Steps to start planning

Planning your retirement

How do you picture your retirement?

The very first step in planning for retirement is simple — picture the retirement lifestyle you want to live.

At this stage, it’s ok if you don’t know what your super balance will be, or how much regular income you could receive in retirement. Our helpful calculators can figure this out for you.

For now, just picture the retirement lifestyle you want to aim for.

Beginning your retirement journey

Now that you have an idea of how your retirement might look, it's time to start planning and seeing if you’re on track to retire the way you envision.

To help you get started, you can download our retirement planning checklist or follow the simple steps below:

^*UniSuper Advice super consultants can give you information and tell you what is generally recommended for our members. This advice will be of a general nature only and will not take into account your personal circumstances.

Do you need to boost your super?

Now that you have your estimated super balance and projected income in retirement, you may decide to boost your super to achieve the retirement lifestyle you want.

Here are some ways you can increase your superannuation balance.

Making extra contributions to your super

Topping up your super with extra contributions is a great way to increase your balance. It can also help you reduce the tax you pay. Discover the different ways you can contribute to your super to help you achieve your retirement goals.

Growing your super

Consolidate your super

If you’ve changed jobs during your career, you may have more than one super account. Consolidating your super into one account makes it easier to manage and can help you save on fees.

Combine your super

Downsizing your property

An option for many Australians is to downsize the family home. Downsizing your home can allow you to put money from the sale of the house into super (up to $300,000 per person).

A downsizer contribution is not taxed and doesn’t count towards your contributions caps, so it can be a great strategy to boost your super if you meet the eligibility criteria.

Downsizer contribution

Delaying your retirement

Everyone’s path to retirement is different, there is no ‘one size fits all’. To achieve the retirement you’ve planned, you may decide to delay your retirement and continue to contribute to your super through your salary (as normal).

Another route you might take is to continue working but with reduced hours. If you’ve reached your preservation age, our Transition to Retirement (TTR) pension account could help you reduce your tax and boost your super without changing your take home pay.

If you’re over 65, you generally have flexibility to withdraw your super as a lump sum or take it as an income stream. This includes starting a retirement income stream where any investment returns are broadly tax free.

Transition to Retirement (TTR)

Discover more about planning for your retirement

Switching your investment strategy

Learn how to change your investment strategy as you come closer to retirement.

Investment switching

Tax and your retirement

Find out how tax applies to your account and super withdrawals as well as tax on transfers, death benefits and more.

Tax and your pension

Our retirement income accounts and fees

Our Flexi and lifetime income streams use your super to provide you with an income stream after you’ve retired.

Explore retirement accounts

The information is of a general nature and doesn't consider your personal circumstances. Before making decisions, you should consider the PDS and TMD on our website, and whether the information is appropriate for your circumstances otherwise seek financial advice.