Retirement is such a rewarding time of life—finally, the chance to focus on what you love, spend more time with family and friends, and really enjoy the fruits of all your labour. But to make sure this time is as fulfilling and relaxed as you deserve, having a strong plan for your finances is key. For Australians aged 60 and over, there are a few helpful strategies to keep your retirement savings in top shape and ensure you get the most out of your money.

1. Plan a budget that works for you

A solid budget can be the backbone of enjoying retirement without the financial stress. Start by mapping out all your income sources, like superannuation, part-time work, the Age Pension, or any investment returns, and match that with your monthly costs—things like housing, electricity and water bills, groceries, and healthcare. And don’t forget the fun stuff! Budgeting a little extra for hobbies, travel, or social outings can make a big difference in the quality of your retirement lifestyle.

For those relying on superannuation or pension income, consider a flexible withdrawal plan. A common guide is the "4% rule," which suggests withdrawing around 4% of your savings each year to help your funds last. Check in on your budget regularly, too—adjusting when life or the economy changes is all part of keeping things on track.

2. Minimise debt

Starting retirement debt-free, or with as little debt as possible, helps your savings stretch further. If you can, try to pay down high-interest debt, like credit cards or personal loans, before retirement. Many people also look at downsizing their home to reduce ongoing costs and free up some extra cash.

If you’re juggling multiple loans, consider consolidation options for potentially lower rates or more manageable repayments. Being debt-free means more of your money can go towards the lifestyle you want rather than towards repayments.

3. Make the most of your superannuation

Superannuation is central to many Australians’ retirement plans, so it’s worth making the most of it. As retirement approaches, you may want to review your investment choices within your super fund and consider shifting to lower-risk options like bonds or term deposits to help protect your savings.

If you’re eligible, the government’s downsizer contribution scheme allows you to contribute up to $300,000 from the sale of your home into your super fund, even if you've reached your regular contribution limit. It’s a great way to give your retirement savings an extra boost.

4. Keep investing wisely

Investing doesn’t have to stop when you retire! With a well-balanced investment portfolio that includes a mix of shares, bonds, and term deposits, you can keep your money working for you while protecting it from market ups and downs. Low-risk investments, such as government bonds or dividend-paying stocks, often appeal to retirees seeking steady returns.

If you’re not sure how best to invest, chatting with a financial adviser can make a big difference. They can help tailor an approach that suits your needs and goals, balancing potential growth with security so that your funds last comfortably through retirement.

5. Stay active and engaged

Maximising your retirement funds isn’t only about smart money moves; it’s also about how you live day-to-day. Staying active, mentally and socially, is one of the best ways to enjoy your retirement to the fullest. Joining local clubs, volunteering, or picking up new hobbies not only keeps you engaged but can also keep boredom-spending at bay.

Health is a big part of retirement happiness, too. Regular exercise, a balanced diet, and routine check-ups keep you feeling good and able to enjoy this new chapter. Staying connected to friends, family, and the community adds a positive boost to your overall well-being as well.

6. Boost your savings with Coastline’s Gold Benefits Club

On top of financial strategies, Coastline Bank’s Gold Benefits Club is here to help you stretch your retirement savings even further. This exclusive club, designed for members over 50, offers valuable perks like bonus interest rates on deposits, discounted rates on select loans, and reduced insurance premiums on home, contents, and vehicles. Gold Benefits Club members also receive invitations to seminars focused on topics that matter to retirees, from financial wellness to lifestyle planning.

Being a part of the Gold Benefits Club adds an extra layer of financial security and value, making it that bit easier to enjoy peace of mind in retirement.

Maximising your retirement savings doesn’t have to be daunting. With careful budgeting, minimal debt, a strong super plan, and some smart investing, you can create a fulfilling, comfortable retirement. And by joining our Gold Benefits Club, you can access exclusive financial benefits to make the most of your money, leaving you free to enjoy every moment of this exciting new chapter.