Most of us want to enjoy a comfortable retirement, free of financial worries. One of the keys to achieving this is to plan for it. Consider the following:
How much you will need to save for a retirement depends on:
The Government sets the age pension on the minimum amount required to survive. However, the amount of income you will need in retirement depends on your lifestyle, general health and financial commitments.
Retirement living standards research has been developed to provide detailed budgets for both a modest and a more comfortable lifestyle in retirement. Click here to find out how much you may need.
Our budget calculator shows you how much income you spend to cover your living expenses.
There are a number of options for your current super account when you permanently retire after your preservation age:
It is possible in some circumstances to receive a Government Age Pension and other Centrelink benefits as well as income from a First State Super income stream.
Centrelink and the Department of Veteran’s Affairs have two tests to determine your eligibility for benefits – the income test and the assets test. You will only be entitled to receive Government benefits if your assets and your income are below the test levels. Income Streams do not qualify for an exemption from either test.
For further information call Centrelink Financial Information Services on 13 23 00 or visit http://www.humanservices.gov.au/customer/dhs/centrelink. Centrelink provides this service free of charge.