Planning for retirement
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 should you be saving for comfortable retirement?
How much you will need to save for a retirement depends on:
- Your lifestyle, general health and financial commitments.
- If you plan to use some of your super to pay off a mortgage, buy a new car, or take a holiday.
- If you plan to save for future care in old age.
- Superannuation experts tell us that at least 12–15%* of a person’s salary needs to be saved for 40 years to receive a comfortable retirement income. Click here to find out more
*Source: Westpac/ASFA Retirement Living Standard, December 2004
How much income will you need to cover living expenses in comfortable retirement?
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 more
Our budget calculator shows you how much income you spend to cover your living expenses. Click here to find out more
What options do you have for your super?
There are a number of options for your current super account when you permanently retire after your preservation age:
Make sure the super you have saved during your working life works for you in retirement by:
Tax on amounts for those permanently departing Australia
Where a superannuation benefit is being paid to someone permanently departing Australia as a Departed Temporary Resident Payment (DASP), the rate of withholding tax is:
- 35% for a taxed element of a taxable component
- 45% for a untaxed element of a taxable component
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“One of the most important decisions you will have to make as you prepare for retirement is what to do with your super.”
Options 55-plus calculator
Thinking about setting up a transition to retirement income stream (TRIS)? Use our Options 55-plus calculator here
Need some personal advice?
First State Super members have access to low cost financial advice through FSS Financial Planning.
Click here to find out more
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