Planning your retirement

It’s never too early or too late to think about your life after you finish working.

And whilst everyone’s idea of retirement is unique, living your ideal lifestyle in retirement involves careful planning—and doing so may be the difference in being mentally and financially prepared for retirement—whenever that may be.

Whether you want to continue working for now, are thinking of beginning your transition to retirement or getting ready to retire, there are simple things you can do to start your pre-retirement planning.

Planning on working for now

Not being able to choose when you retire is more common than you think, which can have a big impact on your financial situation. Even if you’re not ready to retire, how prepared are you if retirement comes earlier than expected? 

Some things to think about:

  • do you have enough money to retire? 
  • what’s your financial position?
  • do you know when you can access your super?
  • have you seen a financial planner? 

You could spend 30 years in retirement—here are some actions to take to ensure you’re feeling confident and prepared for Life in The Next Third.  

Planning on transitioning to retirement 

If you’re you not quite ready to retire, having an income from your super, alongside your salary, may help ease you into post-working life. With a transition to retirement (TTR) strategy you could access some of your super as an income in the lead up to your retirement.  

Some things to think about:

  • how can you grow your super faster?
  • how can you cut down your working hours, while topping up your take home pay?
  • when can you receive tax-fee payments?
  • when can you access the rest of your money when you retire?

Planning on retiring now

Retirement is a major milestone and one you should feel comfortable in reaching. Whether you’ve already retired or are just about to, here are some things to help you when planning the life you want after work. 

Some things to think about: 

  • how will you access your super? 
  • how prepared are you – mentally and financially? 
  • what Government benefits are available to you?
  • have you seen a financial planner?  

Did you know you don’t have to take your super as a lump sum when you reach retirement age? Opening an account based pension—like Choice Income—allows you to enjoy regular income payments just like a salary, paid from your super.  

Retirement is a major life change that deserves proper consideration beyond just your finances. Take a look at the factors you should consider when adjusting to retirement – what you can and can’t control.

Proud winners of a Canstar 5-Star Rating for account based pension-

AustralianSuper received the Canstar 5-Star Rating for Outstanding Value Account Based Pension in 2019. Full methodology available here.

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