Most people currently reaching this Life Stage have not accumulated enough Superannuation to retire however they usually own their own home. If you have accumulated in excess of $1m in Super and own your home then congratulations, there is no reason why you cannot have a relatively comfortable retirement.
Implementing a transition to retirement strategy. Set up account based pension to draw down tax free income while salary sacrificing as much as possible to Super within the maximum limits. Contribute excess cash flow to superannuation up to maximum cap.
This is not the time to be taking investment risks if you are not earning enough to recover from bad decisions or unforeseen investment circumstances.
Prepare for retirement by ensuring maximum investment assets are inside your Super environment. All growth and income with an account based pension account is tax free - take advantage of it.
Get professional advice and maximise government pension and concessions including Health Card. Your Super account needs to last as long as possible and you will likely need to set up a pension account that maximises income generation.