Planning retirement
Whether you’re retiring next week or in 10 years, it’s never too early to think about how you want to live in retirement, get your head around the important facts and start planning.
Step 1 – it’s time to dream
Have you ever asked yourself or spoken to your partner about your plan for retirement?
What does your dream retirement holiday look like? Does your wife want to volunteer a few days a week? Do you need to upgrade the car or get some renovations done to the house? Or are you wanting to downsize and go live in a bungalow on Mission Beach?
This is your time to dream and talk about what your perfect retirement would look like. Paint a clear picture of things and make sure you’re on the same page as your partner.
Now, it’s time to create your retirement wish list!
You want to include things like:
- At what age or date do you want to retire.
- In that first 5-10 years after you retire, what do you want to do. Is it time to do that overseas trip or are you planning to reno or paint the house.
- What about the kids? Are you thinking to try help them out with a lump sum for a house deposit.
- And how much income do you think you’ll need each week?
Dream big. Talk about it. Create your wish list. Actually, write it down and make it real.
If you want some help understanding what your ideal retirement lifestyle and income might be, check out the AFSA Retirement Resources.
Try our calculators
Our calculators can help you learn about super and contributions, planning for retirement, what type of investor you are, and your insurance needs.
They’re a great way to learn more about super or to get your head around retirement planning.
Learn about your super and retirement
Our seminars and events are a great way to learn more about your super and retirement.
Find out when we’re holding an event near you and secure your spot.
Step 2 – get smart about it
Now you have your dream retirement in mind, it’s time to get real and start learning about the options and considerations.
There are certain actions and strategies that can make a big difference to your retirement income. These come with considerations around things like timing of actions, the super contribution caps, tax, and can also impact things like the asset test and your eligibility for the age pension.
There are other incentives you might want to consider, like the downsizer super contribution, which lets you put the proceeds of the sale of your home into your super (if you meet the eligibility requirements).
So thinking about your situation now and into the future...
What can you do now?
- Is it time to review or change your insurance and investments in super.
- Can you make additional contributions to your super.
What do you need to know about for the future?
- Are you planning to gift money or a property to the kids.
- Do you need to sell investments or business assets or invest money from an inheritance.
- Are you planning to downsize your house.
- Will you need to look for Centrelink support.
Step 3 – map your plan
It’s time to figure out if you’re on track for the retirement you want. What’s the reality of the situation?
Use our Retirement projection calculator to find out:
- How long your retirement savings might last.
- What income you’ll have each year.
- What kind of lifestyle this will give you.
- What travel you might be able to afford.
We want you to feel comfortable and in control of your destiny. By figuring out where you’re at, you can take control and make some smart decisions while there’s still time.
It’s now time turn your wish list, into a plan. Map it out, including key dates and actions.
Get advice
Getting financial advice can help you understand your super and finances, plan for retirement and much more.
BUSSQ offers different types of advice and can help you get your head around your super.
Start planning for retirement
Retirement projection calculator
(coming soon)
Managing super in retirement
We have accounts to help you make the most of your retirement savings and to help you manage your money, into retirement.
What is an income account?
You can turn your super into an income stream that can fund your lifestyle in retirement or help you wind back at work before retirement.