Do you want a modest retirement, a comfortable retirement, or do you want to enjoy even more freedom? You can use the ASFA guidelines to give you an idea of what lifestyle you can aim towards with your savings.  You can also use our retirement calculator to estimate how much you may need for the retirement lifestyle you want.

Once you have a clear idea of your retirement goals, you can determine how much you need to earn to get you there.  

If you’re not on track to meet your goals, there are several things you can do to boost your retirement wealth. For example, topping up your super savings. This can be an effective way to get you closer to your goals.  

Making voluntary contributions to your super, or setting up salary sacrifice, are two ways to build up your super savings.   

Working part-time is another option. 

If you own property, or have other investments like shares, you need to consider whether to keep or sell them.  

If you have any debt, you'll need to consider how you will to pay it down. 

You’ll also need to think about the tax impact of these decisions, and how it might affect your eligibility for other benefits.  

When you turn 60, your super will become accessible to you. Starting an income stream may be an effective way for you to supplement your earnings or support yourself financially, compared to keeping your money in super.

Setting up an income stream through a transition to retirement pension or account based pension can provide reliable, ongoing income to you. Learn about which income stream is right for you. 

When you originally opened your super account, insurance might’ve been added automatically. It could also have been arranged outside of your super.  

Typically, this could be Death cover; or Death & Total and Permanent Disablement (TPD) cover. There’s Income Protection, known as Salary Continuance Insurance (SCI) cover.  

It’s important to review your level of insurance as your circumstances change. For example, your insurance needs may have changed over time, due to increased wealth, reduced debt, or changes in your family situation. Keeping your insurance updated could make a big difference to you and your loved ones. 

To ensure your money goes to your loved ones in the event of your death, you can nominate someone to receive your super. 

However, there are various conditions which apply, as well as tax implications. You should consider these to make an informed decision.

We have a variety of advice services tailored to our members. Whether you're looking for something specific or need help figuring out what suits you best, we're here to guide you based on your unique needs and the complexity of your situation. Speak to our guidance consultants for help putting your plan to action. Book a free retirement consultation.