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The mere mention of retirement can spark fear in the best of us. While many dream of a retirement filled with travel, creativity, and time for loved ones, the reality for most Australians, especially women, is starkly different.
18% of Australian women retire with $0, and a further 41% end up on a pension that has them just above the poverty line.
If you are feeling like a failure because your are not prepared for retirement, it is not your fault. The traditional retirement model was established in 1908 when life expectancy was 55, hasn’t kept pace with our increased longevity. Today, we’re expected to live closer to 90 years.
The gender pay gap, family care responsibilities, and high divorce rates have disproportionately affected women’s retirement savings.
However, there’s a solution that’s both inspiring and creative: renovating your retirement.
Instead of working until you drop, consider recreating your work and life so that you have the freedom to live your best life , working part time but having the time and flexibility to pursue the things that are important to you.
Renovation profit enables you to recreate your life in an inspiring and creative way.
Because renovating is project based you have the option to work while you have a project, earn as much as you would in a year then spend the rest of the year to travel, volunteer , spend with family , whatever your passion is.
I retired from nursing at the age of 29. Since then I have worked but it has been on my terms,it has never felt like work and I don’t ever imagine retiring in the traditional sense.
This guide outlines a fresh perspective on retirement planning.
The two key requirements for a good retirement life are:
Our plan addresses both these needs with a two-pronged approach to pay off your mortgage and then create sufficient passive income to support your lifestyle
Setting your sights on a specific goal is key to being successful in renovating your retirement.
Spend some time reflecting on your ideal day in retirement. Take into account your passions and values, the people you want to spend time with, your environment and your hopes and dreams.
Formulate a picture in your mind of your dream life.
Remember, small changes can have a big impact.
When I did this exercise, I discovered I wanted to wake up with the sun on my face. A simple thing that I could easily implement by relocating our bedroom, but it made an enormous difference that made every day better.
It’s important to determine the income you will need in your new life so that you can plan your projects for achieving it.
You could draw up a budget, don’t just budget for the necessities taking into account the dream life you visualised in the last exercise.
When I did this I just picked a number. I chose $100,000. I like round numbers, and I decided if I needed to increase it, I could just add another project to my annual plan For the emergency fund, we have a line of credit.
Don’t wait until you have one foot in the grave. Consider doing it in 3 steps
Pick the date to move from full-time employment to part-time employment
then from part-time to your retired life fully funded by your projects, superannuation, and investments.
It’s essential that you don’t stop working cold turkey.
I have seen this plenty of times where an aspiring renovator gets fed up and just quits.
While that may solve one problem for you, it will probably create a whole lot more if you haven’t got the capacity to fund your projects.
I recommend a staged exit: do some projects while you are still working so you establish some income and build your confidence ahead of ‘D’ day.
Focus on two main objectives: paying off your mortgage and producing sufficient retirement income
Mortgage Busting Projects
There are multiple ways to get your mortgage paid off with renovating. Here are 3
Downsize
If you have sufficient equity in your home, completing a profitable reno on your home before you sell could be sufficient to wipe your mortgage and add to your equity base at the same time. Downsizing has 3 other powerful financial benefits which
Renovate your way out of your mortgage
For bigger mortgages, you may need to repeat the process a few times until you are into your forever home mortgage-free.
Two things to be mindful of
Property Flips
This is my least favourite way , it is slow because you lose a chunk of profit each time in tax.
Income-Generating Projects
Flips
Completing just one flip for $100,000 profit per year can transform your income.
Maximize Superannuation
A Self Managed Super Fund can enable you to invest in high-cash-flow property
Consider making the maximum contributions to your SMSF especially if downsizing.
Buy and renovate high cash flow properties.
There is a misconception that you need a large portfolio of properties but the truth is that just one or two well well chosen, renovated and managed short-term rentals can place you among the top-tier income earners in retirement
The low-hanging fruit is to convert the spare floorspace in your empty nest into a secondary dwelling.
Legacy Projects
Most have someone in their life they would love to help: young adult children, elderly parents or a charity. Once you have your immediate needs covered, you can focus on legacy projecs
Strategically planning your retirement through property renovation can transform your financial future—and it’s absolutely worth the effort.
It does require commitment to learn new knowledge, build a team and continuously develop your skills But the payoff can be life changing.
Remember, securing your retirement is an evolving process. By starting your planning now, you’re laying the groundwork for a future that goes beyond mere comfort.
Choosing to make the transition can lead to a retirement that's not just financially secure, but truly inspiring and deeply satisfying.
At 55 I had $20,000 in super, a mortgage and 4 adult children I wanted to help get into the market.
Since then I have leveraged renovating and property to
I’d love to help you map out your new future.
Bernadette and Stephen are caring mentors who provide practical, experience-based training—not just feel-good fluff. While hands-on experience is crucial, their support gives you the confidence to launch projects and build wealth. Their genuine care and expertise make all the difference in turning renovation knowledge into real-world success.
Signing up for the School of Renovating was a game-changer. The course paid for itself within a year through insurance premium savings alone. But that’s just the beginning – the knowledge gained will save us even more on our next project. We feel truly empowered. Thank you, Bernadette, for this invaluable education!
Each module of The School of Renovating’s training program can be transformative. The wealth of knowledge, advice, and insights shared is truly inspiring. Bernadette’s expertise doesn’t just educate—it instils the confidence to start thinking seriously about your renovation project. This isn’t just learning; it’s the beginning of your renovation journey.
Helping You Profit From Your Passion For Beautiful Homes… FAST
Understanding and making the most of a property’s potential is more than a fun hobby, it has the power to save you from worry about retirement, replace a job that underwhelms you, help your kids get their start in life, let you splurge on the people you care about and do good in the world.
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