Know how much you could save

It’s a good idea to understand how much super you may have when you stop working. This can be hard to predict, but your balance at retirement (which you can find on your dashboard in SuperOnline) can give you a clearer picture of what’s ahead for your savings.

If you want more information you can then use the Retirement Income Projector which can help you by:

• projecting your super balance
• showing you how different retirement ages may impact your balance
• estimating your retirement income
• showing how much Age Pension you may qualify for
• combining your financials with your partner's salary and super
• including other investments, assets and income that you may have
• factoring in planned career breaks or a reduction in work hours

Prepare for the unexpected before you retire

It’s hard to forget how the world financial markets can soar and then plunge like they did at the start of the COVID-19 pandemic, so it’s best to be prepared for different market scenarios as you never know what the future may bring. This can be done easily within the Retirement Income Projector. Simply use the market simulator option to consider the impact different market changes could have on your super balance. It simulates ten different market climates and automatically adjusts your projected retirement savings levels. 

Launch the Retirement Income Projector

Helpful tip – By launching the Retirement Income Projector through SuperOnline  your key data including your age, super balance, investment choice and, where known, your salary* will be entered automatically.

Decide what kind of lifestyle do you want

So, now you have your projected super balance, how long will it last? It all depends on you and your unique journey. 

• Do you want to travel extensively, or would you be happier staying at home with the grandkids? 
• Do you want to purchase a new car? 
• Do you want to see the latest shows and eat out regularly? Or perhaps you’d prefer to be in the garden and read all the books you can get your hands on? 

These type of lifestyle questions need to be asked and answered realistically in order to map out your future and manage your savings. 

Remember your retirement income needs will change

Your life post work may cover 30 to 40 years and your priorities, needs and expenses will change throughout this time. We encourage you to think about your retirement in three distinct phases.

1. When you first retire, hopefully you’ll be in reasonably good health, be financially well prepared, and it’s likely your expenses will be high as you enjoy your new lifestyle. 
2. At around 75-85 you may start to slow down, your lifestyle expenses will likely naturally decrease, and you may start to live on a smaller budget. 
3. And finally, at around 85 your lifestyle expenses may have decreased dramatically, and instead your cost of living may rise due to health expenses.

When making plans for your retirement and how you’ll spend your income remember the expenses may vary along the journey. It’s therefore important to factor all three stages into your long-term financial plan. 

Get some professional advice

It’s a lot to take in and it’s understandable if planning your retirement can seem daunting. However, talking to a professional about your finances and dreams for the future may just help give you some peace of mind.

If you’re wanting to take that next step and maximise your super or finances, an Adviser from TelstraSuper Financial Planning can provide you with personal advice. Call us on 1300 033 166 or request a call. 

Find out more

* This figure represents your income for insurance purposes, as advised by your employer. This may differ to your actual salary, though you can easily adjust this if required.