enjoys is travelling – exploring new places and experiencing different cultures is something that excites him.

Jack Wyer.

Financial Adviser

Bachelor of Business – Major, Financial Planning

Jack Wyer is a Financial Planning Graduate who has recently commenced his Professional Year with Verity Wealth Solutions. With a Bachelor’s Degree in Business, Majoring in Financial Planning, Jack has demonstrated high achievement, receiving merit awards in both 2021 and 2022. Jack’s passion for helping others and his desire to see others succeed financially have been the driving forces behind his chosen career pathway.

Driven by his passion for financial well-being and his innate ability to connect with others, Jack is dedicated on making an impact on the lives of others. Through his expertise, empathy, and commitment, he strives to empower people to achieve their financial goals.

Alongside his financial planning endeavours, Jack finds joy in spending quality time with friends and family and wants to slowly visit new countries along the way. Jack is also an avid Soccer player, actively playing for a local team. When it comes to supporting a team, Jack goes for Tottenham in the English Premier League.

Jack Wyer’s Adviser Profile