To help you plan and enjoy your retirement, we will regularly share valuable insights and handy hints from some of GESB's retirement income and investment specialists.

We recently spoke to Brad Zaknich, GESB's Key Account Manager for WA's public education sector to find out if he had any 'top tips' to share with our members.

With over 13 years' experience at GESB, Brad has extensive knowledge of public sector super schemes and enjoys helping GESB members put the pieces of their retirement puzzle together.

Brad Zaknich, Key Account Manager, GESB

Brad addresses the top three questions often asked by members below. His answers provide useful information to help you get started with planning your retirement.

1. How much do I need to retire?

Step 1 - Work out your annual expenses in retirement

Your retirement income will be affected by many factors.  Your spending is generally the part of your budget that you have the most control over.

You should budget for your essential ongoing costs, such as food, clothing, housing, transport and healthcare; your optional ongoing costs, such as travel, hobbies and entertainment; and any potential large one-off expenses.

Another consideration is how your needs might change over time. When you first retire, you may spend more on travel, updating your car or renovating your house. As you get older, you'll become less active but your medical expenses may increase.

The Association of Superannuation Funds of Australia's (ASFA) Retirement Standard^1,2 is an annual survey that sets out weekly budgets for singles and couples in retirement. You may find this useful for your own planning. For more information, see our article Is your super on track? or visit the ASFA website.

Step 2 - Estimate how many years you'll spend in retirement

While no one knows how long they'll spend in retirement, a good guide is to plan for your maximum life expectancy. This is the average age you are expected to live to, based on your current age and gender.

The Australian Government Actuary (AGA) publishes tables on average life expectancies based on the Census. These are called the 'Australian Life Tables' and you can download the latest publication from the AGA website.

Or you may find it easier to complete the exercise on the My Longevity website.

Step 3 - Pull it all together

Identify your sources of income and work out how much you might have in the future. This includes your super, assets and other investments; and the Age Pension, if you are eligible.

Many people don't realise that they can have reasonable resources to support themselves and still be entitled to financial support. To find out more, see our article Centrelink, the Age Pension and you.

Use the retirement planner calculator on the Australian Securities and Investments Commission's (ASIC) MoneySmart website to estimate your future income from super and the Age Pension.

Once you've worked out your likely income and how much you'll be spending each year, you can pull together your budget.

2. When can I retire?

There is currently no fixed age for retirement.

The Australian government has set minimum ages for when you can access your super (this is called Commonwealth preservation age) and the Age Pension. From 1 July 2015, the Commonwealth preservation age is set to increase for people born on or after 1 July 1960.

Many Australians will choose to retire on one of these dates. If you have access to funds from other sources, then you may be able to afford to stop working earlier.

You should also consider the non-financial aspects of retirement, such as your wellbeing and how you'll spend your time.

3. How much do I need for a comfortable retirement?

If there's a shortfall between your budgeted income and the income you need to achieve your desired lifestyle, you should look at ways to top up your retirement savings.

The earlier you start planning, the more opportunities you have to address any gaps. As with any long-term investment, time is a critical factor. Basically, the benefits of investing in your super increase over time, due to the effects of compound interest.

A 'comfortable' retirement is going to be different for all of us. ASFA's Retirement Standard provides budget guidelines for 'modest' and 'comfortable' retirement lifestyles¹. 

For example, for those aged around 65¹, singles will need to spend $35,503 a year to fund a 'modest' standard of living at retirement, while couples will need around $51,299 a year. The funds required for a 'comfortable' retirement increase to $54,840 a year for singles and $77,375 a year for couples. 

For retirees aged around 85², these guidelines are slightly different. To fund a 'modest' standard of living, singles will need to spend $33,470 a year, while couples will need around $47,999 a year. To achieve a 'comfortable' retirement, the funds required increase to $52,235 for singles and $72,093 for couples.

However, these standards may differ from your own goals. For the latest ASFA Retirement Standard figures and tips on growing your retirement savings, read our article: Are your retirement savings on track?

More information

Visit the retirement planning section of this website where you'll find more information on budgeting and ways to boost your retirement savings. You can also sign up for one of GESB's seminars or webinars, to get you started.

ASIC's website has useful calculators and apps to help you budget for retirement.

1 The Association of Superannuation Funds of Australia (ASFA), Retirement Standard, aged around 67, December quarter 2025.
2 The Association of Superannuation Funds of Australia (ASFA), Retirement Standard, aged over 85, December quarter 2025.