Get confident heading into retirement

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 Planner^TM, 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.