It could mean you stop work and never earn a pay cheque again, or it could mean you relax your work responsibilities and have more time to yourself. For some, this may mean leaving a corporate job for somewhere you can set your own hours, you may start volunteering, or perhaps have a go at earning money from a hobby. 

Whatever the scenario, early retirement can look however you want it to. How to get there? The tips below could help turn your dream into a reality.

1. Map your future

If you’re serious about retiring early, then it’s important to have a plan. What age would you like to retire? What debts do you still have? Do you want to stay in your current home or are you thinking about downsizing? These type of questions need to be asked and answered realistically in order to map out your future. Try our retirement readiness quiz to see the things to think about when planning. 

2. Decide how much income you’ll need

A good way to find out how much you may need in retirement is to figure out how much you’re spending now. Start by tracking your weekly, fortnightly, monthly, quarterly and annual expenses.  Then assess what’s essential and what savings could be made from unnecessary spending. 

3. Review all the scenarios

Once you’ve tracked your current day to day expenses, have a peek into your future with the retirement income projector. You can estimate your retirement budget, compare the outcomes of different scenarios and see how a variety of market changes may impact your retirement savings.

4. Know when you can withdraw your super

Your super can be accessed when you reach your preservation age, which depends on when you were born. You don’t need to cease employment either. You can transition into retirement and access your super while you work part-time, or you might get tax advantages if you’re still working full time.

5. Boost your super while you’re still working

While you may not be able to access it straight away, adding extra to your super while you’re still working can be a tax effective way to save for your future. However, it’s important to know your contributions caps  because if you exceed these you may have to pay extra tax.

6. Review your level of risk

As a general rule, the higher the risk, the greater probability of a higher return. However, the level of risk suitable for you depends on your personal needs like how many years until you retire and your personal risk appetite. 

With this in mind, is the current level of risk in your super right for you? If you’re not sure, speak to us and get general and simple advice about your investment option at no additional cost as part of your TelstraSuper membership.

7. Speak to a professional

Talking to a professional about your dreams for the future and your finances could help you get a feel for whether you’re on track to retire early and, if not, what you need to do to make it happen.

At TelstraSuper we’re here to help you build a secure financial future. You can get general and simple advice about your TelstraSuper account for no additional cost – it’s part of your membership. If you want more personal advice you can make an appointment with Telstra Super Financial Planning. So call us today on 1300 033 166 or request a call back.