The only way to evaluate if your ready to retire is to take charge.
Taking charge of your retirement planning may seem daunting, but it’s the only way to fully evaluate if you're ready to retire. Thankfully, there are many options available to help you find the information that you need to make that decision.
Understand your financial position
The first step is to familiarise yourself with your personal situation. A list of all your income, outgoings, savings, assets and investments, including super, will give you an overall picture of how your finances stack up.
Calculate your magic numbers
Next, it’s time to jump online and use the many calculators available to scope the different scenarios that may apply to you. You may wish to check how making extra contributions to your superannuation can make a difference to your account balance in the future or calculate how long your current savings might last in retirement. Maybe you’re interested in how you can maximise your income from super and still be able to claim an Age Pension?
AustralianSuper offers a vast range of online calculators that will give you the confidence you need make your next move.
Attend a seminar
Whether you want to know how to boost your super, maximise your income in retirement or make some changes to your retirement plans, then attending a seminar could give you access to the information you need to make important decisions.
AustralianSuper runs regular free seminars all around Australia that are based on your age and stage, so the information and detail given is relevant to your needs. You don’t need to be a member to attend and there’s also the opportunity to ask the experts questions. If you are particularly interested in understanding how the Age Pension fits into your future plans, it may also be worthwhile attending a Centrelink seminar on retirement planning.
Many Funds offer over-the-phone advice on questions and issues related to your super account and your retirement planning in general.
AustralianSuper offers over-the-phone advice* to members that can help you with questions and issues like investment selection, how to add to your account, insurance and retirement options. For members, most personal advice over-the-phone is provided at no additional cost. A small fee applies for some advice such as transition to retirement and starting a pension. In most cases this fee can be deducted from your super account.
Speaking with an expert face-to-face will give you the opportunity to receive individual information and create a detailed financial plan. The first meeting is generally complimentary and you should be given a quote for any further meetings, advice or plans that you request.
Face-to-face advice can help you make the necessary changes to your plans, understand how changing or complex legislation might affect you and your family, and give you the knowledge to make decisions and ensure that your retirement plans are tailored to your specific needs so you can enjoy the lifestyle you want in the future.
It’s important to find an adviser you trust and who understands your goals. When choosing an adviser, don’t be afraid to ask how they are paid and if they receive any commissions from recommending particular products or companies. A good place to start searching for an adviser is your super fund.
AustralianSuper has a network of accredited advisers and planners who are guided by a set of principles to put your best interest first, and are not paid commissions or bonuses*.
To find out more about what’s offered and involved in a face-to-face appointment, visit AustralianSuper.
*The financial advice you will receive will be provided under the Australian Financial Services License (AFSL) held by a third party and is therefore not the responsibility of AustralianSuper. This article has been sponsored by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, the Trustee of AustralianSuper ABN 65 714 394 898. The views expressed are those of YourLifeChoices and not necessarily the views of AustralianSuper. The article contains general information and you should consider if it is right for you.