Read more about accessing your super: when and how to do it.įor example, a superannuation pension generally suits those who have fully retired and have the flexibility to draw down at least the minimum amounts. The best option for you will depend on your circumstances. There are pros and cons to each option, depending on your circumstances. There are three basic ways you can access your super. the age of 65 (even if you're still working).your 'preservation age' and choose to begin a transition to retirement income stream while you are still working.your 'preservation age' and retired (between 55 and 60 depending on the year you were born).Most commonly, you can access your super when you have reached any of the following three options: Baby boomers: This is the average super balance for your age.Gen X: This is the average super balance for your age. Millennials: This is the average super balance for your age.what level of risk you'll accept in your investment.what extra super contributions you make via salary sacrifice.whether you want a 'modest' or 'comfortable' post-work standard of living.Using an online calculator, you can estimate: Alternatively, you can use MoneySmart's retirement planner. For those without access to their account online, call us on 13 12 87 and we can help. The ASFA Retirement Standard provides a picture of how a modest lifestyle compares to a comfortable lifestyle and how much you're likely to spend to maintain each of these two standards of living.Ī comfortable lifestyle includes extra items that are considered to be 'comforts', such as updating the kitchen or bathroom, having private health insurance at the top rate and enjoying an occasional holiday.ĪNZ Smart Choice Super members can access the ANZ retirement calculator by logging in to your Smart Choice Super account via ANZ Internet Banking. And, we hope that we can retire with enough money to enjoy all the things that we couldn't actively pursue during our working years.Īccording to The Association of Superannuation Funds of Australia (ASFA), 50 per cent of people don't know how much super they'll need for retirement. You can also read our guide to technical super terms.Īt some point in our lives we'll all retire. Generally speaking, super can be accessed upon retirement (if you are, or become a permanent resident a permanent resident of Australia) or when you leave Australia (if you're on a Working Holiday visa, Student visa or another temporary visa).įor more on understanding super, you can head to our superannuation learning centre.
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