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Maybe you can't wait to give up work forever. But having a part-time job in retirement offers health and income benefits that could make it worth considering for your future lifestyle.

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Inheritance planning, particularly the future division of wealth and the intended treatment of assets, should be openly discussed at the family level. The next 20 to 30 years will see the biggest intergenerational wealth handover in history. In what is widely referred to as the "great wealth transfer", tens of trillions of dollars of assets worldwide are expected to be shifted from the estates of 'Baby Boomers' (people born between 1944 and 1964) to their children and other heirs. A research paper released by the Productivity Commission in late 2021 noted that around $3.5 trillion of assets will likely change hands in Australia alone by 2050. This will mostly be in the form of residential property, unspent superannuation funds, and other investment assets that are bequeathed to family beneficiaries. Inherited assets currently total around $120 billion per year in Australia, and this figure is expected to quadruple to almost $500 billion per year over the next 25 years.

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Generally, you can, but there may be other things to consider. When you access your super at retirement, depending on your age and personal circumstances, your super fund may ask you to sign a declaration stating you intend to never return to work again. However, there could be compelling reasons as to why you might go back in the future. Figures from the Australian Bureau of Statistics reveal financial necessity and boredom are the most common factors prompting retirees back into full or part-time employment. Whatever your motivations might be, if it's something you're considering, there are things you should be aware of.

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Deciding on your retirement funding options in retirement comes down to what makes the most sense for you. If you're close to retirement, chances are you've already spent time thinking about how to tap into your superannuation when you retire. Broadly speaking, you have a few options when you retire, as long as you've reached the minimum 'preservation age' when you're allowed to access your super.

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Getting more money into superannuation is a proven way of building wealth to spend in retirement. Ongoing contributions from your employer over the course of your working life, and potentially extra contributions made by you, can make a huge difference to your super balance over the long term as your account balance continues to grow.

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