The income you receive in retirement is likely to come from several sources, depending on your personal financial situation. There’s your super, the Age Pension if you’re eligible, plus other streams you may receive from investments, property and savings. In this section, you can explore:
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The main ways retired Australians access an income in retirement is through their super and the Centrelink Age Pension. You can turn your super into a regular, tax-free income stream when you retire by setting up a Retirement Income account.
You receive regular payments either fortnightly or monthly, and because your money stays with a super fund, the investment side of things is taken care of for you.ÌýYou might also have access to other money outside of super such as your savings, rental income from properties, part-time work and the Centrelink Age Pension.
Over 60% of Australians over 65 years are eligible for part or full Age Pension.* As at 31 March 2023, around 2.8 million people aged 65 and over received income support payments, equating to 63% of the population aged 65 and over.
Understanding how these different income streams work together is important for creating a retirement plan that supports the lifestyle you want. Using educational resources provided by super funds can really help in creating a solid retirement strategy.
Adding more money to your super is a great way to increase retirement savings. It can also help reduce your tax. The more money you put into super while you’re working, the more you stand to benefit from the ability to earn investment returns tax-free in retirement.
Find out about the many ways you can add to your super.Ìý
It’s different for everyone.
Many people worry about how much they need for a comfortable retirement. The answer depends on what kind of lifestyle you’re aiming for and the expenses you expect.
Try using My Retirement PlannerTMÌýto understand how much you might need for your retirement, and if you’re on track.[AD1]
Super is more than a savings account. It’s your money being invested to help it grow over time.
You decide how and where your money is invested by choosing your investment option.
Once you decide to retire, moving your balance to a Retirement Income accountÌýwith us can help ensure your savings keep up with the cost of living.[M5]
Give us a call on 1300 192 602 if you’d like help deciding the best investment choice for you.Ìý
You can get the Centrelink Age Pension if:
Learn more about your eligibility for the Age Pension.
You can apply for the Age Pension up to 13 weeks before turning 67. Applying early helps avoid missing out on payments, since the Age Pension isn’t paid for the time period before it’s been approved. We’ve created a step-by-step video guide to help you apply for the Age Pension.
* Australian Institute of Health and Welfare, Sep 2023, Age Pension figures.
# Members have provided their consent to the materials and statements attributed to them, in the form and context in which they appear and have not withdrawn this consent as at the date of preparation. The views expressed here belong to the individuals concerned and are not necessarily the views of 91ºÚÁÏ Pty Ltd.Ìý ÌýNo warranty as to the accuracy or completeness of this information is given and no responsibility is accepted by 91ºÚÁÏ Pty Ltd or its employees for any loss or damage arising from reliance on the information provided.Ìý This information should not be construed as advice, whether it be general or personal advice, nor should it be substituted for obtaining professional financial, legal or tax advice.Ìý
[AD1]ÌýAdvice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by 91ºÚÁÏ.Ìý
[AD2]ÌýMembers can get advice about their 91ºÚÁÏ accounts at no extra cost, or advice on their broader needs for a fee.
[M5] Retirement income and investment earnings are not guaranteed. Payments will cease once the account balance is depleted. Consider if 91ºÚÁÏ is right for you and the PDS and TMD at aware.com.au/pds. Issued by 91ºÚÁÏ Pty Ltd (ABN 11 118 202 672, AFSL 293340), trustee of 91ºÚÁÏ (ABN 53 226 460 365)
[M6]ÌýEligibility criteria apply. The payment of the Retirement Bonus is at the discretion of 91ºÚÁÏ. We reserve the right to change or stop offering the Retirement Bonus at any time, without notice. The Retirement Bonus is calculated and applied at the time your Retirement Income account commences and may differ from any estimate you have previously obtained. If you withdraw 50% or more of your Retirement Income account starting balance within 12 months of opening the account, 91ºÚÁÏ reserves the right to deduct the Retirement Bonus from your Retirement Income account. Withdrawals include lump sum payments, rollovers, regular income payments, and one-off income payments.
