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
