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What is a Retirement Income account?

Get your hands on your super savings

Open an account with a minimum of $20,000. You'll need to transfer this money from your Future Saver account.

Pay yourself a regular income, tax-free

Choose how much and how often you’d like to receive payments from your super. Get it paid into your nominated account, so it’s just like pay day.[M5]

Access your money when you need it

Going on a holiday? Buying something big? Access your account anytime,  either online or through the app. There are no withdrawal limits, so you’re always in control of your money. 

Find your rhythm of retirement

You decide how much and how often you pay yourself, so you have a regular income. Fortnightly, monthly, quarterly or beyond. It’s your choice.[M5]

Tax free earnings and tax free withdrawals, so you can spend your hard-earned retirement savings on the things you love.

Around 30% of the income generated from your super comes from investment earnings in retirement. So it pays to keep your savings invested. 

Get your Retirement Bonus

When you open a Retirement Income account, you could be eligible for a Retirement Bonus. Simply transfer your super from your Future Saver or Retirement Transition account and we’ll do the rest. 

Your Retirement Bonus is:

  • Added automatically, if you’re eligible 
  • Tax free
  • Based on how much you transfer, it could be up to $12,350.*
     

*Subject to eligibility criteria. Find out more via the button below.

What you need to know

If you have a Retirement Transition account with Aware Super, it automatically updates to become a Retirement Income account when you turn 65.

You can simply open a Retirement Income account online with a $20,000 minimum deposit. There is a transfer maximum, which is currently $1.9 million.

There are no maximum withdrawals for a Retirement Income account. However, there is a minimum annual income payment percentage set by the government, based on your age. 

Stay invested in retirement

Did you know around 30% of the income paid from your super comes from investment earnings you make in retirement?

That’s a fair chunk of change, so it pays to keep your savings invested, even in retirement. 

Aware Super has a range of investment options designed to meet your changing needs. You decide how your money is invested and you can switch options any time.  

More info

Is this account right for you?

Ready to open a Retirement Income account?

Before you open an account

  1. Consolidate any super accounts you have into your Aware Super account.[C1]
  2. Decide how much you need to pay yourself in retirement, taking into account if you’re eligible for the Government Age Pension.
  3. Not sure how you’re tracking and want to? Get expert retirement advice - at not extra cost.[AD2]
     

If you’re ready to retire now, or within the next 2 years, book a Retire Ready Check-in - at no extra cost.

How to open an account

Log in, opens in a new window now to open a Retirement Income account. You’ll need:

  • Your personal details including two forms of ID
  • How much you want to transfer from your super
  • How much you want to withdraw as regular income and how often it will be paid
  • What you want to invest in
  • Who you want to nominate as a beneficiary.
     

If you’re not yet an Aware Super member, you can join online, opens in a new window or complete the ‘Open a retirement account’ form in the PDS. , opens in a new window

Before you apply, read the Target Market Determination, opens in a new window (TMD) and Product Disclosure Statement, opens in a new window (PDS).

Questions? Speak to our retirement experts on 1300 192 602.

Fees and costs

If you have a Retirement Income account, the fees and costs are:

  • An account-keeping fee of $52 per year
  • An administration fee of 0.23% of your account balance each year, up to a maximum of $125 per month ($1,500 per year).
     

Plus administration costs paid from reserves that are not otherwise charged as administration fees of 0.01% per annum.^ These costs are not directly charged to your account but have reduced the reserve balance held by the fund to cover future administration costs.

Forms and documents

For all the product information and details regarding a Retirement Transition account, please read the following documents:
 

Frequently asked questions

Ready to open a Retirement Income account?

[C1] Before consolidating, consider if this is right for you, including the loss of any insurance cover from your other funds, the impact on your investments, and potential tax implications and read the PDS and TMD at aware.com.au/pds. You may wish to speak with a qualified financial planner before making this decision.

[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.

^ This amount is based on the 2022-23 financial year and is rounded to the nearest two decimal places. The actual amount will change from year to year and may be more or less than the amount shown.

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