Over 55 and thinking about retirement? Here’s how to get your super prepped
If retirement is around the corner, then it's important to take the right steps to look after your super.
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Your superannuation doesn't have to be a static thing. If your retirement is coming up soon, there are some steps you can take to get yourself organised.
1. Make sure you have the right fund
Have you stopped to really think about your super fund? You'd be surprised at how many people don't.
But if you're 55 or over and retirement is on the horizon, it's really important to take a close look at your super fund and see if it's going to meet your needs.
Tools like retirement calculators can give you an idea of how much you're likely to retire with. So it's best to know now – while you can still make changes – rather than finding out after you enter this new chapter of your life.
Now, the right fund is going to be subjective and determined by your retirement goals.
But there are some things you should keep an eye on when looking at a super fund:
- Low fees: This can help make sure your balance isn't being eaten up by excess costs.
- A record of strong returns: Previous returns aren't necessarily indicative of future returns, but they can indicate the fund's history of financial stewardship.
- The features and support the fund offers: Access to tools, financial professionals and other features can help you plan for your retirement more effectively.
2. Explore your super withdrawal options
Some people think that you need to take your superannuation in one lump sum when you retire.
But that isn't true! You have a number of different options for how you receive your super.
Some people find it useful to opt for a retirement income stream account when they've turned 60 and are retired.
This allows you to deposit some (or all) of your superannuation into an account, which will be paid to you as income while also generating interest.
It can be an attractive option for people who are retired, but don't necessarily feel comfortable managing a large amount of money (like a lump sum) over an extended period.
Another option to explore is a transition to retirement (TTR) account. This type of account lets you reduce your work hours in the lead-up to retirement, while using your super to top-up your income.
3. Check your investment risk level
As you grow closer to retirement, it's important to look at what sort of risk you're taking on with your superannuation investment.
Risk levels that might have been acceptable in your 20s and 30s, where you still had plenty of earning years ahead, might not be as viable once you're over 55.
Aware Super's MySuper Lifecycle approach automatically adjusts your investment mix to reflect an appropriate risk level for your current life stage. When you turn 56, this approach starts to allocate more of your super to a more conservative investment option. You can see a more detailed breakdown below:
Lifecycle vs static: A side-by-side comparison
| Lifecycle | Static | |
|---|---|---|
| Investment risk | Reduces over time as your investment mix changes and you approach retirement. | Investment mix does not change. |
| Growth of your super | Exposure to growth assets is higher when you're younger, gradually decreasing over time for stability. | Doesn't change over time. Typically lower exposure to growth assets compared to lifecycle when you're young. |
| Evolves with you over time | Yes, it adjusts your investment mix over time as you age. | No, your investment mix stays the same over time. |
4. Look for ways to boost it before the big day
Most of us receive the bulk of our superannuation contributions through our employers.
But there are also ways that you can boost it yourself. Check out some handy tips to get started today!
- Salary sacrifice: You request that your employer place a portion of your pre-tax income into your super fund.
- Voluntary contributions: Sometimes called 'personal super contributions', you can contribute post-tax income into your super.
- Government super co-contributions: Depending on your income, you might be able to receive a co-contribution from the government to help boost your super. You can learn more about this on the ATO website.
- Spouse contributions: Your partner can make super contributions to your account if you're eligible.
- Downsizer contribution: If you sell your home to downsize and you're over 55, you may be able to make a downsizer contribution to boost your super.
It's important to remember that all these contribution types have limits on them. If you want to use one of these methods to grow your super, you could speak to a financial professional about the best path forward.
5. Sort out your estate planning
Organising your estate is one of the most important things you can do when retirement is on the horizon.
In fact, anyone who is over 18 and has assets in their name could consider having a Will.
This is because if you don't have a Will and pass away, the government steps in to administer your estate.
They use a set formula, which won't necessarily reflect your own preferences.
Taking these steps can make things much easier for everyone else if the worst does happen.
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Aware Super is a low-fee super fund with 12 different ways to invest including a MySuper option and an ethical investment option.
General advice only. Consider your objectives, financial situation, or needs, which have not been accounted for in this information and read the relevant PDS and TMD at aware.com.au/pds before acting.
Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340), trustee of Aware Super (ABN 53 226 460 365).
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