Just because you’re approaching the age when you can retire doesn’t mean you have to. But there are things you can do to make your super work for you while you’re still working!
What do I do with my super when I’m getting close to retirement age?
Just because you’re close to retirement age doesn’t mean you have to slow down. There are several different things that you can do to make your super work harder for you, including:
- Review your investment setup. This is a good chance to check your investment options and ensure they will continue to meet your needs now and in the near future. Some people prefer to move to a more conservative strategy to protect their balance; others may move into higher-growth options to give their balance a boost.
- Consider when you want to retire. While your account balance might permit you retiring early, doing it before you reach your preservation age means that you’ll likely pay a higher tax rate on your super benefits than if you’d waited. Likewise, if you want to continue working, you can no longer make super contributions after the age of 75 so you need a plan for accessing that money.
- Access a portion of your super balance to help you transition to retirement. From age 56 you can withdraw 10% of your balance every year to use however you like – pay down debts, reduce working hours, travel or do some home improvements.
Do I have to withdraw my super when I turn 65?
You have spent your whole working life building toward retirement; you can retire when you’re ready. This super balance projection calculator can help you determine how much you will have – and how much you will need – when you decide to retire.
Have questions about what you can do to get ready for retirement? Our financial advice team can help you set up a strategy that fits your individual needs.