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:

Step 1.
Understand where your income can come from when you retire

Did you know your retirement income can come from different sources — not just your super?

Discover the different sources your retirement income could come from. You might have access to more income than you first thought.

Step 2.
Estimate your super balance at retirement

Use our Retirement Savings Calculator and estimate how much super you’ll have when you retire — in minutes.

It’s easy to use and will show your projected super balance and income as well as any Age Pension payments you may be eligible for.

Step 3.
Take action to boost your super

Now that you’ve got your estimated super balance, you may find you need to take steps to boost your super.

Explore the steps you can take to increase your super balance and set yourself up for a greater retirement.

Step 4.
Chat with a retirement adviser

A chat with one of our retirement advisers can be a huge relief.

They can help answer the questions you may have about your situation and are available at any stage of your retirement planning journey.

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.
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.
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.
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.

Discover more about planning for your retirement

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Switching your investment strategy

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

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.

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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.

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.
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