Below is a practical, Australia‑focused guide to financial planning for retirees. It covers income sources, tax and government interactions, spending and investment strategies, healthcare and aged‑care costs, and practical next steps. I’ve kept numbers and policy details general because rates and rules change — check Centrelink, the ATO and a licensed financial adviser for up‑to‑date figures and personalised advice.

1. Define retirement goals and cash‑flow needs

• List essential vs discretionary expenses (housing, utilities, food, transport, health, travel, gifts).
• Build a monthly cash‑flow projection for the next 1, 5 and 10 years (account for inflation).
• Identify shortfalls or surpluses and target a sustainable withdrawal rate for your portfolio.

2. Know the likely income sources in Australia

• Age Pension (federal government): means‑tested based on assets and income; usually part of many retirees’ safety net.
• Superannuation: lump sums or convert to an account‑based pension to provide income; rules about preservation and minimum drawdowns apply.
• Account‑based pensions and allocated pensions from super funds.
• Annuities (life or term annuities): provide guaranteed income in exchange for a lump sum (may suit longevity risk protection).
• Investments outside super: cash, term deposits, shares, managed funds, property (rental income or downsizing).
• Part‑time work, family support, or sale of assets (e.g., downsizing home).

3. Centrelink and means testing

• Centrelink assesses both income and assets to determine Age Pension eligibility/amount. Different rules apply to owner‑occupied home, financial assets, and certain vehicles.
• Withdrawals from super and some investment income can affect means tests — structure and timing matter.
• Always check current thresholds and rules before making large withdrawals or asset transfers.

4. Tax considerations

• Tax on super and super income can be favourable after age 60 for taxed funds, but rules depend on your age and how you access super.
• Investment income outside super (dividends, rental income, capital gains) has normal tax implications.
• Pension and annuity payments may be taxed differently — seek tailored tax advice.

5. Investment strategy and drawdown planning

• Reassess risk tolerance: many retirees shift to a more conservative mix, but too conservative can increase longevity and inflation risk.
• Consider a diversified portfolio: cash/reserves for 1–3 years of income, defensive assets (bonds) and growth assets (shares, property) for long‑term purchasing power.
• Sequence‑of‑returns risk: have a buffer (cash or term deposits) to avoid selling growth assets during market falls.
• Sustainable withdrawal: classic “rules of thumb” (e.g., 3–4% initial withdrawal) are starting points but must be tailored; consider dynamic strategies that reduce withdrawals after poor market years.
• If using an account‑based pension, know minimum drawdown percentages (they change) and how that impacts longevity of funds.

6. Managing longevity and sequence risk

• Consider partial or full annuitisation to guarantee lifetime income (weigh cost vs flexibility).
• Maintain a “bucket” approach: near‑term cash for spending, mid‑term bonds/fixed income, long‑term growth for inflation protection.

7. Healthcare, insurance and aged care

• Medicare and the Pharmaceutical Benefits Scheme (PBS) cover many health costs but out‑of‑pocket and private health insurance gaps exist.
• Private health insurance can reduce hospital costs and provide additional options; evaluate benefits vs premiums.
• Aged care (home care, residential care) can carry significant cost and means testing applies; plan early and get current information about fees and supplements.

8. Estate planning and legal documents

• Update wills, powers of attorney and enduring guardianship documents.
• Review beneficiary nominations on super and life insurance (binding vs non‑binding).
• Consider how to structure assets for tax, Centrelink impact and ease of transfer.

9. Special topics to consider

• Downsizing contributions: some schemes permit making non‑concessional contributions from sale of the principal residence — rules and limits apply.
• Self‑managed super funds (SMSFs): provide control but require governance, compliance and costs; suitable only for some.
• Gifting and asset transfers: can affect means tests; there may be look‑back periods and penalties for improper transfers.

10. Practical checklist — first 90 days

• Prepare a 12‑month cash‑flow and emergency buffer (at least several months of essential costs).
• Check Age Pension eligibility and lodge an expression of interest with Centrelink if appropriate.
• Consolidate super accounts (beware insurance implications).
• Review investment allocations and set a withdrawal plan consistent with your goals.
• Update wills, beneficiary nominations, and enduring powers of attorney.
• Meet a licensed financial adviser (financial planner) and a tax/financial services professional who understands Centrelink implications. Ask for a Statement of Advice (SOA) explaining costs and recommendations.

11. Finding professional help

• Use an ASIC‑licensed financial adviser (look for Fee‑for‑Service, not commission‑only).
• For tax matters, consult a registered tax agent or accountant.
• For Centrelink eligibility and pensions, use Centrelink services or an accredited Centrelink financial information service officer.
• If considering aged care, a geriatric care manager or aged‑care financial adviser can help.

12. Where to get authoritative, up‑to‑date information

• Centrelink / Services Australia for Age Pension eligibility and rates.
• Australian Taxation Office (ATO) for super, tax treatment and contribution rules.
• Your super fund’s website and product disclosure statement for pension rules and fees.
• ASIC’s MoneySmart for easy‑to‑understand guidance and checklists.

Final note Retirement planning is highly personal — small differences in timing, health, family responsibilities and preferences materially change the best strategy. The steps above give a roadmap; for numbers and to implement changes (big withdrawals, annuities, SMSF setup, aged‑care decisions), get up‑to‑date figures from Centrelink/ATO and consult licensed professionals who will produce a tailored plan.

If you’d like, I can:

• Help build a simple retirement cash‑flow worksheet you can fill in.
• Outline pros/cons of annuities vs account‑based pensions.
• Draft a list of questions to take to a financial adviser. Which would you prefer?