The EOFY Review Most Retirees Don’t Know They Need
- Bill Savellis
- Apr 20
- 4 min read
Most retirees think of the end of the financial year as something that matters less once you stop working. No employer. No salary to structure. It can feel like EOFY is someone else’s problem now.
Some financial decisions that benefit you in retirement are tied directly to the end of the financial year - and the window to act on them closes on 30 June.
Whether you’re drawing an income from super, managing investments, or thinking about downsizing, a short review now can make a meaningful difference to your financial position for the year ahead.
And if you’ve never sat down with a financial adviser to look at how your retirement income is structured, EOFY is one of the most practical times to start - because it gives you a clear snapshot of where things stand and where the opportunities are.
Your Investment Income and How It’s Structured
If you’re drawing income from account-based pensions, managed funds, term deposits, or share portfolios, the end of the financial year is the right time to check whether your current structure is still working for you.
A few things worth reviewing: whether your minimum pension drawdown is set at the right level for next financial year, how your investment earnings impact your overall assessable income, and whether any capital gains or losses should be realised before 30 June to manage your tax position.
This is particularly relevant if your income has changed during the year - even small shifts such as dropping to part-time work or retiring completely from casual work can affect your Age Pension entitlements or the amount of tax you pay on investment earnings.
If you’ve never had a professional review of how your retirement income is structured, this is a practical place to start. It is good to make sure you are not paying more tax than you need to, or even see if a simple restructure could improve your pension entitlements.
Has Anything Changed Since Your Last Review?
If you already have had your annual financial review, you may not need another full sit-down. But if anything substantial has changed since then - a property sale, an inheritance, a shift in income, a change in health, or a partner’s circumstances changing - it’s worth having a quick conversation before 30 June rather than waiting until your next scheduled review.
Small changes can have a compounding effect on your pension entitlements, tax position, and contribution opportunities. Catching them before the financial year closes means you don’t lose a full year of potential benefit.
Your Age Pension Entitlements
Centrelink doesn’t always catch changes to your financial position in real time. If the value of your assets has shifted - through market movements, downsizing, inheritance, or changes to your investment mix - your Age Pension rate may no longer reflect your actual circumstances.
Before 30 June, it’s worth confirming that Centrelink has your current asset and income details. If you’re receiving less than you’re entitled to, you could be leaving money on the table. If your assets have grown and you haven’t reported the change, you may face an overpayment recovery later - which is a stressful experience no one wants.
A proactive review with your adviser now is far simpler than sorting out a Centrelink adjustment after the fact.
Downsizing And the Timing Question
If you’ve been thinking about selling the family home or moving to something smaller, the timing of that decision matters more than most people realise.
The proceeds from a property sale become assessable assets from the moment they hit your account. Depending on when that happens relative to 30 June and the July indexation of Age Pension thresholds, the financial impact can vary.
There’s also the downsizer contribution to consider - the option to contribute up to $300,000 (or $600,000 for a couple) from the sale of your home into superannuation, regardless of your age or total super balance. It can be a powerful strategy, but the timing of when you make the contribution and how it interacts with your pension entitlements and asset test needs careful planning and to be part of your broader strategy.
If you’re seriously considering downsizing this year, getting clear on the numbers before you list is important.
Super Contributions and Caps
Even in retirement, there may be opportunities to make contributions to super that reduce your assessable assets or improve your long-term financial position. Concessional contribution caps reset on 1 July, and if you have unused cap amounts carried forward from previous years, you may be able to take advantage of those before the financial year ends.
This isn’t relevant to everyone, but if you or your spouse are still eligible to contribute, it’s worth checking whether there’s an opportunity.
Why Most People Don’t Do This
Retirement feels like it should be simpler. And in many ways, it is. But the financial system doesn’t stop being complex just because you’ve stopped working. In a way, the complexity just shifts as pension thresholds change, investment values move, and government rules get updated - sometimes without much fanfare.
The retirees who stay ahead of these changes aren’t doing anything complicated. They’re just having one conversation a year with someone who understands how all the pieces fit together - super, pension, investments, Centrelink, and property - and making small adjustments before the deadlines pass.
That’s what a yearly review is really about. Not a major overhaul. Just a check-in to make sure nothing’s been missed.
Never Spoken to a Financial Adviser?
If you’ve managed your own finances through retirement and never felt the need to see an adviser, that’s completely understandable. Many capable people do exactly that.
But the end of the financial year is one of the most useful times to have a first conversation, because it gives both you and the adviser a clear picture of your current position - what’s working, what could be improved, and whether you’re making the most of what’s available to you.
It’s not about handing over control. It’s about getting a second pair of eyes across your situation to make sure nothing’s slipping through the cracks. Things like unclaimed pension entitlements, tax-inefficient income structures, or contribution strategies you didn’t know existed.
Let’s Have a Chat Before 30 June
Whether it’s your first conversation with a financial adviser or a quick catch-up because something’s changed, I’d welcome the chance to run through your position before the end of the financial year. It’s the kind of conversation that can make a real difference to the year ahead.
Book a chat with Bill
