How to avoid retirement mistakes as a couple
2025 | 2min read
As a couple, you've both worked long and hard to build your life together. There probably have been plenty of challenges to overcome and milestones to celebrate. And now you’re on the cusp of your next milestone – retirement. So the question you need to ask is, ‘Have you made your retirement plans together?’
Senior couple in the kitchen
The best financial decision you can make
Everyone makes financial mistakes through life. It can be hard to stay financially responsible and on budget. When you think of retirement and what you can do to make the most of it, one of the best things you can do is plan for retirement together.
Maybe one partner might be actively salary sacrificing while the other hasn't checked their balance in years. You may dream of travelling around Australia in a caravan, while your partner wants to move to be closer to the grandkids. These differences can create conflicting expectations about what retirement will actually look like.
How to avoid financial mistakes
Money conversations can feel uncomfortable, even with your partner. Maybe you’ve always managed finances separately, or perhaps retirement has always felt too far away to discuss seriously. The reality is that separate plans (or no plans at all) can lead to missed opportunities.
This could lead to missing out on growing your combined savings, causing unexpected financial stress later in life. Having those difficult conversations means you can make meaningful changes now, to avoid financial frustration later.
Fix your finances together
The good news is that it's never too late to make a financial plan together. Here’s what you can do:
1. Have the conversation
Set aside dedicated time to talk openly about your retirement dreams, concerns, and expectations. What does your ideal retirement look like - together?
2. Review your super together
Look at your super balances together. What is your combined balance? When can each of you access your super? Are there gaps that need addressing?
3. Explore your options
Could salary sacrificing1, spouse contributions2, or catch-up strategies help close any gaps? If you have more than one account, would consolidating accounts make sense?[C1]
4. Align your approach
Discuss investment strategies and timelines. Are you both comfortable with your current mix? It’s also worth reviewing your insurance through super. Are you both adequately covered for life and income protection, or are you paying for cover you no longer need?
Your next step – join our 'Planning for Retirement as a Couple' webinar
Ready to plan your retirement together?
Join our 'Planning for Retirement as a Couple' webinar on Thursday 11 December.
Presented by author Bec Wilson, and Aware Super General Manager of Advice, Peter Hogg. You get practical guidance, real-world strategies, and the chance to ask questions in a supportive environment.
1 Before contributing, consider the relevant superannuation thresholds including the current annual limit for all before-tax contributions and after-tax contributions. Exceeding any of these thresholds, may reduce any tax benefits you could receive. Visit aware.com.au/grow
2 For more details on spouse contributions, visit https://aware.com.au/member/super/grow-your-super/spouse-contributions
[C1] Before consolidating, consider if this is right for you, including the loss of any insurance cover from your other funds, the impact on your investments, and potential tax implications and read the PDS and TMD at aware.com.au/pds. You may wish to speak with a qualified financial planner before making this decision.
The information contained in this article is given in good faith and has been derived from sources believed to be reliable and accurate. No warranty as to the accuracy or completeness of this information is given and no responsibility is accepted by Aware Super Pty Ltd or its employees for any loss or damage arising from reliance on the information provided.