Retirement planning is one of those topics that always sparks interest – and anxiety. We’ve all heard the headlines claiming you need $1 million, $1.5 million, or even more to retire comfortably. But is there really a magic number?
In a recent episode of The Property Frontline Podcast, I caught up with Jane Purnell from Holzworth Partners to unpack this question. Jane is not only a qualified financial planner, but also an accountant and mortgage broker. That combination means she looks at retirement from every angle – investments, tax, lending, and beyond.
And if there’s one thing she’s clear on, it’s this: there’s no one-size-fits-all answer.
Is There a ‘Retirement Number’?
Jane explained that while organisations like ASFA publish guidelines – around $73,000 a year for couples and $50,000 a year for singles for a ‘comfortable’ retirement – those figures are only averages. They don’t account for whether you own your home outright, whether you want to travel, or whether you’re happy with a simpler lifestyle.
To put it in lump sum terms, that means somewhere between $600,000 and $1 million in super and savings. But again, that doesn’t take into account investment properties, annuities, or other assets.
The key message is that instead of chasing someone else’s figure, you need to build your number – the one that matches your lifestyle goals.
How to Start Working Towards Your Goal
According to Jane, the biggest mistake people make is waiting. “Don’t wait until you know your exact target,” she said. “Start now, even if it’s $50 a month.”
Jane takes a wholistic approach to retirement income planning, and makes the point that people shouldn’t just be relying on one pathway to achieve your retirement or ‘financial independence’ goals. Her practical tips included:
- Maximising super contributions early, including spouse contributions if one partner takes time off for children.
- Taking advantage of government co-contributions.
- Building investments both inside and outside of super to balance accessibility.
- Keeping a close eye on debt – mortgages are usually necessary, but ‘pleasure debt’ (like financing a new TV) can hold you back.
- Most importantly, working with trusted professionals – financial planners, accountants, mortgage brokers, and yes, buyers agents – who can help you make informed, tailored decisions.
Why ‘Lifetime Income’ Matters More Than a Lump Sum
One of the biggest shifts in retirement planning is recognising that we’re living much longer than previous generations. That means it’s no longer enough to save a large lump sum and hope it lasts.
Instead, the focus needs to be on creating sustainable, ongoing income – money that keeps working for you. That might come from rental income, annuities, or investments that grow while also providing returns.
Jane stressed this is where professional advice is vital. “Putting all your savings in a term deposit and hoping for the best just isn’t realistic anymore,” she said. “You need a structure that ensures your money keeps generating income for as long as you live.”
The Role of Good Advice
Planning for retirement can feel overwhelming, but Jane emphasised that good advisors will break it down and outline a solid plan in plain language. Ask for written summaries, handouts, or product guides so you can understand exactly how things work. You don’t need to master everything – just focus on the products and strategies that apply to you.
And remember, talking to an advisor doesn’t lock you into becoming their client. “Have a chat, ask about their background, get a sense of who they are and how they work,” Jane recommended. “That way you’ll find someone whose approach matches your goals and values.”
Final Thoughts
If there’s one thing Jane and I agreed on, it’s that retirement planning is deeply personal. There’s no cookie-cutter solution, and copying someone else’s strategy won’t necessarily give you the outcome you want.
The first step is to think about what kind of retirement you actually want. Do you see yourself travelling the world, or are you more interested in a quiet lifestyle close to family? From there, start building towards your number – and seek advice to make sure your money lasts longer than you do.
Because at the end of the day, retirement shouldn’t be about fear or guesswork. With the right planning, it can be about freedom, choice, and the lifestyle you’ve worked hard to create.
Watch the full discussion here.
Author: Debra Beck-Mewing
Debra Beck-Mewing is the Editor of Property Portfolio Magazine and CEO of The Property Frontline. With over 20 years of experience buying property across Australia, Debra is a skilled property strategist and buyers agent known for uncovering tailored opportunities — from family homes to multi-use investments.
She has deep expertise in advanced strategies including renovations, granny flats, sub-division, and development. A Qualified Property Investment Advisor (QPIA®), licensed real estate agent, and holder of a Bachelor of Commerce and Master of Business, Debra combines strategic insight with hands-on experience.
Debra is the creator of the Property Smart Track System™ – a professional property buying system that enables buyers to select, assess and buy property independently in today’s market. She also leads Buy Like A Genius™, a premium end-to-end buyers’ agency service for busy professionals seeking expert property acquisition without the stress.
As a passionate advocate for greater transparency in the property and wealth industries, Debra is a sought-after speaker, author, podcast host, and participates on numerous committees including the Property Owners’ Association.
