Planning for your retirement
And whilst everyone’s idea of retirement is unique, living your ideal lifestyle in retirement involves careful planning—and doing so may be the difference in being mentally and financially prepared for retirement—whenever that may be.
A recent study showed us that 62%1 of members retired earlier than they planned to. So, it’s a good idea to start planning now.
Whether you want to continue working for now, are considering a transition to retirement, or are ready to retire, you can take simple steps to start preparing for your life after work.
1AustralianSuper Retirement Study, 2024. Surveyed 3,049 members aged 50 and above, still working, semi-retired or fully retired. Sample was representative of the membership base in terms of state or territory, gender and income level.
Accessing my super savings
You can access your super when you reach 60 years of age and retire. The meaning of ‘retire’ depends on your age and how and when you finished work:
- If you’re 60-64:
- You stopped working permanently, or
- You stopped working for any employer after you turned 60
- If you’re 65 or older: you can access all your super, even if you’re still working.
Government Age Pension eligibility
To be eligible for the Government Age Pension, you must be at least 67 years of age. Also, you’ll need to meet eligibility requirements set out by the government before you receive your first payment.
READ ARTICLE ‘PRESERVATION AGE AND QUALIFYING AGE: WHAT’S THE DIFFERENCE?'