Planning For Retirement

Before you make the move to retirement, it’s important that you talk to a financial adviser to understand all the options available to you. From taking a lump sum payment to reducing your work hours whilst accessing a pension, our advisers can help you plan for your best financial outcomes. 

Know your options

  • Number1

    Option 1 - Keep your money in superannuation

    You no longer have to take your money out of super once you reach the age of 65. If you are between 65 and 74, you can continue to contribute to your super provided you meet a work test.


    • You can continue to grow your super
    • You’ll buy yourself more time to plan your financial transition to retirement
    • You can decide to withdraw your money when the market suits you 


    • You may have more tax exposure

  • Number2

    Option 2 - Invest your money in a retirement income

    Many funds allow you to transfer your super into a Transition to Retirement Pension. It involves salary sacrificing some of your salary into super whilst drawing down a pension from your fund.


    • You may pay less tax on both the salary sacrifice and the pension you receive
    • It may add longevity to your savings
    • You can ease into retirement gradually


    ´    There are minimum amounts you must withdraw each year

  • Number3

    Option 3 - Take your money in a lump sum

    Taking out your full super in a lump sum is very tempting but may come with tax consequences. Talk to a financial adviser to find out what tax, if any, you will have to pay. There may be options available to withdraw it in stages, depending on your age.


    • You can invest your money elsewhere
    • You can pay off your debts
    • You have cash available for large purchases such as a holiday or car


    • You may have more tax exposure
    • You may spend cash now that you need later
    • If the cash isn’t invested well, it may not grow which may impact future income


If you’re planning to retire in the next five years, make sure you talk to your financial adviser to ensure you’re prepared for the transition.

  • Have you made a Financial Plan with your adviser?
  • Do you know how much money you’ll need?
  • Have you saved enough super?
  • Does your current residence meet your retirement needs?
  • Do you know what government entitlements you are eligible for?
  • Are you interested in part-time work?
  • Is your Will and Estate Plan up-to-date?
  • Have you created a Pre-placement Plan?