Retirement should be an exciting new time, but uncertainty can make it a little scary. Do you know how far your retirement income will take you?
Will my money go as far as I need?
Australians are living longer than ever – the average life expectancy is increasing. Men at the traditional retirement age of 65 should expect another 19.5 years, whereas women should expect another 22.3 years. Your money will need to last as long as you do!
Having lasting retirement income can help bring stability and security to your future retirement planning needs.
You’re changing your perspective from accumulating a balance to using your super as income. How long will your balance last if you want to live a comfortable lifestyle compared to a more modest lifestyle? If you want to do a lot of traveling, your balance will not last as long as someone who prefers to stay in one place.
What can I do to make my super last longer?
If you think you might outlive your finances, there are some things that you can do to help your balance last longer:
- Before you retire, make additional salary sacrifice (before-tax) or after-tax contributions to super
- Delaying your retirement by a few years can allow you to continue to build your super balance through contributions and allow investment returns to continue to grow
- Review and adjust ; a more aggressive, growth strategy can result in higher returns but also means you have a higher risk of a negative return
- If you’re eligible for the Government Age Pension, that may be a way to supplement your super retirement pension income
- You may need to adjust your expectations about the level of income that will be available to you
- If you’ve taken a career break to raise a family, explore the possibility of returning to work.
There are several different options available to help you understand your future financial situation:
Super projection calculator
Knowing where you retire is heading before you reach your preservation age – the age when you can start accessing super – can help you plan for a sustainable retirement or make changes to how you contribute to improve your position.
When can I retire?
Understand how your preservation age and super balance can help you set a date to retire!
Funding your retirement
Learn about factors that can help you boost your income and ways to limit your ongoing expenses.
Account based pensions
Our pensions are designed to help you continue to protect and grow your retirement savings – while you access it!
We’re here to help
Our team can help you get the best options for your unique needs. Call us to get answers to your questions.