Getting ready to retire

When you’re approaching retirement (within the next 5 years), or reaching your preservation age, you may begin to wonder about the steps you need to take to move into retirement as well as where your income will come from when you retire. Explore the sections below and navigate your journey to retirement with confidence. Begin your retirement planning journey by exploring the sections below.
Steps to move into retirement
We've outlined some clear steps for you to follow to enable you to move into retirement with confidence.
Your income in retirement
Your retirement income can come from different sources like the government Age Pension and more – not just your super savings. Discover your income options to budget for your retirement.
Super and the Age Pension
Don’t just rely on your finances in retirement. You may be able to receive the government Age Pension, even if you’re drawing from your super.

What will your income be in retirement?

Now is a good time to start thinking about the regular income you’ll receive in retirement. Our Retirement Income Calculator is designed for people who are no more than 5 years away from retiring.

Jump to Step 2 if you already know your estimated super balance at retirement.

Or complete Step 1 and continue to Step 2 once you have your estimate.

Step 1
Estimate your super balance at retirement
Estimating your super balance as you move closer to retirement will give you a more accurate prediction, helping you determine if you need to boost your super contributions.
Step 2
Estimate your income in retirement
Already have your estimated super balance? If you’re within 5 years of retiring, you can estimate how much income you could have throughout your retirement.

You can also use this calculator to see where your income can come from including how your super is paid to you as an income.
Easing into your new lifestyle
Hear from some of our members about how they transitioned into retirement, the challenges they faced, and advice they have for other members.
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    Read the transcript  

    Cheryl: I think an average day in retirement, I definitely want to start the day with exercise. I try and exercise now but I've always got those deadlines. I've been a UniSuper member since 2011. I'm hoping to retire in eight to ten months.

    Voiceover: At UniSuper, with more than 40 years' experience, we know that every member is on their own journey.

    Cheryl: I started in the regional office, Victorian State Government. From there we ran physiotherapy clinics. That was ten years of my life. I also did a small stint in retail.

    Voiceover: With their own unique stories and goals.

    Cheryl: Once I was single, I wanted full-time employment, so that's when I got a position at Deakin University.

    Voiceover: When it's time to think about your goals, ask yourself what your ideal retirement will look like.

    Cheryl: My goals in my retirement are definitely to have a regular income that just gives me that security that I'm not limited.

    Voiceover: With UniSuper by your side, you're never alone. The retirement section of our website can help connect you to a greater future. With a range of online tools and calculators, we make it easy to see what your retirement income might look like.

    Cheryl: I went onto the website and started reading some of the articles, listening to some of the information sessions. I went to some of the live information sessions at Deakin, and then I made an appointment and met up with an advisor.

    Jamie: Initially with Cheryl, she'd gone through some changes in her life and I think she wanted to really take control of her financial situation. Then that sort of evolved into more comprehensive advice that that really helped put her on the path to achieving the retirement goals that she wanted to achieve.

    Voiceover: Once you have an idea of what you want to achieve, it's time to assess how much you'll need to save to reach your goals.

    Jamie: It pleases me to see people being proactive and trying to get the answers that they're seeking. It shows me they're keen and they're ready to start that planning process.

    Cheryl: UniSuper's definitely helped me understand how much I'd need in retirement.

    Voiceover: During the planning phase, it's important to consider additional income sources like the Age Pension. UniSuper can also help you to make informed choices when it comes to downsizing your home.

    Jamie: I have had clients that have been very emotional in my office or after our meetings because they just didn't know. They didn't know what retirement was going to look like. Where's that money invested? Is it working as hard as it can to get me to where I need to be?

    Voiceover: Depending on your circumstances, it may be worthwhile making additional contributions to your super to help take some pressure off your future self.

    Cheryl: I was definitely very anxious about retirement.

    Voiceover: No matter what your plans may be, and no matter where you are on your journey, UniSuper can help you to find your way with confidence.

    Cheryl: I feel very confident about my situation now. I would advise anyone to start thinking about it. It's never too early to start planning. Use the tools that are available on the website. You know, do the reading, go to these information sessions, listen to the webinars.

    The information contained in this video is of a general nature and doesn't consider your personal circumstances. Before making decisions, consider the relevant PDS and TMD on our website and your circumstances, and whether to seek financial advice.

    UniSuper Advice is operated by UniSuper Management Pty Ltd ABN 91 006 961 799 (USM), which is licensed to provide financial product advice. USM is also the administrator of the fund UniSuper ABN 91 385 943 850 (UniSuper). UniSuper Limited ABN 54 006 027 121 is the trustee of UniSuper.

Choose how your income is paid in retirement

As you approach retirement age, now is a good time to begin thinking about how you’d like your income to be paid to you. Our retirement income accounts use your super to pay you a regular, tax-free income (from age 60) in retirement.
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Flexi Pension

Our Flexi Pension allows you to pay yourself a regular and flexible income stream from your super once you’re eligible (such as either reached preservation age and meet the definition of retirement or reach age 65), while giving you the flexibility to access your money whenever you need it.
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Lifetime income streams

Receive a regular income for the rest of your life, without the need to manage investments. Your income payments will increase to allow for inflation, in line with annual changes in the Consumer Price Index (CPI).
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Transition to Retirement Pension

Not quite ready to retire? If you’re over preservation age and under 65, a Transition to Retirement (TTR) income stream could help you ease into retirement.

Our award-winning advice is here to help

Understand the best way to get the tax-effective income you need in retirement and maximise any Age Pension benefits you may be eligible for by chatting with our award-winning advice service.

We’ve been recognised as one of the best in the business for advice, having won Best Fund: Advice Services1 by external ratings agency Chant West in 2022, 2020, and 2019.

Discover more about moving into retirement

The information is of a general nature and doesn't consider your personal circumstances. Before making decisions, you should consider whether the information is appropriate for your circumstances otherwise seek financial advice.
  • Things you need to know
    1 Zenith CW Pty Ltd ABN 20 639 121 403 AFSL 226872/AFS Rep No. 1280401 Chant West Awards issued 25 May 2023 are solely statements of opinion and not a recommendation in relation to making any investment decisions. Awards are current for 12 months and subject to change at any time. Awards for previous years are for historical purposes only. Full details on Chant West Awards at
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