Living for retirement
As you get ready for retirement, you'll need to consider your lifestyle goals, health, and where you'll want to call home. These factors will shape how much money you'll need to fund your future.
Generally, if you're 60 or over you can get money from your super (it's also called your preservation age) if you're eligible.
There are several ways you can access your super as you get ready to retire. The right option for you will depend on your life stage and your retirement plans.
What do you want your retirement to look like?
Having a realistic goal in mind for your retirement can help you manage your finances, plan for the future, and adjust if your circumstances change.
What's your financial situation?
You might want to think about your age, health, yearly living costs, whether you want to go on holidays, and what recreational activities you want to keep doing in retirement.
Do you want to keep working?
Continuing to earn an income (even part-time) can help your retirement savings last longer.
Where do you want to live?
It's important to budget for your living arrangements. Do you own your home or rent? Are you planning to downsize? You might also want to think about your aged care options, too.
Crunch the numbers
Knowing how long your balance will last can help you work out how much super you might need to retire.
Accessing your super in retirement
There are a number of ways to use your super as income in retirement. You can use some or all of these options, depending on your retirement goals and what's important to you.
| Retirement Income | Lifetime Pension (if you're aged 65 to 80) | Lump sum Withdraw out of your account | Super Savings Accumulation Leave it in your account | |
|---|---|---|---|---|
| Retirement Bonus payment (if eligible) | ||||
| Regular tax-free income payments from age 60 | ||||
| Regular payments for the rest of your life | ||||
| Your money stays invested |
Get payments from your super with ART's retirement options
Nearing retirement
Transition to Retirement (TTR) Income account
Get payments while you're still working, while continuing to grow your super.
Retired
Retirement Income account
Use your super to get paid regularly when you've stopped working. It even works together with our Lifetime Pension and/or the Age Pension.
Retired
Lifetime Pension
Turn your super into fortnightly payments for life. Start your Lifetime Pension by filling out the form at the back of the PDS.
Getting more out of life in retirement
Are you eligible for the Retirement Bonus?
If you open a Retirement Income account and/or Lifetime Pension, you could get a bonus of up to $9,500.1
Age Pension and your super
There are a few ways you can combine our retirement products with the Age Pension.
Advice when you need it
Before making any big decisions about your financial future, it's a good idea to talk to a professional.2