That is a significant moment and there are many questions. How do you manage your expenses? How do you secure your future? How do you ensure sufficient savings? The list below should help you make sure you have not forgotten anything important while preparing for it.

Planning for it is a long-term process that is extremely sensitive and changes depending on different circumstances in your personal life, such as a job change, wedding or divorce, but also circumstances that we cannot influence such as market and economic developments , that is, inflation or interest rates.

It is for this reason that it is important to set aside a portion of your income from the first day of employment, and the most important step you can take is to create good financial habits. Even that first, small step, may be the biggest when you enter your tranquil years.

Most of us would love to retire and be financially well off. Because it can last as long as years of service, you may need to financially support yourself for decades after you have stop working. Therefore, it is in your best interest to have a strategy and start implementing it as soon as possible.

Start working on a budget

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By organizing your consumption ie. by making a plan, you form a budget. You need this as an essential item that can greatly affect your life and retirement. The sooner you set your budget, the sooner you will know what your savings prospects are, the opportunities and everything you need to retire. The most important thing is to have a crystal clear vision of your reality, and this can only be done if you remain responsible to yourself and objectively look at your current financial situation and what you can save and invest before you stop receiving salary.

Take stock of your assets (real estate, bank balances, funds, securities, life insurance, equity investments, inheritance rights, etc.) and your debts (mortgages, etc.). Note the availability of individual funds. Life insurance is one of the biggest steps you can take, so don’t forget to consult with specialist companies like GoldenMemorial.

Make a budget and see if your estimated earnings after superannuate are enough to cover the cost. If there is a gap in income: Determine how much additional capital is needed to close this gap.

Set your retirement date (about five years before)

Find out what part of your fund assets you can raise as equity and what registration period you must adhere to when withdrawing capital. Carefully weigh the benefits and disadvantages of drawing a pension and a lump sum, and then decide whether you want to receive everything as a retirement benefit or at least have a portion of your payout. If you decide to withdraw capital, report it to your fund before the deadline.

Now is often the last chance to enter your pension fund tax – especially if you want to be paid during it. First, calculate your return on purchases and compare it with other investments before deciding.

Think about your living situation: Do you want to stay home or move after retirement? Decide whether you want to fully or partially amortize your mortgage and adjust it depending on the term. If you want to move into an apartment, you should look for the right items on time.

Distribute your compensation for a few years: you can usually save a few thousand in tax. Redefine goals such as spending, what your children will inherit, etc.

Think about how you want to secure your income after retirement: For example, is it worth buying a life insurance policy or would you rather invest that money yourself and spend it on your own plan?

Define your new investment strategy. Make a detailed financial plan showing the development of expenses, income and assets until retirement and later. Find a trusted advisor to support you in all your important decisions and come up with a sound financial plan for you.

Divert your funds (one year before)

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Do this so that your income is secured over the long term and adjust your investment strategy accordingly.

Choose the right asset manager if you do not want to set your own investment strategy and do not want to manage the assets yourself. Cancel your mortgage on time if you want to repay all or part of the amount when you retire.

Arrange it no later than immediately: Secure your loved ones with a will, marriage or inheritance agreement. Estate planning is even more important if you have been paid all or part of your pension fund balance. According to estate planning practices carry immense value as properly crafting one’s estate can ensure the creation of a strong legacy, maximize the wealth transfer to the next generation, enhance the efficiency of settling the estate, and minimize the tax implications and other costs. Check that you should use the executor in the last will.

Register your pension with your pension fund (Three to four months before)

Do this at least three months before the last business day so that your first pension is transferred on time. Even if you want to delay drawing your pension, it is best to notify the pension fund immediately.

After retirement

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Make sure your spouse has to pay contributions. Always keep an eye on your finances. Check your financial plan for compliance so you don’t suddenly run out of money. Adjust your planning if your life situation or legal framework changes.

Additional tasks – if you decide to retire early

Explain when you can receive early retirement benefits. Then, ask your employer if you financially support your early exit, for example, by bridging your pension to your regular retirement age.

Check whether it is worth the early retirement and fund withdrawal or the removal of the bridging pension. Compare other ways of bridging the income gap, such as early withdrawal.


The pension should allow you to be financially cared for in old age, to have a secure income after the end of your working life. Don’t let the surprise factor be present in your life the moment you retire. If you want to enjoy it without any worries or doubts, prepare as best you can. Be responsible to your future!

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Marina Dobic
My name is Marina, and I am a professional in the field of tourism, holding a degree in tourism management. However, due to circumstances, I find myself working in the marketing industry, where I am currently involved in the development of the website Outside of work, I am passionate about traveling, which I consider a significant part of my leisure time. Exploring new destinations, experiencing different cultures, and meeting people from around the world enriches my life in countless ways. Additionally, I enjoy immersing myself in the world of literature, spending time with loved ones, and engaging in various outdoor activities.