Planning my retirement

Making small changes now can make a big difference when it comes to your super balance at retirement.

What does retirement look like for you?

When you think about your own retirement, do you automatically picture the retirement that your parents or grandparents are having now? The landscape is changing and while that may still be the option you choose, it's important to explore the possibilities now, and plan accordingly.

Handy hint: focus on how you will generate the income you want in retirement, rather than a lump sum, because for most, a retirement income will come from various sources.

Some things you should consider

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  1.  Income considerations in retirement

    Everyone is different! There are many considerations when assessing what income you may need in retirement. Have you considered what might impact your retirement income? 


  1.  How a retirement income stream may help

    A retirement income stream, like Telstra Super RetireAccess can help manage your retirement spending by using your super balance to replace the regular income earned during your working life.


     learn more about retirement income streams.

  2.  How much is enough?

    It can be tricky to predict how much income you need when you retire, but help is on hand. The Telstra Super Simulator can  also help you estimate your total retirement income, including benefits you may receive from the Age Pension and any other investments or assets you may have outside of super.

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    you can also visit How much super is enough? for more information.
  3.  What does having a 'comfortable' or 'modest' lifestyle mean?

    What we all wish for is different, but most of us would like to have enough income in retirement to do the things we had always imagined we would do in retirement.

    According to the Association of Superannuation Funds of Australia (ASFA) a ‘modest’ retirement lifestyle means having slightly more than the Age Pension but only enough to afford basic activities. A ‘comfortable’ retirement lifestyle allows retirees to do a range of leisure and recreational activities, and have a good standard of living.

    Some of the ‘extras’ you may be able be able to afford with a ‘comfortable’ retirement include:

    • private health insurance – top level of cover
    • domestic and occasional international travel
    • recreation – social/sporting club membership and regular dining out
    • reasonable car and good clothing
    • household goods and services – internet, air conditioning, home alarm and pest inspections.

    find out more about retirement budgets on How much super is enough?

    So what are you on track for?

    log in to SuperOnline to see your current super balance

    use our Telstra Super Simulator to estimate your total retirement income.

  4.  What about government support?

    It is important for everyone to assess what benefits and support the government may be able to provide in retirement – visit our Centrelink and retirement page to find out more.


    Need a little advice?

    Telstra Super Financial Planning can provide you with expert guidance on your retirement planning options; give them a call on 1300 033 166 to discuss your advice needs.