Questions to Ask Before You Invest Your Retirement Savings

Before the meeting

Write down what you want to achieve, what you already have, and what you're worried about. Bringing a one-page summary (super accounts, other savings, debts, expected expenses) makes any conversation more productive.

It is reasonable to ask for written material in advance, to take notes, and to bring a trusted family member or friend with you.

Ten questions worth asking

1. What problem does this product or strategy solve for me, specifically?

2. What are all the fees — entry, ongoing, performance, adviser service and exit?

3. What is the worst realistic outcome over 1, 5 and 10 years, and what's the best?

4. How is my money invested? In what kinds of assets and through whom?

5. How and when can I access my money, and are there penalties?

6. Is the person recommending this licensed, and how are they paid?

7. How will this interact with my Age Pension entitlements?

8. What happens to this if I — or my partner — pass away?

9. Where is this information written down, so I can review it?

10. What are my alternatives, including doing nothing?

Red flags to watch for

Genuine professionals welcome questions and don't pressure you to act quickly. Be cautious about cold calls, unsolicited social media tips, promises of 'guaranteed' or unusually high returns, vague answers about fees, and requests to transfer money to personal or overseas accounts. See common retirement investing pitfalls for more.

If something doesn't feel right, pause. You can verify licensing on the ASIC Financial Advisers Register and check scam alerts at Moneysmart.

After the meeting

Take time to re-read any documents. A Statement of Advice (SoA) or Record of Advice (RoA) should set out the recommendation, the basis for it, the costs, and your alternatives. If anything is unclear, ask in writing for a plain-English explanation.

For more on how to vet professionals, see choosing a licensed financial adviser. To receive a written overview to read at your own pace, you can request your information pack.

How to compare two recommendations

If you receive recommendations from two different advisers or providers, set them side by side on a single page. For each, write down: the recommended product or strategy, the total annual cost in dollars (not just percentages), the assumptions about returns and inflation, what happens if markets fall, how the strategy interacts with the Age Pension, and what flexibility you keep if your circumstances change.

Differences in fees often look small as percentages but can be meaningful in dollars over a long retirement. Differences in assumptions matter even more — two reasonable-looking plans can produce very different outcomes if one assumes higher returns or lower inflation than the other. It is reasonable to ask each adviser to model a 'bad run' scenario, not just an average one.

Comparing recommendations is not about catching anyone out. Genuine professionals expect their advice to be reviewed and are usually happy to walk you through their assumptions. If anyone discourages you from seeking a second opinion, treat that as a signal in itself.

Bringing the right people into the conversation

Many Australians find decisions easier when they include a trusted family member or friend in the meeting — particularly when the topic is unfamiliar or there's a lot of paperwork. A second pair of ears can pick up details you might miss, and the conversation afterwards often surfaces useful questions.

If accessibility matters — for example, you'd prefer larger print, written follow-ups, or a slower-paced meeting — say so up front. A good adviser will adjust. If you have specific health, language or mobility needs, raising them early is usually better than working around them later.

Free options also exist alongside paid advice. The Services Australia Financial Information Service (FIS) can explain how the Age Pension rules apply in general terms at no cost, and Moneysmart publishes plain-English explanations on most retirement topics. These are useful starting points before — or alongside — paid personal advice.

Keeping a simple paper trail

Whatever you decide, a short written record protects you later. After any meeting, jot down the date, who you spoke with, what was recommended, the headline costs, and any next steps. Keep emails, brochures and any Statement of Advice or Record of Advice in the same folder — paper or digital — as your super statements and Centrelink letters.

If you change your mind, that record makes it easier to explain why to your fund, your adviser, or a family member helping you. If a dispute later arises, it is also the kind of evidence the Australian Financial Complaints Authority (AFCA) and ASIC look for. None of this is about distrust — it's about making sure decisions made today are still understandable a few years from now.