How Tony made the most of his situation with the help of our Retirement Options Service

Sometimes three heads are better than one when you’re planning for your retirement. Or at least that’s how Tony* felt, working with his Retirement Options Service (ROS) consultant and his accountant.

ROS is a one-on-one meeting with one of our expert consultants to provide factual information about your retirement options.

Tony started planning for his retirement about eight years ago and has had several ROS appointments with his consultant, Darren. He said these appointments helped him to make considered decisions about his unique accounts with his accountant as he prepares to start his next phase of life.

Meet Tony

Darren confirmed some of Tony’s preconceived ideas he had about the fund and his understanding of how our schemes work – which Tony found valuable in assisting him to make decisions about his super.

He returned to Darren several times over the preceding years to gain insights into the administrative processes involved in accessing funds to purchase a property and withdrawing from his Gold State Super account to maximise his Final Benefit.

Darren also helped Tony understand how he can make the most of his pre-83 service.

'I now understand the value of the pre-83 service and how that could actually be of benefit to me from a tax point of view. Once I reached my retirement age, I could access some of that money and I could use the pre-83 service to offset some of the tax liability from withdrawing some of the money from the fund,' he said.

‘It’s allowed me to make considered financial decisions regarding my future’

When he first booked a ROS appointment several years ago, Tony didn’t expect to want or need additional appointments – but the experience “opened his eyes” and proved too valuable not to repeat.

'It’s opened my eyes to alternatives and options, particularly given the value of your super and the need to plan for a retired future - which can be very stressful,' he said.

'I was very impressed by Darren’s understanding of the fund and the benefits it provides to members. He’s incredibly resourceful and knowledgeable. He’s incredibly well-prepared. Darren is the person I keep going back to see. I ended up postponing my retirement and going back each year to get updated information on policies and legislation that impacts on my capacity to draw down from the fund or operate the fund.'

Tony is planning to continue to work until the end of the financial year, and then retire in July. He intends to live off his savings for as long as possible, before accessing his super.

'I’m like a five-year-old waiting for Christmas. Darren’s going to be Father Christmas for me,' he said.

'I will certainly be making another [ROS] appointment towards the end of the calendar year to review my situation.'