Investing in your retirement is different to investing while you are still working and adding to your super. Generally, once you retire, your goals change. You want a regular reliable income, which usually means you want to take less risk when it comes to investing.

That approach makes sense, but it’s also worth considering how long you might live and how long you might need your money to last. Having it all invested in a lower-risk plan over decades may not provide the growth you need for your money to last.

It’s never too late to learn more about your super and how you can make the most of your retirement savings. Below we outline things to consider when investing in retirement.

Tip 1: Explore your retirement options

When you've reached your Commonwealth preservation age and decided to retire, you can choose what to do with your super. You could:

• Leave your money in super and make lump-sum withdrawals from time to time
• Open an allocated pension account to have a regular income stream with the option to make lump-sum withdrawals¹
• Take your benefit as a cash lump sum

To find the right solution for your situation, you need to consider whether you’re likely to return to work, whether you’d like a regular income from your super and whether you would like to make lump-sum withdrawals.

Explore your income options

Tip 2: Decide which investment plan suits your goals

If you decide to leave your money in super, it’s a good idea to consider your investment approach, keeping in mind how long you might want your money to last.

Because your needs are different when you’re retired, we offer you more options with your investment plan.

In our Retirement Income Pension you still have similar investment options as you do in your super. This means you can choose a Readymade plan which invests in a range of different asset classes, or you can create your own combination of asset classes with Mix Your plan.

There’s also one more option. You can invest part of your money in the Cash plan, and the rest of your money in another Readymade plan.

In retirement, you may decide to be a little more conservative in your investments. However, everyone is different, and what’s right for you might be quite different from someone else. It’s important to consider your own circumstances and adjust your investment plan in line with how much risk you are willing to take.

To help you decide on your investment plan, try the Selecting your investment plan tool to learn more about what kind of plan might suit your goals and needs.

Before you make any changes, we recommend you review your investment options, read the information in the product information booklet and seek financial advice if you need it.

Explore your investment options

Tip 3: Check your investments over time

Over time, your goals may change, and you might want to review your investment plan to make sure it still meets your needs.

If you’re invested in more than one plan, you might need to check how your investments are performing to make sure it is still in line with your original selection.

Learn about balancing your investment

If you’ve decided to change your investment plan, our step-by-step instructions can make it easier for you.

How to change your investment plan

Tip 4: Review your insurance

As you get older, insurance premiums generally increase. Check that you’re only spending your retirement savings on insurance that you actually need.

You might decide that you would be happier with more or less cover, or that you don’t need insurance, depending on your situation.

Learn more about your insurance

Tip 5: Make the most of our tools and services

As a member, you have access to a range of resources to help you plan and prepare for retirement. You can:

• Use our Retirement planning calculator to work out how much super you’ll have when you retire and how long your savings may last
• Register for a retirement planning seminar or webinar
• Learn more about your retirement options with our Retirement Options Service

If you have any questions, give us a call on 13 43 72 Monday to Friday, between 7.30am and 5.30pm (AWST).