The value of ongoing advice as retirement needs to evolve

For many Australians, retirement planning is viewed as a milestone. After years of saving and preparing for life after work, the goal is to reach retirement with enough money to support the lifestyle they want.

But retirement is not a finish line. In many ways, it is the beginning of a new financial journey.

New research from the Institute for Lifetime Income highlights that retirement is dynamic, with spending patterns, priorities and concerns continuing to change long after people stop working. As a result, the need for advice, guidance and support does not end at retirement. In fact, for many Australians, it becomes even more important.

Retirement doesn't stand still 

One of the strongest findings from the research is that retirement experiences evolve over time.

Health changes, family circumstances shift, living costs rise and personal priorities adapt. Some retirees become more confident with spending as they settle into retirement, while others become increasingly cautious as they think about future healthcare, aged care or longevity risks.  

The research found that spending patterns are not fixed. While some retirees spend more in the early years of retirement, others reduce spending or change their approach as circumstances evolve. Retirement is not a single phase of life but a series of transitions that occur over many years.

This means that a financial strategy established at retirement may need to be revisited as needs and priorities change.

Advice needs change throughout retirement

The research found strong demand for ongoing advice and support, even among retirees who had previously sought professional guidance.

More than half of retirees who had already received advice said there were still topics they wanted further help with. Even among those who had never sought advice previously, almost half identified areas where they wanted guidance.  

Importantly, the topics people want help with often change as they move through retirement.

While retirement income remains the most commonly sought area of advice, retirees also want support with:

• Making their money last
• Managing investments
• Understanding aged care costs
• Navigating changes in their lifestyle
• Planning for future healthcare needs  

These are not one-off decisions. They require regular review as circumstances evolve.

Confidence matters as much as capital

The research highlights a powerful link between confidence and retirement outcomes.

Retirees who feel confident about their financial future are more likely to enjoy the lifestyle they want and spend in ways that support their wellbeing. Those with lower confidence are more likely to cut back spending, limit experiences and worry about the future.  

Importantly, confidence is not determined solely by the size of a retirement balance.

Two retirees with similar levels of wealth can experience retirement very differently depending on their mindset and understanding of their financial situation. Some feel empowered to enjoy retirement, while others remain uncertain and reluctant to spend.  

Ongoing advice can play an important role in bridging that confidence gap.

By providing clarity around income, spending and future planning, advisers can help retirees make informed decisions and feel more secure about their future. 

Retirement questions don't disappear

Many retirees expect financial questions to reduce once they stop working. In reality, new questions often emerge.

As retirement progresses, people may begin asking:

• Am I spending too much or too little?
• How should I respond to market volatility?
• Will my income continue to meet my needs?
• What happens if my health changes?
• How should I prepare for aged care costs?
• How can I support my family while maintaining my own financial security?

The research found that uncertainty around future expenses remains one of the biggest challenges retirees face. Predicting spending more than a few years ahead is difficult for most people, which reinforces the importance of having strategies that can adapt over time. 

The adviser relationship evolves too

For advisers, retirement often marks a shift in the client relationship.

Before retirement, conversations are frequently centred on wealth accumulation. After retirement, discussions increasingly focus on helping clients use their savings to support the life they want to live.

This requires a broader conversation around:

• Retirement income sustainability
• Spending confidence
• Lifestyle goals
• Health and aged care planning
• Legacy considerations
• Adapting to life's changes

The role of advice becomes less about building wealth and more about helping clients navigate the complexities of retirement with confidence. 

Helping clients live well, not just retire well

Perhaps the most important insight from the research is that retirement success should not be measured solely by how much someone has saved.

Accumulating wealth is only the first step. Successful retirement is ultimately about using those savings to create confidence, choice and the freedom to live the life people want.  

Ongoing advice can help retirees adapt to changing circumstances, make more informed decisions and maintain confidence throughout retirement.

Because retirement planning does not end when work stops.

Retirement itself is a journey, and like any journey, having guidance along the way can make all the difference. The retirees who thrive are not necessarily those with the largest balances. Often, they are the ones who have the clarity and confidence to make the most of the years ahead.  

Source: Four Ways Australians Navigate Retirement, Institute for Lifetime Income, August 2026. 
 

1. This research report (the Report) has been prepared by Challenger Group Services Pty Ltd (Challenger) and Susan Bell Research for the sole purpose of providing general information to assist understanding of the factors that contribute to happiness amongst retirement aged Australians as at 13 August 2026. Challenger Life Company Limited ABN 44 072 486 938, AFSL 234670 is the issuer of lifetime annuities.  

2. The Report is provided strictly for information purposes only, and is not intended to constitute advice, regulatory interpretation, or a complete analysis of the subject matter contained therein. The research findings are based on aggregated survey responses and should not be interpreted as predicting outcomes for any individual retiree or household. The report does not recommend any financial product, strategy or course of action. This report contains general information only and is not personal financial advice and do not take into account your objectives, financial situation or needs. Consider whether the information is appropriate for your circumstances.  

3. No representation or warranty, express or implied, is made as to the accuracy, completeness or reliability of any information contained in this Report. To the maximum extent permitted by law, Challenger and Susan Bell Research, and their respective directors, officers, employees, agents, and advisers accept no responsibility or liability whatsoever (whether arising in contract, tort (including negligence), equity, statute, or otherwise) for any loss, damage, cost, or expense suffered or incurred by any person in connection with the use of, or reliance on, the Report or any information contained within it.  

4. The recipient is solely responsible for undertaking its own independent investigations, performing its own analysis, and obtaining independent professional advice (including financial, legal, tax, and accounting advice) prior to making any decision based on or in connection with the Report. 

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