Planning for retirement has never been easier when online calculators, AI tools and retirement information are just a click away. But while these digital resources can be a great way to get your head around the basics, most weren’t built with a scheme like SASS in mind. This article will explain what SASS members can use AI tools for – and where they miss the mark.
Why generic tools may not work for SASS members
Here’s the number one thing to keep in mind: online calculators, AI tools and retirement guides are typically built for accumulation-style super, where your outcome is based on an account balance. SASS is different – it’s a defined benefit scheme shaped by your salary, contribution rate, benefit points and retirement date, so generic tools can miss things. AI is certainly useful for explaining general retirement concepts, talking to lifestyle elements and giving broad advice. But it can also give confident, but very wrong answers – also known as “hallucinations”, where the machine has simply made up a response. Since some defined benefit decisions can’t easily be undone, it’s important to treat generic output with caution, and think twice before entering personal details into any online tool.
Your employment and timing decisions matter
Retirement timing can be one of the biggest decisions a SASS member can make. Changes at work, like moving to part-time, taking leave without pay, changing roles or employers, adjusting your contribution rate, or resigning before you’re ready to access your benefit, can make a huge difference to your how much you retire with. That's because these factors affect your final average salary, benefit accrual and when you can access your benefit.
Retirement timing itself may depend on more than your age, too: your accrued points, salary, contribution strategy, tax implications, other savings and family circumstances can all play a part, and for some members, retiring a little earlier or later makes a meaningful difference to their outcome. A generic calculator has no way of factoring in any of this, so it can't tell you how your own employment or timing choices will actually play out.
Take care when considering pension options
A small number of SASS members have a defined benefit pension option at retirement, and these decisions can be complex and may not be able to be changed once made. You’ll generally need to weigh up a pension versus a lump sum (or a combination), how much income you’ll need and for how long, tax outcomes, and how it all fits with any other super or savings – different options produce very different outcomes over time, so it’s worth understanding the trade-offs before you decide. This is exactly the kind of high-stakes, hard-to-reverse decision an AI tool isn't equipped to guide you through. Who can? We’ll get to that in a minute.
The bottom line
AI and digital tools may be a useful starting point, but as a contributing member your SASS account is unique because it includes a defined benefit. Before making important retirement decisions, always check the information against your scheme’s rules and seek advice from a specialist who understands your scheme and entitlements.
Why advice from someone who understands SASS matters
A financial planner who understands SASS can explain everything from how employment or contribution changes could affect your benefit to your pension and lump sum options, plus how it all works alongside any other super or savings. As well as navigating all the complex technical detail, they’re well versed in how SASS benefits slot into broader retirement plans.
If you’re ready for a change of pace, thinking about retiring in the next few years or weighing up your options, speaking to an Aware Super financial planner could be a good idea.
An Aware Super financial planner can help you understand your SASS benefit, assess how employment and retirement timing decisions may affect your options, and build a retirement plan tailored to your circumstances. Book an appointment to see whether you’re on track for the retirement you want.
Your first appointment with an Aware Super financial planner is free of cost or obligation. Book an appointment at aware.com.au/statesuperadvice or call 1800 841 633.
FAQ
It’s a good starting point for general concepts – just check anything about your SASS benefit with SASS or a financial planner.
Yes, it can, but it will depend on your accrued points and whether you are a shift worker which is why it’s important to talk to a planner before making any changes.
It’s more than your age. A financial planner can help you weigh up your points, benefit and savings.
Your income needs, tax, and how it fits with other savings all play a part in the bigger picture.
Yes. Check with SASS or a financial planner before moving if retirement is close.
It depends on your circumstances. A financial planner can talk you through the impact.
While you’re still working, they work alongside each other, but once you reach preservation and retire you can roll your SASS benefit into super. A planner can help you see the full picture.
If you have retirement or a big decision on the horizon, or simply want to change things up at work, consider getting in touch sooner rather than later.
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)