Move confidently into retirement

Embarking on your journey towards retirement can evoke a complex mix of emotions. While the prospect of newfound freedom and leisure can be exciting, it’s often accompanied by a sense of apprehension and uncertainty. You might be asking yourself will my savings be enough to sustain me through the years? How will I manage my healthcare needs as I age? What lifestyle changes will retirement bring – it can be a lot to process. 

In this article, we’ll explore

  1. How to start planning for your retirement
  2. When you can access your super
  3. How to move from super to pension. 

Our top 3 pre-retirement questions  

Diving deeper

We delve further into Sheila’s insights and jump straight to the facts – here they are:  

1.    How do I start planning for my retirement?

Financial planning can be a lifesaver. By starting early and staying proactive, you can lay the foundation for a comfortable and fulfilling retirement.

If you’re unsure where to start, ask yourself these three things:

  • When can I retire? This depends on your personal situation, including your finances and when you can afford to stop working, and your health.
  • How much will I need? This is the big question. Your vision of retirement is unique, so take time to consider what you want your retirement to look like. Once you can picture it, you’ll need to factor in whether you own your own home and how long you plan on spending in retirement. Our retirement income calculator is a good place to start.
  • How will I pay myself an income when I retire? Your income in retirement might come from a variety of sources, including personal savings/investments and the Age Pension. Setting up an income stream with your super (instead of withdrawing all your super as lump sum) can be a tax effective way to manage your retirement savings.    

Once you’ve asked yourself these questions, your retirement plan can start to take shape. Our retirement readiness checklist will help give you a clear picture of where you’re at on your journey, while the information on our plan your retirement web page will help fill in the gaps.

2.    When can I access my super?

You can start drawing down on your super once your meet one of the below conditions:

You turn 65You reach your preservation ageYou turn 60 and leave your employer
You can access your super and you don't have to stop workingYou have to permanently retire or start a TTR pensionIf you leave your employer you can access your preserved benefits.

Find out more about accessing your super. 

3.    How do I move from super to pension?

Once you know you can access your super, the next step might be to turn your super into a regular, tax-effective income.

CareSuper has a few retirement options available, depending on whether you’re cutting back on your working hours or starting your retirement.

There are many benefits to keeping your retirement savings invested with one of Australia’s top-performing super funds. Here’s a few: 

  • Your money remains invested, so you continue to earn investment returns and build your retirement savings (and enjoy the benefit of compound interest)
  • We manage your money for you, so you don’t have to worry about the complexities that can come with fund management 
  • Save on tax by maximising your savings with tax-free investment earnings 
  • Easy access to your money, you decide how much (within government limits) and how frequently you withdraw money. 

If you’re unsure which direction to go, a CareSuper financial planner can help you make the right retirement income choice(s) for your individual circumstances.

Your financial advice options

We’re here for you

Retirement planning can be tricky but we’re here to support you. As part of your CareSuper membership you can give us a call for simple super help*, or for more comprehensive retirement planning advice you can book in to see one of our experienced financial planners for a competitive fee. ^

Book a call-back today

*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766. 

Information correct as at 10 April 2024.

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