With this structure, if you are unlucky enough to see a few bad years on investment markets in the early phase of your retirement, you won’t be in a position where you are forced to sell.

Instead, you can hold on to those long-term assets and wait for them to recover, as history tells us they inevitably will.

Do I have to have life insurance in my super? I am 57 with no debt and the kids have moved out. The insurance just doesn’t seem relevant to me, and the costs keep going up.

No, you don’t. Exactly as you’ve highlighted, life insurance is primarily about debts and dependents. If you’ve got neither, then the expense of this cover is just a drain on your retirement savings.

I suggest before cancelling any cover you check with your partner (if applicable) given that in the event of your passing they would be the beneficiary. Ensure that they are okay with you cancelling this cover.

You should also have a high level of confidence that your circumstances won’t change in the future such that you could need this cover again. If you cancel your cover as a 57-year-old it is quite unlikely that you would be able to get new cover again in the future.

I am 63 I am still working full-time. What amount should I have in super to retire at 65? How much income do you need in retirement?

Your question can’t be answered without this piece of information. If you’re unsure, determine how much you are spending today, then reflect on how that will change when you cease working.

Be mindful that superannuation might not be the entirety of your retirement provisions. You might hold other investments, downsize your home, or receive an inheritance.

Paul Benson is a Certified Financial Planner, and host of the Financial Autonomy podcast. Send your questions to: [email protected]

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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