When planning for your golden years, it helps to begin with a clear sense of what you want to achieve. Choosing goals gives direction to your savings, investing, and lifestyle decisions. If you work with a financial planning consultant, those goals become more actionable and realistic. 

In this article, we explore common retirement goals to help you plan for the future — what they look like, how to prioritise them, and strategies to achieve them.

Retirement goals vary by individual: some aim for travel, others to leave a legacy, while others prioritise health or time with family.

Having goals turns vague hopes into a roadmap you can track and adjust. Below are essential goals many Australians set for retirement, and how you can approach each thoughtfully.

Goal: Achieve Financial Security and Freedom

Income Replacement and Cash Flow

A key retirement goal is replacing your working income so you can maintain your lifestyle without worry. 

That means having enough funds—via pensions, superannuation, investment returns, or other sources—to cover everyday living expenses. Ensuring consistent cash flow protects you from drawing down your capital too rapidly.

To reach this goal, estimate your retirement expenses including housing, utilities, healthcare, and discretionary spending. 

Then model whether your savings and income streams will support those outgoings. Adjust your contributions, investment mix, or retirement age if gaps appear.

Build a Rainy Day Reserve

Even in retirement, unexpected costs arise—home repairs, health issues, or assistance for family. Setting aside an emergency fund of several years’ worth of cash or low-risk assets is prudent. 

This reserve means you don’t need to draw from long-term investments prematurely or compromise your broader goals.

Goal: Maintain or Improve Lifestyle Quality

Travel, Leisure, and Hobbies

Many retirees hope to travel, pursue hobbies, or enjoy recreational activities. These goals often require extra funds beyond basic expenses. If one of your common retirement goals is travel, build a “fun money” allocation in your modelling.

This allocation can be modest early on and ramped when your portfolio grows. The key is integrating it within your overall budget rather than treating it as an afterthought.

Comfortable Living and Home Ownership

Owning your home mortgage‑free is a frequent goal. Eliminating rent or loan payments simplifies retirement budgeting. 

If you still carry a mortgage, prioritise paying it off before or early in retirement. Doing so lowers your required income, reduces stress, and frees funds for other goals.

If downsizing or relocating is part of your plan, that should be incorporated early. Moving to a smaller or less expensive property often releases equity and lowers ongoing costs.

Goal: Preserve Capital and Manage Risk

Safe Withdrawal Rates

A guiding rule in retirement planning is not to withdraw too much from your capital too soon. Many planners suggest a safe withdrawal rate—such as 3 to 4 percent annually—to balance income needs and portfolio longevity.

This goal protects you from depleting your savings. If market returns are weaker in some years, a lower withdrawal rate offers buffer against capital erosion.

Diversified Portfolio to Survive Downturns

In retirement, your tolerance for volatility may decline. Ensuring your investments are diversified across asset classes—equities, fixed income, property, cash—is essential. This lowers the risk of a major drawdown derailing your plans.

A mix that balances growth and protection helps your portfolio survive bear markets while still generating returns.

Goal: Ensure Health, Well‑Being and Support

Access to Healthcare and Insurance

Healthcare costs tend to rise as you age. A retirement goal should include securing quality health insurance or setting aside funds for medical treatments, specialist visits, or long‑term care. Planning for these costs ensures your capital isn’t squeezed unexpectedly.

Maintain Social and Mental Wellness

Retirement isn’t just financial. Many retirees set goals around social engagement, pursuing interests, volunteering, or staying mentally active. These non‑financial goals contribute to well-being and help you make the most of your retirement years.

Goal: Legacy, Estate and Giving

Leave Inheritance or Gifts

Many people plan to leave a legacy for children, grandchildren, or charitable causes. If this is a goal, it should be modelled explicitly: how much you want to leave, how you maintain your own living standards, and what assets can fund that bequest.

Fund Causes You Care About

If charity or community giving matters to you, set a target. Even in retirement, modest regular donations or establishing a small grant program can align your values with your wealth strategy. Incorporate philanthropy into your cash flow planning.

Goal: Prioritising and Balancing Retirement Goals

Rank According to Importance and Feasibility

Not every goal can be maximised simultaneously. You may prioritise housing first, health second, legacy third. Rank goals by impact on your life and feasibility given your resources. That helps allocate savings, drawdowns, and investment focus where they matter most.

Adjust as Circumstances Change

Retirement is not static. Changes in health, markets, family needs, or personal values may shift your priorities. Schedule regular reviews—say annually—to reassess your goals and make adjustments. Flexibility keeps your plan realistic and resilient.

Goal: Work Flexibility or Partial Retirement

Gradual Transition Instead of Full Stop

For many Australians, the idea of stopping work completely at a set age no longer applies. A growing number of people aim to reduce their hours or shift to part-time work rather than retire completely. 

One of the common retirement goals to help you plan for the future is having more control over your schedule while still maintaining a steady income.

A phased retirement can reduce the pressure on your superannuation or savings and allow more social and professional engagement. You might consult, freelance, or even turn hobbies into income sources. 

Income Streams with Flexibility

To support this model, you may need income streams that allow for part-time work without affecting tax outcomes or Centrelink entitlements. 

Speaking to a financial planning consultant can help align your employment decisions with smart income strategies such as account-based pensions or transition-to-retirement pensions.

Goal: Stay Independent and In Control

Minimise Reliance on Others

Another widely held retirement goal is to maintain independence for as long as possible. For many, that means not having to rely on adult children, relatives, or government assistance for basic needs. Living on your own terms gives retirees dignity and peace of mind.

To achieve this, plan for both day-to-day expenses and potential support needs like aged care services or in-home help. 

Having control over your finances—through up-to-date estate planning, access to capital, and autonomy in decision-making—allows you to age with confidence.

Future-Proof Your Housing

Whether it’s staying in your current home, downsizing, or moving to a community designed for older residents, housing is central to independence. 

Make early decisions about your ideal living arrangements and how to fund changes without stress. Include considerations such as proximity to medical care, transport, and social activities.

Frequently Asked Questions

When should I start planning for these goals?

It’s best to start as early as possible—ideally decades before retirement. But even those approaching retirement can benefit from goal-setting. Earlier affords more time to accumulate and adjust strategy.

What if my savings are limited?

Low balances don’t mean goals are impossible. Scale them down, prioritise essentials, and focus on pacing: pay off debt, grow emergency funds, and increase income where possible. Even modest contributions compound and create space for goals.

How do I balance spending and saving in retirement?

Use a hybrid approach: set a base safe withdrawal rate for essentials, then allocate a smaller portion to discretionary spending or goals. If your returns exceed expectations, increase the discretionary portion, but maintain control when markets are weak.

Conclusion

Common retirement goals to help you plan for the future provide clarity, motivation, and structure for your later years. Whether your aim is income stability, home security, travel, good health, or legacy, having goals ensures decisions support what truly matters.

Retirement planning is more than numbers; it’s about designing a life you want to live. With regular reviews, adaptive strategy, and alignment of financial tools and values, your goals become a living guide—not a fixed target. 

Working with a financial planning consultant can help refine and stress test these goals so that your path toward retirement is intentional, sustainable, and fulfilling.