After years in the workforce growing your super, it can call for a major shift in mindset to start drawing on your super in retirement. But that’s the whole purpose of super – to fund a quality lifestyle in your senior years.
investing in your 60s and retired
It pays to carefully plan how you will use your super savings in retirement. Taking your super as a lump sum payment may provide funds to pay off personal debts or fund major purchases like a new car. However, you’ll be taking your super savings out of a very tax-friendly environment and into a fully taxable one.
Active Super offers a variety of options to use your super to generate a regular income in retirement. A chat with one of our financial planners can help you make an informed decision. Any associated costs of receiving financial advice will be explained to you.
Choosing an investment strategy
If you choose to keep your nest egg within the super system, it’s important to decide how you would like you money invested. For many retirees, capital preservation is a key priority. You may want to shift your super to a more conservative investment strategy as you head into – and through – retirement.
Age pension eligibility
As a retiree, you may be able to claim income support payments such as the age pension. To be eligible for Age Pension you must be 66 or older1, and meet certain asset and income thresholds.
It’s worth checking your eligibility, which you can do so here. Even a small payment can see you entitled to valuable concessions on a range of costs from car registration to public transport.
Navigating this new phase
After a lifetime in the workforce, retirement is a big step – and a new life stage. A household budget is a useful tool to help you manage your money. Check out our retirement lifestyle calculator and click on the ‘Budget’ tab to draw up a personal budget.
Maintaining social ties is a plus for your mental wellbeing, and raising a hand for volunteer roles can help you stay engaged while supporting your community.