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A retirement income account gives you the flexibility to set up regular income payments from your retirement savings. How much and when you get paid each year is entirely up to you. 

Once you retire and move some, or all, your super into your Aware Super retirement income stream, you’ll get paid a regular income from your super. Think of it almost like the salary you received while you were working. 

Key points: 

With a retirement income account, you can:

  • receive regular income payments from your super into your nominated bank account,
  • make extra cash withdrawals whenever you need to, and
  • choose how much and when you get paid each year. 

Choose how much to pay yourself

You get to choose how much you pay yourself and you can vary this at any time. The only constraint is the Government’s minimum drawdown requirement. Most people can confidently take more than this. 

While you should choose a payment amount to meet your expenses, it’s also a good idea to take into account:

  • your overall super balance,
  • whether you're receiving any Government Age Pension, and
  • any other income or assets you have.

Government minimum withdrawal amounts

The Government sets a minimum amount you need to take out each year. It’s calculated at the start of each financial year and is based on your age and your super balance at that time. 

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Your age

Minimum payment rate
Under 65 4%
65-74 5%
75-79 6%
80-84 7%
85-89 9%
90-94 11%
95+ 14%


Minimum income amounts

These are examples of the annual income payments you could receive if you draw down the minimum income payment rates – based on different ages and account balances. Although you can draw down more if you want.

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Age at 1 July each year Minimum drawdown rate Income based on an account balance of $150,000 Income based on an account balance of $300,000 Income based on an account balance of $500,000
60 to 64 4% $6,000 $12,000 $20,000
65 to 74 5% $7,500 $15,000 $25,000
75 to 79 6% $9,000 $18,000 $30,000
80 to 84 7% $10,500 $21,000 $35,000
85 to 89 9% $13,500 $27,000 $45,000
90 to 94 11% $16,500 $33,000 $55,000
95 and over 14% $21,000 $42,000 $70,000

Choose how often you get paid

You also have a choice of how often you receive your income payments. You can choose fortnightly, monthly, quarterly, half-yearly or annual payments.

Here’s an example of how it works

Erika is 67 years old. On 1 July 2024, her account-based pension balance was $480,000. Erika’s minimum annual payment is 5% (refer to the table above) of her account balance. Erika's required annual minimum for 2024-25 is $24,000, or a monthly payment of $2,000.

This will help you set up a yearly budget to ensure your money will last you throughout your retirement.

Pension payment dates

Your account-based pension payments are based on a frequency of fortnightly, monthly, quarterly, half-yearly or yearly payments to your nominated bank or credit union account.

Learn more and download the pension payment schedule

You can log in to your Member Online account to change your payment frequency at any time.

How to change your income payment

You can change how much you receive for your regular payments as many times as you like throughout the year. It’s important to get your request in at least three days before the next scheduled payment, so that the change to your income payment is processed in time.  

To make a change: 

  • Go into the Aware Super mobile app and select the tile, ‘Manage pension payments’ 
  • Log in to your account online, and select Withdrawals / Manage payment details, or, 
  • Complete the form Change of income stream details (PDF, 404kB)

Make extra withdrawals if you need extra money

You can also make extra withdrawals if the regular payments that you set up don’t meet your expenses and needs.

There are some things to consider if you do this:

  1. There may be tax implications, especially if you’re under 60, and 
  2. How long you want your super to last.


Related information

Related documents


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