Now you’re retired, it’s even more important to learn more about your super and how you can make the most of your retirement savings. We’re here to help you.
Tip: look at your retirement options
When you've reached your 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.
Tip: choose an investment plan to match your goals
When you choose an investment plan, you might like to consider:
- How long you’re investing for
- What your investment goals are
- How much risk you’re willing to take
Generally, once you’re retired, your goals change. You may want a regular reliable income from your super. A conservative approach to investing will give you more certainty around how much you have in retirement savings, but it could limit how much your super could grow.
Tip: prepare for unexpected market conditions
When you’re retired or close to retiring and relying on a steady income from your super, seeing investment markets drop can be especially unsettling.
Downturns are normal with any long-term investment, including your super. That’s why it’s important to learn about ways you could help to protect your retirement savings and help your money last longer.
1 A $1.6 million transfer balance cap applies on the total amount of accumulated super that you can transfer into a tax-free retirement account, such as our RI Allocated Pension. For more information, visit the ATO website.
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 25 February 2021.