Planning for retirement

A Retirement Income account uses the super you’ve saved while you’ve been working to pay yourself an income on a regular basis.^[M5]

You can start a Retirement Income account if you:

• Have reached age 60 and retired
• Cease an employment arrangement on or after the age of 60
• Are 65 or over – even if you’re still working
• Have become permanently incapacitated, or terminally ill.

Learn more about how it works

How much super you'll need to retire depends on your retirement expenses. For most people, having around 70% of their current take-home pay is enough to keep the lifestyle they have now.^{^}

Stopping work early might mean you’ll have less time to grow your super balance. Use My Retirement Planner™ to explore different scenarios.

That depends on a variety of factors:

• inflation,
• lifestyle choices,
• any debt that needs to be paid, and
• whether your money stays invested (and earns investment returns) in a Retirement Income account.

It’s important to know that retirement income and investment earnings are not guaranteed. Your payments will cease once your account balance is depleted.

If you’re ready to start planning for your retirement, there’s plenty to think about – but you don’t have to go it alone.

• Our digital advice tools help you plan your income in retirement.

• Attend an in-person seminar or online webinar at a time that suits you.

• Or, set up your retirement with help from an expert. Members can book a check-in with a qualified financial adviser at no extra cost.^[AD2]

If you want or need to go back to work, you can. You will need to have a super account for your employer to make contributions. Learn more about returning to work after retirement.

Your super is ‘preserved’ or locked away until you reach 60 or meet certain conditions which allow you to access your super early.

Retiring at 60 means you need your super to last longer, and you won't be eligible for the Government Age Pension until 67. Use My Retirement Planner™ to see how retiring at different ages affects your income or book in for a chat with a retirement expert at no extra cost.^[AD2]

That depends on your retirement budget. Here’s how super balances look across different age groups in Australia.

Use My Retirement Planner™ to calculate how much income you could have in retirement based on your current super balance.

An income stream refers to how much money you set up to pay yourself from your super on a regular basis.

You can set this up from your Retirement Income or Retirement Transition accounts.^[M5]

A super pension account is an account that can be opened when you’re eligible to access your super in retirement, and is designed to pay you income on a regular basis.

At Aware Super, we offer a Retirement Transition account and Retirement Income account.

Nearly ready to stop working? Choose an account that’s right for you.

Once you become eligible to access your super, there are a few options to choose from. You can do one or a combination of all three: 

1. Move your super into a retirement account
2. Leave your super where it is to continue accumulating
3. Withdraw your super balance as a lump sum

Learn more about how super works when you retire

If you’re looking to ease into retirement, and you’re between 60 and 64 years old, a Retirement Transition account lets you access some of your super while you’re still working. With this type of account, you can withdraw up to 10% of your balance each year, giving you flexibility to ease into retirement on your terms.

Learn how a Retirement Transition account works