Retirement tips (Now you are retired)
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 1: 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 and whether you’d like a regular income from your super.
Tip 2: choose an investment plan to match your goals
You’re probably looking for a regular, reliable income to fund your retirement. 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.
When you choose an investment plan, you might like to consider:
- How long you might live after you retire
- How long you want your retirement savings to last
- How much risk you’re comfortable with
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 26 September 2020.