What are my retirement options?

Ease out of work and into retirement

Some of us can't wait to retire while others may be reluctant to lose the stimulation and friendships of their working life - not to mention the income.  If you define yourself by your work, you may lose direction if you stop work overnight.  This is why instead of retiring completely; many people opt to ease out gradually by working part time, working as a consultant or volunteering.  Easing yourself gradually out of the workforce, rather than overnight, may help you adjust better to the changes.

It comes down to what we want in retirement - and what we can afford.  This decision is important because many financial planners believe an extra two years work can fund a full six years of retirement.

Make your money last

Consider which method of payment of your superannuation benefit will suit your goals – a lump sum payment, a pension providing regular income payments, or a combination of both.

Save more

You will spend a long time retired. Today's long life expectancies mean many of us will have 30 or more years in retirement. Working longer means you have more super savings to fund your retirement. A transition to retirement strategy can also help you boost your super.

More opportunities for work

As the baby boomer generation moves into their senior years, Australia faces an ageing population and a decrease in the number of the younger workers available. This could mean that there are opportunities to utilise your skills in a flexible or part-time capacity as you ease out of work, whilst earning more to contribute to your super balance.

Consider your super cut off

Super guarantee contributions are only required to be made by your employer until you turn 70.  Once you turn 65 you have to meet the work test to be able to add more to your super but once you turn 75, contributions generally cannot be made by you or for you.