Eight tips to prepare for your retirement

This is branded content for NGS Super.

It's often the burning financial question when it comes to retirement: Will I have enough money to fund the retirement I want?

NGS Super financial planner, Trudy Jenkins, offers her top eight tips in response to that question to ensure you are prepared.

Budgets are great tools to truly understand your financial situation. The budgeting process involves recording income, adding up all expenses, setting spending limits and setting a savings goal. It's important to remember budgets aren't written in stone and they will need to be adjusted as circumstances, lifestyle and costs change.

The government offers free comparison websites allowing consumers to easily check if there's a better deal out there for their electricity and gas. Some areas only have one energy or gas provider while others have multiple options.

Even in the areas where there is only one, there may still be multiple plan options.

Completing the comparison takes about 15 minutes and can save you hundreds.

If you're able to, consider working on for another year or two, or ease into retirement by gradually reducing your working days.

This will provide an opportunity to accumulate more savings and additional superannuation guarantee contributions.

Don't just set and forget. Review any investments at least every 12 months to ensure you're getting the best return and money isn't being wasted on fees or other unexpected costs.

After retirement super can be paid in a lump sum, as a superannuation pension or be kept in the super fund.

When you reach aged pension age super is counted in both the income test and assets test.

How superannuation funds are used after withdrawal can also impact the age pension.

If funds are used to buy an income stream or put in the bank it will be counted as an income stream. Learn more at servicesaustralia.gov.au.

Adding an extra income stream will not only increase cashflow but it can also help top up for super.

While it is not compulsory to add the income from your business or side hustle it's always a good idea to add to your super. Alternatively, the additional income can be used to cover expenses or perks like a holiday or weekend away.

Take some time to reflect on downsizing to ascertain if it's the best choice for your situation.

MoneySmart offers helpful advice around the pros and cons of downsizing and alternative options. Some pros include increased cashflow, easier maintenance while cons include less space, less flexibility and a new neighbourhood.

It's important to think about the emotional side of this decision and seek independent advice before making a decision.

Book a meeting with an NGS Super Specialist who can help you better understand and answer your questions about superannuation, investments and insurances.

This is one of a series of articles to help you prepare financially for the stages of life. Each month, an NGS Super expert answers readers' questions. Email to ASKNGS@ngssuper.com.au

The information provided is general advice only and does not take into account your personal objectives, financial situation or needs. Before acting on this information or making an investment decision, consider your personal circumstances and read our Product Disclosure Statement and Target Market Determination at ngssuper.com.au. We recommend you seek professional advice before making any investment decisions.