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Starting your retirement plan

Planning for retirement gets you closer to living your dreams. Whether you're 55 or 25, it's never too early or too late to start preparing.

And if you need to retire unexpectedly, having a plan already in place can help ease the stress.

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Will you have enough for retirement?

55% of Australians aren't sure they'll have enough super by the time they retire.

Source: ART Financial Wellbeing Index 2024. Survey of 1,000 Australians, carried out by Ipsos on behalf of Australian Retirement Trust from September to November 2023.

Retirement planner

Use this simple guide to start the journey of creating your retirement plan. Come back as often as you need to stay on track.

When do you want to retire?

When preparing for retirement, you'll need to know how much time you have to save up. And how long your superannuation needs to last. But be ready for retirement plans to change, too.

Other things to think about:

  • What money will you live on?
  • Where will it come from?
  • Will you be able to get government benefits like the Age Pension?

How much super will you need?

It all depends on your situation, like your health, whether you own your home, and how long your money needs to last.

What are your plans for retirement?

Now's the time to get an idea of what lifestyle you're budgeting for and how much you'll need overall. You need to balance how much you want with how much you can afford.

Learn how much you need to retire
Is your super balance on track?

Now check how your current balance measures up.

One way to do this is to see how much super you should have at your age for a comfortable retirement.

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How much super should I have?

See how you compare with others your age.

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Use our retirement planning calculator

It's an easy way to work out how long your super might last and how much you might need.

Transition into retirement

If this sounds like you, it's worth thinking about a transition to retirement (TTR) pension when you're planning for retirement.

With a TTR strategy, you can start using your super while working if you're aged from 60 to 65 and meet the rules. You can use it to:

  • Boost your super: Save on tax while growing your super faster and keep working full time.
  • Boost your income: Switch to part-time work, or a job that fits your life better, while topping up your income with your super.

Retirement doesn't have to be all or nothing. Learn how a TTR pension works.

What if I need to retire sooner than expected?

If you need to retire unexpectedly, you might meet the rules to get early access to your super. It depends on your situation.

Some examples include:

  • Severe financial hardship
  • Medical conditions that prevent you from ever working again
  • Needing to pay for palliative care or funeral expenses for a dependent
  • Temporary residents leaving Australia
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Need more super?

There's many ways to grow your super balance before you retire with contributions, bonuses, and more.

How to grow my super
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Get help with financial planning for retirement

Advice about retirement financial planning and managing your income in retirement is part of your membership.

Check your financial advice options.

You can also get free financial guidance from the Financial Information Service (FIS) at Centrelink (Services Australia), depending on your needs.

Retiring soon? Make your super last

Once you can access your super, there are different ways you can use it. Like turning it into a regular income, or taking out money when you want. Or both.

Our award-winning pension accounts keep your super working for you in retirement.

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Retire with outstanding value

Feel confident you're getting value for money with Canstar's highest rating for our Income accounts.

  • Transition to Retirement Income account
    Transition to Retirement Income account

    Get regular payments from your super while still working.

  • Retirement Income account
    Retirement Income account

    Regular payments using our account-based pension. Change your payments and withdraw money anytime.

  • Lifetime Pension
    Lifetime Pension

    Payments for the rest of your life, no matter how long you live. You can combine this with an income account.

Next steps for getting ready to retire

Retirement planning made easy

Refine your retirement plans with tips from the experts. You get access to education, advice and more to help you reach your goals as part of your membership.

Watch a webinar

Not a member? Join today.