Thinking about retirement
If you’re wondering what retirement looks like, there are steps you can take right now to start planning, like taking a super health check or finding out how much super you’ll need to retire your way.
Where are you in your retirement journey?
Ready to retire
When you’re ready to retire you can access a regular income from your super while your money keeps working hard for you. Don’t forget to check your eligibility for the Age pension.
Retired
Now that you’re getting an income from your super, managing your account is super easy and you’ll have more time to enjoy the lifestyle you worked hard to create.
|
How much do I need to retire?
|
Retirement is different for everyone
|
Eligibility for the Age Pension and Commonwealth Seniors Health CardSupport when you need it
A guide to planning your retirement
Super is a key part of retirement planning in Australia, helping you fund those golden years. But have you ever wondered what happens to your super when you die? It’s a good question, especially if you want to make sure your hard-earned money goes to the people who matter.
Visit our retirement resource hub
No matter where you are on your journey, find inspiration and support in our resource hub.
Understanding aged care
Need support navigating aged care for loved ones? Find relief with our partners at Aged Care Steps.
Investing in retirement
When we near retirement, our investment strategy may change. Learn more about your investment options in retirement.
Turn your super into a regular tax-free income with an income stream account
To start withdrawing regular income from your super, simply open a retirement income stream account and transfer some, or all, of your money from your super account.
Note that tax-free income applies for ages 60 or older. Tax offsets may apply for ages under 60, depending on eligibility.
Fund it with an income stream
For most people, super is designed to be a valuable source of income in retirement.
So as you approach retirement, it makes sense to start thinking about how you will fund your life after work and part of that is working out how to make best use of your money in super.
An income stream account is established by transferring a lump sum from your super account into an income stream account. You then draw down an income on a regular basis, or have the flexibility to change the withdrawal amount at any time. You can also take out lump sums on retirement income stream accounts.
Choose the income stream option that suits you
Transition to Retirement Income Stream (TTR) account - for those approaching retirement and still working,
or
Retirement Income Stream account - for people who are fully retired, have reached age 60 and ceased any employment arrangement, or for those who have reached age 65.
A Prime Super Income Stream account gives you the freedom to:
- set-up regular payments or vary them to suit your needs (minimum and maximum payments apply)
- choose how your money is invested
- pay no tax on payments from age 60. If you are over your preservation age and under 60, the taxable portion of your income stream is taxed at your marginal tax rate (plus Medicare levy) less a 15% tax offset
- tax free investment returns for Retirement Income Streams
- any money left in your account when you pass away goes to your estate or nominated beneficiary
- access your money when you need it (eligibility rules may apply for TTR income stream).
To find out more, read the Product Disclosure Statement - Income Streams (PDS).
Start your Income Stream account today!
Opening an account is easier than ever with our online application form.
If you're eligible and already have access to our secure MemberOnline site simply log in, go the Super tab, click Pension application, and complete your online application. It's that easy!
If you prefer paper, complete the application form in the PDS - Income Streams and return it to us.
Income streams can be complex and may have tax and other implications. There are also strict rules around accessing your super, how much you can transfer into a retirement income stream and operating an income stream account. For these reasons, we recommend you carefully review the PDS - Income Streams and consider obtaining independent financial advice before you make a decision about opening an income stream account.
Maximise or conserve your retirement funds: investment options for long-term growth or reduced risk
Even in retirement, your superannuation can continue to work for you, allowing you to maximise your financial stability and maintain your lifestyle.
Whether you're interested in conservative, balanced, or growth options, understanding how to manage your super post-retirement effectively is essential.
To understand the possibilities available, the benefits and risks, visit our page ''Investing in retirement''.
We're here to help
Speak to a super specialist about your retirement options.
For general super enquiries, phone our team members on 1800 675 839 between 8am and 8pm AEST Mon-Fri or email us here. For anything more, book a time to talk with a super specialist.