How retirement works
Retirement is that time in your life when you finish working and rely on other sources of income and your retirement savings.
It's a major life decision and choosing how and when to retire can be overwhelming if you don't know where to start.
We're here to help you understand your options each step of the way, so you can retire with confidence.
The three pillars of the Australian retirement system
In Australia, our retirement system has three pillars:
Age Pension
This is a safety net for people with little or no super or other savings. If you’re eligible, the Australian Government provides the Age Pension to cover very basic needs.
Compulsory super savings
While you're working, your employer is required by law to make contributions into your super fund on your behalf. The current rate is 12% of your salary. This is called the Superannuation Guarantee (SG).
Voluntary super savings
Relying on the SG and the Age Pension (if you're eligible) may not be enough to live a comfortable lifestyle. That's why the government provides tax incentives to encourage us to save more for our retirement.
Planning for retirement
Your retirement will be unique to your own personal circumstances. Below we outline some things you should consider when planning for your retirement.
When you can retire
Super access rulesYou can stop working whenever you want, but it's important to know the rules around accessing your super.
How the Age Pension works
Eligibility detailsYour eligibility to receive the government Age Pension depends on your circumstances, including your age, assets, relationship status and how you access your super.
Ways to take your money out
Withdrawal optionsThe way you withdraw your super money could impact the amount of tax you pay and your entitlement to the Age Pension.
Cost of living in retirement
If you’re planning to keep enjoying your current lifestyle when you retire, research suggests you’ll need to save enough to provide you with at least 70% of your current annual income.
Having an idea of the estimated weekly or annual costs can help you determine how much in savings you might need and budget to make sure your money lasts.
Is a Retirement Income Pension right for you?
One way to access your super is through a Retirement Income (RI) Pension. We offer two account types:
Transition to Retirement Pension
If you want to access your super as an income stream while still working, this type of account might be suitable for you.
RI Allocated Pension
Once you've retired, this type of account can give you a regular income from your retirement savings, paid to you monthly, quarterly or annually.
Want to learn more?
Here are some things you could do next to learn more about retirement and what it could look like for you.
Attend a webinar or seminar
Join one of our webinars or seminars to get more clarity on super, planning for retirement and some possible next steps.
Use our online calculators
Our calculators can help you take control of your super and plan for your retirement.
Speak to an expert
If you’ve attended a retirement seminar or webinar, booking a one-on-one Retirement Options Service appointment could help you further understand your options.
Make the most of Member Online
Once you've registered for Member Online, it's easy to manage your account and keep track of your super. Recent security updates have added an optional extra layer of protection, so you know your money - and your future - is in safe hands.
More information
- Learn about retirement investment options
- Find out how to grow your retirement savings
Contact us
- Call us on 13 43 72
- Connect with us in real time using Live chat
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 18 June 2026.