What Doing Nothing With Your Retirement Plan Is Really Costing You

A Story That Stuck With Me

As I think back over the years, there’s one story that stuck with me — one that perfectly captures how easily inaction can build up without anyone noticing.

A few years ago, I met a couple — let’s call them Peter and Elaine. Peter was 72, Elaine 67. They’d retired at different times, and like many couples, Peter had always taken the lead on financial decisions. They had over $1 million in financial assets outside their home — super, shares, a family trust. They were careful, conservative, and proud of what they’d built.

But they hadn’t moved their super into pension phase. They hadn’t reviewed their estate plan since their kids were teenagers. And they hadn’t really talked — not deeply — about what they wanted the next ten years to look like.

What struck me most was how much they’d missed by not planning together. Because of their age gap and separate financial strategies, they’d unknowingly left more than five years of Social Security entitlements on the table. And that moment was when the real purpose of retirement planning became clear for them — it wasn’t just about structures and tax; it was about reclaiming confidence and connection in this phase of life.

To help them move forward, we talked through what was possible. From there, we didn’t overhaul everything. Just a few key shifts that made all the difference:

• Transitioning their super saved them thousands in tax each year.
• Coordinating their income streams gave them access to benefits they didn’t know they qualified for.
• Updating their estate plan meant their kids wouldn’t inherit a tax headache if something happened unexpectedly.

But the biggest change? They started talking. Not just about money — about travel, family, legacy. About what mattered now. And that’s when Elaine said something I’ll never forget: “I didn’t realise how much we were leaving on the table. I thought doing nothing was safe — turns out, it was expensive.”

Where Retirement Planning Often Gets Stuck

Reflecting on stories like theirs, I’ve realised there are a few common places where people unknowingly get held back. And I mention these not to overwhelm you, but because they’re often the small hinges that swing big doors in retirement:

1. Delaying the Move to a Tax-Free Environment
   Retirement isn’t the only trigger for accessing tax-free income. Many people could be living off tax-free super earlier than they think — but without a clear strategy, they stay in accumulation phase, and the tax quietly adds up.
2. Planning Separately Instead of Together
   Couples who plan together unlock opportunities that solo planning misses — especially around tax thresholds and Social Security. It’s not just about fairness. It’s about efficiency.
3. Overlooking the Taxable Nature of Retirement Assets
   Some assets are taxed now. Some later. Some not at all. Without a plan, your estate could leave behind a tax bill that could’ve been avoided — especially if one partner passes away early.
4. Waiting Too Long to Enjoy Your Money
   Most people don’t realise they’re highly unlikely to outlive their money. But they hold back — waiting for the “right time” to travel, gift, or renovate. And sometimes, that time never comes. You can’t go back in time to enjoy your money. That opportunity is missed.

As you think about your own retirement planning — or if you’re already retired — it can help to pause and ask yourself a few honest questions. These aren’t technical or financial. They’re personal, and they’re the ones that tend to guide people back toward clarity:

• Are we making the most of the tax opportunities available to us?
• Are we planning as a couple — or just individually?
• Have we thought about what happens if one of us passes away early?
• Are we enjoying our money, or simply preserving it out of habit?

These questions matter because they shift the conversation from fear to possibility. They pull you away from the worry of “getting it wrong” and toward the confidence of knowing you’re living life intentionally — not reactively.

Retirement isn’t a finish line. It’s a new beginning. And retirement planning gives you clarity, intention, and a bit of courage heading into, what should be, some of the best years of your life.

So tonight, maybe over a glass of wine or a walk around the block, start the conversation. Not about spreadsheets or forecasts — but about what you want life to look like now, and in the future.

Because the cost of inaction isn’t just measured in dollars. It’s measured in moments missed. And if you’re thinking, “We’ll sort it out in a few years,” — just know that two, three, or five years from now, the opportunities you had today may be gone.