A recent report by the Grattan Institute¹ found that many retirees aren’t using their super as they should. Instead, many are saving more than they’re spending because their super balances continue to grow after they’ve retired. This underspend is often because they’re worried about running out of money. In fact, the Grattan Institute’s modelling shows that if Australians stick to the legislated minimum drawdown rules, they could leave around 65% of their original super balance untouched by the time they turn 92. 

However, the Australian Superannuation Funds Association (ASFA) offers a different perspective. Their research² shows that most retirees end up spending down their super as they get older. And, over 90% of people aged 80+ have no super left in their final years. This suggests that while many retirees are cautious about spending, research shows they may gradually deplete their super in their later years, highlighting the need to make sure their savings last throughout retirement. 

We know it can be tricky to strike the right balance between enjoying your retirement and making sure your savings last. That’s why we offer a range of retirement income options to suit your needs, whether you want more flexibility or prefer a steady, reliable income stream. 

Your retirement income options

1. Transition to Retirement

If you're between 60 and 65 but aren’t quite ready to stop working, the Transition to Retirement (TTR) option is designed to help you ease into this new phase of life. It allows you to access some of your super while still working, meaning you can reduce your working hours without sacrificing your income. By supplementing your salary with super withdrawals, you can enjoy a smoother transition into full retirement. Plus, your super continues to grow, giving you the flexibility to manage your work and income as you prepare for the future.

Try our calculator  to check how you could benefit from a TTR strategy. 

Learn more about TTR.

2. Flexible Income

The Flexible Income option may suit if you want control and flexibility over your retirement income. With this option, you can choose the amount and frequency of your payments from your super, allowing you to adjust your income to suit your needs as they change over time.

The Flexible Income option gives you the freedom to manage your income with ease. You can make withdrawals whenever you need to while receiving regular income payments. Plus, your super continues to be invested, meaning your balance has the potential to grow as you enjoy retirement.  

Read more and see if a Flexible Income is for you. 

3. Managed Income

If you’re looking for a more predictable and structured income stream, a Managed Income may be the right choice for you.  

This option provides regular fortnightly payments from your super, ensuring you have a steady and reliable income throughout your retirement. With a Managed Income, you don’t need to worry about adjusting your withdrawals or managing investment choices yourself—we take care of that for you, allowing you to focus on enjoying your retirement. This option is ideal if you prefer a set and reliable income without the need for ongoing adjustments.  

Learn more about a Managed Income. 

Each of these options is designed to provide you with the flexibility, security, and control you need to make the most of your super in retirement. Whether you're looking to reduce your working hours, maintain a stable income, or enjoy a flexible income approach, we have a solution to suit your retirement goals. 

Get a bonus when you retire

Move your super to a tax-free Retirement Income account, such as our Managed or Flexible Income accounts, and you could unlock a retirement bonus.

This is a tax saving we pass on to you, based on a percentage of your starting balance. Conditions do apply.

Learn more about the retirement bonus. 

Let us help you find the right retirement option for you

There’s a lot of planning involved in a successful retirement. As part of your membership, you have access to financial advisers³ who can help make sure your super is ready for life after work. Or, for more comprehensive advice you can book in to see one of our experienced financial planners where fees will be communicated up front and include no commissions.⁴ Book a call-back today.

Want to see if you’re on track? Check out our Retirement planning checklist.

1 https://grattan.edu.au/report/simpler-super/ 
2 Outlined in a March 2021 ASFA article and based on a year of observation of super balance in 2014) https://www.superannuation.asn.au/ArticleDocuments/359/2103-Super-balances-just-before-death-Paper.pdf  
3 CareSuper Pty Ltd (Trustee) (ABN 14 008 650 628, AFSL 238718). CareSuper (Fund) (ABN 74 559 365 913). Any advice is provided by CareSuper Advice Pty Ltd (ABN 78 102 167 877, AFSL 284443). Consider the PDS and TMD at caresuper.com.au/pds. A copy of the Financial services guide for CareSuper is available at caresuper.com.au/fsg.  
This is general information only and doesn’t take into account your objectives, financial situation or needs. Before making a decision about CareSuper, you should consider if this information is right for you. You may also wish to consult a licensed financial adviser. 
4 Advice is provided by one of our financial planners who are Authorised Representatives of Industry Funds Services Limited (IFS). IFS is responsible for any advice given to you by its Authorised Representatives. Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514. 
We're giving you this information in good faith. It comes from sources we think are reliable and helpful. However, we can't guarantee its accuracy and take no responsibility for this content, including any errors or omissions.