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Most people plan to retire at 65, but 55 is actually the average retirement age1. Have you considered how you will fund your retirement?
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It’s never too late to think about your life after work
For many people, retirement can last upwards of 25 years. So you might need more money than you think. There are lots of different ways to fund your retirement. Here are the three main options, depending on your needs:
Super and account-based pension
Account-based pensions are a retirement income option that allows you to draw a regular income stream from your super, whilst keeping the remaining savings invested. At AustralianSuper, you can choose to retire with our award-winning account-based pension - Choice Income3.
Government Age Pension
An income support payment issued to help eligible retirees fund their basic living expenses for life after they finish working. Find out if you could be eligible.
Personal savings and assets
Any property, shares or personal savings you own can also make up part of your income in retirement alongside super.
When planning how you might fund your retirement, a great place to start is calculating what your super balance could look like. Use our Super Projection Calculator to see how long your super savings might last and the difference adding extra to your super could make4.
Calculate how much you could have for the future
Fill in the empty fields
Fill in the empty fields
To begin, the calculator will ask you for a few things like your age, before-tax salary, and your current super balance. You can also add in extra contributions to see the difference these could make to your balance at retirement4.
Project your future balance
Project your future balance
The calculator will give you a projection of how much super you could have at retirement based on the information you put in as well as estimate how long your super could last.
You can also see the impact of extra contributions to your super account, like regular salary sacrifice contributions, after-tax contributions and a one-off lump sum contribution.
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Important information to consider
- AustralianSuper Retirement Confidence Index - 2022
- AustralianSuper data, May 2023.
- AustralianSuper received the Canstar Outstanding Value Award for Account Based Pension in 2022. Awards and ratings are only one factor to be taken into account when choosing a super fund. For details view canstar.com.au/star-rating-reports/account-based-pensions/
- Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues. We recommend you consider seeking financial advice.