The average Australian spends up to 25 years in retirement. It is a large period of most people’s life. And the right planning makes that retirement all the more enjoyable.

Many people do not know it, but retirement planning can start whenever you want it to. For younger people, doing things like buying a home, repaying any mortgages, establishing superannuation and an investment strategy is actually laying the groundwork for financial security later in life. This is especially the case if it means that you can concentrate on raising your family in the expensive middle years of life.

As retirement age approaches, then it is particularly important to think about your transition to retirement. Timing the end of your working career, and deciding when and how to commence retirement, is something you will only do once. It pays to do it well.

And if you are retired already, then there is a new set of problems that need to be solved to ensure that your wealth lasts as long as you need it to and then does what you want it to do after that.