• Planning for retirement

  • Retirement is an exciting new phase of life. Just as there will be many new opportunities, there will also be challenges.

    For people who plan well for it, retirement can be a reward after years of working hard.

    Your superannuation is designed to reduce the financial stress of not having an income from work. A great super fund will help to provide very well for you, in your retirement.

  • Funding your retirement

    Probably the major issue you'll face once you've stopped working is the issue of how to fund your retirement.

    Options for funding your retirement include:

    • A full or part Government Age Pension
    • Income from investments such as rental properties, shares or term deposits
    • Using your superannuation to provide a lump sum or an ongoing income stream—or both.

    Taking an income stream called an account based pension from your superannuation can be very tax-effective—it might even be tax-free.

    Whichever source of income you decide will work best in your situation, don't forget to factor in how long you need your retirement income to last.

    Setting realistic expectations about your future retirement lifestyle, making informed financial decisions and seeking advice when needed can help ensure that you don't outlive your savings!

  • Other factors to consider

    Apart from your finances, don’t forget that there are other factors you need to consider when planning for your retirement, including:

    • Where you'll live 

      Are you planning on staying in your current home, downsizing to a smaller place, or moving into a small community or retirement village?
    • Ensuring your health needs are met

      If you have ongoing health issues, it is important to take that into consideration, both financially and geographically.
    • How you'll occupy your time

      You're about to have a lot more hours to fill in your week. Retirement is a good opportunity to relax, but it’s also great to have plans for activities and interests to enhance your lifestyle when you retire.