Are you retirement ready? If you’re thinking it might be time to escape the 9-5 grind and put your feet up you probably have a lot of questions. 

• Do I have enough super?

• How do I access my money? 

• What sort of benefits am I entitled to?

Being able to answer the above can help you plan a better retirement and means added peace of mind. To help you get started we’ve prepared an initial checklist to get you thinking about superannuation, retirement, and how it all ties together. Let’s have a look.

1. How much super do I need to retire

According to ASFA, a couple needs approximately $690,000 in retirement savings for a comfortable lifestyle. For a single person that number is $595,000. Those figures translate to an annual income of about $72,000 and $51,000 respectively (based on March 2024 data).

For an overview of your retirement savings and what that means in annual income, our Retirement Calculator is a great place to start. It can even show you how your super savings and Age Pension work together to create a sustainable retirement income. 

2. How do I access my super?  

Building up a healthy superannuation balance is important, but how you invest and access that money will determine how long it lasts.

Transferring your super balance into a Retirement Income account is the easiest and most common way to start your retirement. This allows you to draw down an annual income from your savings while the balance continues to earn investment income in a tax-free environment. This is something a financial planner can assist with. 

You also have the option of withdrawing your super when you retire (assuming you meet the age requirements). Keep in mind that this may have significant tax and Age Pension implications. For example, you may not qualify for certain pension benefits. We recommend speaking with a financial planner before making any decision. 

3. Am I eligible for the Age Pension?

Most Australians retire on a combination of their super and the Government Age Pension. This can help top up modest super balances, and ensure a more comfortable retirement lifestyle. 

To qualify for the Age Pension you’ll need to pass the Government’s asset and income tests. Note that the Age Pension works on a sliding scale. So even if you don’t qualify for the full amount you may be eligible for a part pension. You can earn more via the Government’s Services Australia website. 

Aside from the Age Pension, there are various other government support services for retirees. Rent assistance is available for those who don’t own their own home. The Pension Concession card offers numerous benefits including free public transport, cheaper medicine, and discounted utility bills. You can learn more via the Services Australia website.

Retire well

People get so caught up in the financial side of retirement that they sometimes forget to ask themselves the most important question – what is it that I’d actually like to do with all that free time?

If you’re used to the comradery of work and seeing your friends every day it can be difficult to lose that connection. And couples that have spent decades following their own daily routines can also struggle when they find themselves spending a lot more time together at home.

None of this is unusual or unique. But the reality is that people are happiest when they have a sense of purpose, and a reason to get up and about. Retirement is an opportunity to rediscover those hobbies, interests, or talents that may have gone dormant while work life took precedence. 

Volunteer work, social groups, fitness, or a new hobby are all ways to reconnect with yourself, and meet other, likeminded people. You can learn more via our Ways to Retire well portal. 

How to plan your retirement

If you’re approaching retirement and starting to think about the issues outlined above, you’re not alone. Whether you’re 5 years or 12 months from retirement, speaking to someone can help you make plans for the future and provide added peace of mind.

Viewing our retirement calculators, visiting our Ways to Retire Well portal, or referring to the government services on offer are a great way to start. 

If you’re ready to speak with a professional, our financial planners are available to discuss your options, and help you get the most out of your super. The initial appointment is available at no additional charge.