One of the great things about our fabulous 50s, is that you may be able to access your super to enjoy an early retirement.
investing in your 50s and retired
As a rule, you can only access your super savings when you have reached preservation age and have retired from the workforce. Your preservation age is between 55 and 60, depending on your date of birth.
Accessing your super
If you meet the necessary conditions to access your super, you can choose to use your retirement savings in a variety of ways.
Importantly, a 55-year-old entering retirement may need to make their super last longer than someone who retires at a later stage. This means you could need a different strategy to stretch your super further.
What you do with your super is a critical decision, and it’s definitely worth speaking with our financial advisers to know the option that’s right for you. If there are costs associated with receiving advice, these will be explained to you.
Accessing income support
Along with ways to help you make the most of your super, LGS financial advisers can explain if you’re eligible for any government-based income support. Bear in mind, the age at which you can access your super is not the same as age pension eligibility age.
To be eligible for age pension you must be 67 or older1. You can find out more here. This is something to be mindful of if you plan to retire and draw down your super from your 50s onwards.
Budget for your new lifestyle
Making the move from a regular wage to relying on your super is a significant step. And you may be concerned about exhausting your super at an early stage.
Drawing up a household budget can help you manage your money by planning ahead for regular bills, and setting limits on personal spending.
As you settle into retirement, you’ll get to know your spending patterns better, and your budget can be finetuned to reflect this. Head to our online retirement lifestyle calculator and click on the ‘Budget’ tab to draw up a personal budget.