Planning for retirement

Planning phases

The build-up to retirement

During the build-up to retirement, you will need to carefully consider how much you are going to need in retirement and when you want to retire taking into account your current salary and savings.  You may need to consider your capacity to increase your savings to meet these goals.

Superannuation is specifically designed to help you save for your retirement.

You can use one of our superannuation and retirement calculators to help you plan ahead.  In addition, you should discuss your retirement goals with a financial adviser.

Transitioning to retirement

There's no reason to stop working if you’re not ready. Often people may feel they still have a contribution to make to the workforce, or they may prefer to ease out of the workforce gradually. You will need to plan this transition to make sure you make the most of the potentially favourable tax treatment in super. You should consider when you can access your super and how it might supplement your income.

The transition rules can be complex, so if you want to take advantage of the benefits you might like to discuss your options with a financial adviser.

Full retirement

When you are fully retired, you need to make sure you are making the most of your super nest egg and enjoying the income it provides. It can make all the difference to your lifestyle in retirement. Although you can leave your benefit in your super account as long as you like, once you have retired (after age 55) you have options for accessing your super when you decide to.  You can turn your super into a pension (income stream) and receive regular payments or you can take lump sum payments when you need them - or a combination of all that.  

You should also consider the Government benefits available to you, such as the Age Pension.