Find your rhythm in retirement
Retirement is a big life change: emotionally, physically, mentally, and financially. Taking time to think about your retirement and learn more about what you need to do can really help you feel confident.
How much money do you need to retire?
If you’re wondering when you’ll have enough money to retire, the My Retirement Planner™ can help you estimate how much you’ll need in retirement.
This superannuation calculator considers your future lifestyle and income goals, how well you’re tracking based on your current financial situation and if you’re falling short provide you with a step-by-step action plan to help you move forward.
If you’re an Aware Super member, you’ll also get a Retirement Confidence Score™ that shows how close you are to your goals.
If you’re in a position to top up your super do it because it’s going to make life a lot easier when you retire.
- Gail#, retired Aware Super member, 71
How Aware Super can help you get retirement ready
Check-in with a financial advisor
Aware Super members can book a super helpful check-in to talk to a qualified financial adviser. This 45-minute video call is part of your membership, so there’s nothing extra to pay[AD2]
The advisor can help you understand how much super you need for retirement, and what you can do if you’re falling short.
Attend a free retirement webinar
You can join a live retirement webinar run by experienced retirement experts. These highly informative webinars can help you understand superannuation and finances.
Get informed with topics like:
- How to develop a plan for retirement
- How to finance your retirement
- Investment basics
Your super helpful guide to retirement
Retirement goals are different for everyone, but thinking about this question is a great first step towards approaching retirement with confidence.
Aware Super’s Retirement Guide can help you find answers to common questions about retirement. You can read case studies from members on their retirement journey and complete useful activities to help you plan ahead.
There’s even a super helpful retirement planning checklist to keep you on track.
Frequently asked questions
The first place to look is your super. You can turn your super into a regular, tax-free income stream when you retire by setting up a Retirement Income account. You receive regular payments either fortnightly or monthly, and because your money stays with a super fund, the investment side of things is taken care of for you.
You might also have access to other money outside of super. Like your savings, rental income from properties, part-time work and the Government Age Pension. Over 60% of Australians over 65 years are eligible for part or full Age Pension (Australian Institute of Health and Welfare, March 2021, Age Pension figures, aihw.gov.au).
Understanding how these different income streams work together is important for creating a retirement plan that supports the lifestyle you want. Using educational resources provided by super funds can really help in creating a solid retirement strategy.
Adding more money to your super is a great way to increase retirement savings. It can also help reduce your tax. The more money you put into super while you’re working, the more you stand to benefit from the ability to earn investment returns tax-free in retirement.
It’s different for everyone. Many people worry about how much they need for a comfortable retirement. The answer depends on what kind of lifestyle you’re aiming for and the expenses you expect. Try using My Retirement PlannerTM, our superannuation retirement calculator to understand how much you might need for your retirement, and if you’re on track.
Superannuation is more than a savings account. It’s your money being invested to help it grow over time. You decide how and where your money is invested by choosing your investment option. Once you decide to retire, moving your balance to a Retirement Income account with us can help ensure your savings keep up with the cost of living. Members can call us to help them decide on the best investment choice for their needs.
The Australian Government offers an age pension if you meet certain criteria. It’s a good idea to apply early with Centrelink because it can take weeks or months. Your payments will only begin once your application has been approved. As these aren’t backdated, it’s worth starting your application thirteen weeks before your 67th birthday so you don’t miss out.
There are eligibility requirements you’ll need to meet to qualify for the age pension. Even if you don’t qualify for a full pension, you may qualify for a part pension. Or your situation might change over time and you could become eligible in the future. It’s a good idea to keep checking as your circumstances change.
When you get the Government Age Pension, you’ll also receive a Pensioner Concession Card. This gives you discounts on things like medicine, health services and even car registration. You might also get discounts on gas, water, electricity bills, and travel, depending on where you live. If you don’t qualify for the pension, it’s worth looking into the Commonwealth Seniors Health Card, which comes with its own benefits.
Pension Fund of the Year 2024
Aware Super is an award-winning[A2] superannuation fund. We regularly receive awards and ratings from industry leading rating agencies. Awards demonstrate the expertise of our investment team who manage your superannuation savings with the goal delivering strong, long term returns[P2].
The Pension Fund of the Year[A6] award from Chant West recognises Aware Super’s excellence across a range of key criteria including: investments, member services, fees, and organisational strength.
Why retire with Aware Super?
A leading retirement provider (DEXXAR Industry Market Share Report, June 2023) in Australia, Aware Super manages about $35 billion in retirement investments for over 110,000 retired members.
[A2] Visit aware.com.au/awards for awards information. Awards and ratings are only one factor to be considered when choosing a super fund.
[A6] Chant West - Zenith CW Pty Ltd ABN 20 639 121 403 AFSL 226872/AFS Rep No. 1280401 Chant West Awards issued 22 May 2024 are solely statements of opinion and not a recommendation in relation to making any investment decisions. Awards are current for 12 months and subject to change at any time. Awards for previous years are for historical purposes only. Visit Chant West Awards for full details.
[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.
[M4] Member numbers as of June 2024.
[P2] Over 10 years to 30 June 2024. SuperRatings Fund Crediting Rate Survey, June 2024. Based on SR50 Growth (77-90) Index. Returns are after tax and investment management expenses but before the deduction of administration fees. Past performance is not an indicator of future performance.
† SuperRatings Pension Fund Crediting Rate Survey, June 2024. Based on SRP25 Conservative Balanced (41-59) Index. Returns are after tax and investment management expenses but before the deduction of administration fees. Past performance is not an indicator of future performance.
§ Past performance is not an indicator of future performance
# The member has provided their consent to the materials and statements attributed to them, in the form and context in which they appear and have not withdrawn this consent as at the date of preparation. The views expressed here belong to the individuals concerned and are not necessarily the views of Aware Super Pty Ltd. No warranty as to the accuracy or completeness of this information is given and no responsibility is accepted by Aware Super Pty Ltd or its employees for any loss or damage arising from reliance on the information provided. This information should not be construed as advice, whether it be general or personal advice, nor should it be substituted for obtaining professional financial, legal or tax advice.