Here is a great four-step process for making a retirement plan:

Step 1. Write down all your goals and ambitions for your retirement. Be as specific as possible.

Step 2. Divide these goals up into essential, discretionary and one-off expenses and calculate how much you need to achieve those goals.

Step 3. Assess your assets and income, understanding how you plan to invest and what potential regular and irregular income is likely to be available to you (through the Age Pensione etc).

Step 4. Review this process and update your goals, plans, expenses budget, and income strategies regularly.