Friends With Money #251: One year out from retirement
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This week on the Friends With Money podcast, Money magazine journalist Ryan Johnson speaks with financial adviser Nick Bruining about preparing for retirement from five years out through to "R-day".
They cover assessing family arrangements, assets and cash flow, likely lifestyle spending, and creating a wishlist while prioritising paying off non-deductible debt. Nick explains why life insurance often becomes less necessary as assets grow, and how to reduce investment risk in super as retirement nears while still keeping some growth for a 20- to 30-year retirement.
They discuss boosting super via salary sacrifice, personal deductible contributions, carry-forward concessional rules for balances under $500,000, and debunk the million-dollar myth, noting Centrelink can meaningfully top up income. The episode also covers downsizer contributions, part pension rules while working, concession cards, and applying via myGov within 13 weeks.
Episode timestamps
00:57 Five years out checklist
03:25 Rethinking life insurance
05:24 Super strategy and risk
08:54 One year out planning
11:28 Boosting super smartly
14:35 Downsizing and Centrelink
17:10 Purpose and part pension
21:10 Applying for pension cards
23:55 Retirement day logistics
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Friends With Money podcast FAQ
What is the Friends With Money podcast?
Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.
Where can I listen to the podcast?
You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).
Who hosts Friends With Money?
Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.
Is the podcast suitable for beginners?
Yes! It's designed to be accessible for beginners while still offering valuable insights for seasoned investors.
What topics does the podcast cover?
The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.
How often are new episodes released?
New episodes are released weekly, so you can stay up to date with the latest financial tips and trends.
Can I watch episodes with captions?
Yes, full episodes with closed captions are available on YouTube.
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Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.
Each episode dives into real conversations about money - how it's earned, shared, saved, and grown - with tips and insights that make finance simple and relatable. Perfect for beginners and seasoned investors alike, it's your go-to guide for building better financial habits.
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