As you approach retirement…

Now your career has been established, your family settled and you’re starting to think about retiring. There are so many questions – when to retire, what to do in retirement, when your partner retires, can you help your kids financially, whether to sell the family home – and many hinge on how much money you have in super and elsewhere.

Maximising your super is a good aim, but how to do that and how to manage your retirement plans, financially speaking, are big decisions that can be quite emotional. Working with a financial planner can help you focus on the financial risks and benefits of each option so you form a plan that suits your circumstances and your family. 

Things to think about

  • your health
  • spouse situation (are they retiring too?)
  • ending work
  • retirement goals
  • your financial status (income, savings, debts, expenses)
  • any Centrelink entitlements

Plan now for a happier retirement.

What are your retirement goals?

Think about what you would like to achieve in retirement and set some goals – remember that a goal without a plan is just a dream.

Write down some goals for the short (2 years), medium (5 years) and long term.

Ask yourself questions like where do you want to live, what sort of home do you want, do you want to travel (and where to), how often do you want to eat out, and what acitivities would you like to do regularly (eg golf, gardening, theatre, airshows, tinkering with engines).

Your retirement options

  • take your super as cash
  • start an income stream
  • leave your savings in your super account and withdraw at need
  • some combination of the above

Which option is best depends on your goals and personal circumstances, and it’s not always a straightforward decision.

Steps to take

  • consolidate your super
  • collate financial information
  • review your insurance
  • talk to an AvSuper financial adviser
  • decide on how to use your super
  • arrange any discounts as you become entitled to them (eg pension cards, discounts on utility bills)
  • apply for the pension and related concession cards, if applicable
  • update your will and other Estate documents

This information is of a general nature only and does not take into account your personal objectives, situation or needs. Before making a decision about AvSuper, you should consider your own requirements and the relevant Product Disclosure Statement (PDS). For a copy call us or visit the AvSuper website, www.avsuper.com.au. AvSuper Pty Ltd (ABN 46 050 431 797, AFSL 239078) is the Trustee of the AvSuper Fund (ABN 84 421 446 069). Printed 19 August 2019.