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Move into your retirement with confidence

Super is one part of a bigger income mix in retirement. For many Australians it’s the biggest part, so deciding what to do with it is important. The decisions you make now could mean more income for your retirement.

Retire-ready checklist (PDF), opens in a new window

What you can do with your super when you retire

There are three main options when it comes to your super. You can choose one or a combination of all three to fund your retirement. And in retirement, you have full control over what you can do with your super, which means lots of flexibility. More about your income when you retire.

Turn your super into tax-free income

An account-based pension lets you withdraw a regular tax-free income from your super1. You can transfer some (or all) of your money from your super account into an account-based pension.

1 From age 60 and over, generally no tax is payable on withdrawals from your super in retirement. Under age 60, tax may apply on withdrawals.

 

Make withdrawals whenever you need to

When you retire you can withdraw your super as cash payments whenever you need to. You can withdraw from either your super account or an account-based pension.

Leave your money in super

Even if you’re at the age when you can withdraw your super, leaving some, or all in your super account is also an option. You may want to hold onto your insurance cover or need more time to decide what’s best for you.

Create a steady income when you retire

With an account-based pension there’s lots of choice and flexibility. You can:

 

  • pay yourself a regular tax-free income from your account
  • make extra cash withdrawals, and
  • change when and how much you pay yourself an income whenever you need to.

You could be eligible for the Government Age Pension

The Government Age Pension is paid to over 60% of Australians2, so chances are you could be eligible too. It can supplement your retirement income from super.

2 Australian Institute of Health and Welfare, March 2021.

You could work less, but maintain your current income and lifestyle

A transition to retirement account lets you withdraw some of your super savings as regular income while you’re still working. You can work less but maintain your current income and lifestyle.

Prepare for the unexpected with an estate plan

Estate planning is an important part of your retirement plan. Setting up a will, power of attorney and health directive means you can feel assured that everything is in place to look after the people closest to you.

Choose the right investment option for your retirement

In retirement, you’re drawing down from your super and you aren’t adding to it. This makes choosing the right investment mix more important than ever. It can make a difference to how much income you have in retirement and how long it could last.

Not sure how to start your retirement journey?

Need advice or guidance?

Attend a retirement webinar

Join our experts as they break down super and finances into easy-to-understand topics through our live webinar education series.

Not quite ready to retire?

Learn about the simple steps you can take today help your super to go the distance. 

Speak to a financial planner

A financial planner can work through complex financial matters and help you create the right strategies to achieve your financial goals in retirement. They’ll explain any next steps, fees and charges before progressing.