Retiring can bring the opportunity to shift your focus. Find a new passion and rediscover old ones.
Whether retirement is far away, or just around the corner, planning your retirement strategy can help you work out what’s next.
When to retire
There’s no set retirement age in Australia, so you can retire when it’s right for you. Your health, family, finances and work opportunities could all play a part in your retirement strategy.
In relation to your super, retirement generally means you’ve either:
reached your preservation age, are no longer employed and don’t intend to work again for more than 10 hours a week
turned 60 and no longer working.
Sources of retirement income
Super and the government Age Pension are the most common sources of retirement income. If you have other income sources like savings and investments speaking to a financial adviser will help you plan your income.
You can usually retire and access your super any time after you reach your preservation age (between 55 and 60, depending on your birth date). Generally, you can withdraw it or draw a regular income from it with a pension account.
How much is enough? It depends on the kind of retirement lifestyle you’d like. Your everyday living expenses are likely to be less in retirement, but things like travel, home renovations and medical costs could affect how much you’ll need.
These calculators aren’t suitable for Defined Benefit Division (DBD) accounts, but you can use it to estimate your accumulation component. You can use your DBD formula to estimate your defined benefit component. Log in to your account to see your formula.
Looking like you'll need more?
Here are some ways to maximise your super, which could help you retire sooner and with more.
Make extra contributions
Investing some extra money into your super can make a big difference in the years leading up to retirement, and it’s easy to do.*
Looking forward to a sea or tree change? If you’re downsizing your home, you may be able to invest money from the sale of your current place into your super. The best thing is you won’t have some of the usual restrictions that come with other types of contributions.