Use your super wisely
If you’re about to retire or are in retirement, it can be tempting to take your superannuation as a lump sum payment. However, this means taking money out of a tax-friendly environment and potentially placing it in investments that could attract tax at higher rates.
An alternative is to use your super savings to purchase a retirement income stream called an ‘account based pension’ or allocated pension. The earnings of an account based pension are tax-free and you enjoy a regular source of cash in much the same way your wage or salary was paid during your working days.
Review your super investment mix
If you keep your savings in super, it’s important to review how they’re invested at least once a year. While lower‑risk investments can feel safer, having some exposure to growth assets such as shares or property may help your savings keep pace with inflation and provide long‑term growth.
Consider age pension entitlements
Depending on your assets and income, you may be entitled to receive a full or part-payment of the age pension. Even a small part-payment could see you entitled to a range of concessions including discounts on council rates and other benefits.
Think about using home equity
For many retirees, the family home is their most valuable asset, sometimes worth more than their super. In some cases, home equity can provide an additional source of funds in retirement, without needing to sell or move.
A financial adviser can help you understand whether accessing home equity is appropriate for your situation and discuss the options available.
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Things you should know
Information current as at 1 July 2026. The article was prepared by BT, a part of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian Credit Licence 233714 (Westpac). This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to these factors before acting on it. This information provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.
BT cannot give tax advice. Any tax considerations outlined in this document are general statements, based on an interpretation of current tax laws, and do not constitute tax advice. As such, you should not place reliance on any such taxation considerations as a basis for making your decision with respect to the product. As the tax implications of investing in this product can impact individual situations differently, you should seek specific tax advice from a registered tax agent or registered tax (financial) adviser about any liabilities, obligations or claim entitlements that arise, or could arise, under a taxation law. If you need more information to complete your tax return, please consult your accountant or tax adviser to obtain professional tax advice.