Planning to retire means considering the steps and decisions needed to get you to where you want to be. Think ahead to the kind of life you want to live and how you will support yourself when you’re no longer working.
Work out how much you need to retire
How much you need to retire depends on how you want to live.
You might plan to keep things simple, or have plans to spend money on travel, family or hobbies.
Both approaches can provide a fulfilling retirement. The key is to match your plans to your savings so you have enough to cover your lifestyle.
- Visit work out how much you need to retire or speak to us.
- Use the budget planner to get an idea of how much you really need to live.
- Use the retirement planner to understand your income.
Make a retirement plan
Once you know what you need, the next step is to work out how and when you’ll retire.
That means deciding when to stop working, what income sources you can access and how you will budget for day-to-day living.
Your plan can be as simple or detailed as you need.
- Work out your financial position
- Speak to us for help.
Understand what happens to your super when you retire
Super is designed to support you in retirement, but it does not get paid out automatically.
You decide when and how to access your super. Depending on your age and circumstances, you may have different decisions to make.
You may choose to leave your super where it is for now, use it to set up a regular income, or withdraw a lump sum. Or you may choose any combination of those options.
What happens to your super when you retire can be complex, so speak to us today if you’re nearing retirement and unsure which option would suit your circumstances.
Source: Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/plan-for-your-retirement
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