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Planning for retirement at every age

What does it mean to age well? We’re not talking about nice skin or staying active, although those things have their place! We’re talking about keeping yourself in happiness and health at different stages of ageing. 

In this edition, we’ll talk about ways you can plan for the right support at the right time as you age. It doesn’t matter if retirement is way off or just around the corner, we’ve got some great ways that SASS members can keep their retirement planning on track. 

As we celebrate the New Year with a drink and a dance to shake off 2024, what better time is there to start thinking: “What will be my rhythm of retirement in 2025 and beyond?”

The power of scenario planning for retirement

Australians are blowing out more and more birthday candles than ever before. This record increase in longevity means we need to consider how to manage our money as the years tick past, but not enough of us are building our financial plan to cater for a specific life length. 

 

Retirement: then vs now

Gone are the days when retirement was synonymous with old age. Let’s take a look at just how much retirement has changed from a generation ago.

Retire ready tips for busy SASS members

Planning for retirement can make a big difference down the track, but how do you find the time when life’s busy? Here’s the steps to getting your peace of mind in place, without the overwhelm.

Making the most of your SASS scheme at every stage

To make sure you’re making the most of your super – while you’re working, as you retire and during your retirement years – it’s important to know what your choices are and the steps you can take to secure your financial future.

A financial planner's playbook for getting retirement ready

Wish you could ask a financial planner for some helpful retirement tips for SASS members? Wish granted: in this video, Cameron Stewart answers the most common questions he gets asked by different age groups – and how he answers them.

SASS deferred member? Watch this video

We have some super helpful tips to get you started with your retirement planning.

Wherever you are in your journey, we'll help you feel more confident about your retirement and your future.

There are some important things you should be considering at this stage in your journey.

Educate yourself. Learn about your scheme.

Attend one of the free seminars available to you.

Access the tools available online through the Aware Super or State Super websites.

If you haven't already done so, have a talk with an Aware financial planner.

Make sure you're maximising your benefit.

Make sure you are averaging your six points per annum to help you maximise your scheme.

If you are behind on your points, consider increasing your contributions up to the 9% level to help you catch-up over the years until your retirement.

Depending on your income, consider salary sacrificing your contributions to help you save some tax.

And if your cash flow permits, then you have space in your contribution caps.

Consider contributing to another super fund, but start planning and thinking about when you may retire and what you will do when you retire.
Make sure you're maximising your final average salary as a portion of your benefit is worked out by a formula using your final average salary.

Make sure you're doing all you can to ensure this is maximised and make sure you avoid a reduction in your final average salary. if you can, in these last few years. consider how you may use or take your leave in the lead up to your retirement, especially understand how, if at all this may affect your final average salary.

Start to think about what you will do with your funds when you retire.

How will you invest them? What risk are you comfortable taking or need to take and where will your income come from in retirement? But what about non financial considerations? What will you do? How will you look after yourself? What are the things you need and would like to do? And how will you transition from working to retirement? This is a great time to have a discussion with an Aware financial planner.

Once you have retired, there are still some important things for you to consider. Regularly reviewing your plan.

You will make some assumptions as you lead into your retirement, but things change in your own circumstances and also in the legislation. And there maybe new opportunities available to you.

How are you managing your income? Were those assumptions correct, or do they need adjusting? Are you spending too much or not enough? Reviewing your cash flow allows you to test the longevity of your capital and your retirement affordability and allows you the peace of mind to know that you can afford to do the things or not in your retirement, or at least check on the consequences of these decisions.

We hope our top tips for your retirement have been super helpful.

We think it's important to review where you're at at different phases of life before and after retirement.

As always, a great way to feel more confident for your retirement is to plan ahead.

If you'd like help to plan ahead.

You can make an appointment with an Aware Super financial planner by visiting us at aware.com.au/statesuper or call us on 1800 841 633

Market outlook

Get an update on what's been happening with the market.

Your retire-ready checklist

Our super-helpful checklist has been designed to give you a helping hand with planning for retirement, step by step. 

Have your say

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General advice only. Consider your objectives, financial situation or needs, which have not been accounted for in this information and read the relevant PDS and TMD before deciding to acquire, or continue to hold, any financial product. Advice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super. You should read the Financial Services Guide, before deciding about our financial planning services. Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340), trustee of Aware Super (ABN 53 226 460 365)