Planning for retirement

Start planning for retirement today 

You may have an idea of what you want to do once you retire from the workforce. But have you thought about how much income you will need to fund your retirement? 

Whatever your retirement goals are, we are here to help you reach them. With a little planning, you can be financially prepared for the retirement you want. 

Whether retirement is around the corner or in the distant future, here are our top tips to help you be retirement ready. 

1. Work out when you want to retire 

This is an important place to start. You may want to wait until you can access the Age Pension. On the other hand, you may choose to retire earlier and access your super – if you’re eligible – as a lump sum or as an income stream. 

2. What does retirement look like for you? 

Retirement is different for everyone. Some retirees have few outgoings, whereas others have a more expensive post-work lifestyle. 

Regardless of what you have planned, it’s helpful to think about the annual income you’ll need to fulfill your retirement ambitions. 

The table below provides benchmarks for the yearly household budgets and living standards for those aged around 67. 

Table courtesy of ASFA (The Association of Superannuation Funds of Australia Ltd), accurate as of September quarter 2024. 

3. Are you on track to reach your goal? 

How much super do you have, and how much income can it pay you in retirement? 

A retirement planner can help you find the answers. It’s also important to consider whether you’ll have other sources of income at retirement. This may include investments such as property or shares. 

Additionally, it’s vital to include a review of your debts and whether you will be able to pay them off prior to retirement. 

4. Put a plan into action 

If there is a gap between what you are likely to have in retirement and how much you will need, create a plan. 

There are ways to get you closer to retirement and grow your super. Consider making additional contributions to your super, repaying your debts earlier, or investing some of your savings. 

Retirement planning can seem daunting, but it doesn’t have to be. And it’s never too early to start thinking about this phase of your life. 

This information is current as at 1 October 2024 and may be subject to change. You should not rely on this article to determine your personal tax obligations or other entitlements. 

Bendigo Superannuation Pty Ltd (ABN 23 644 620 128 AFSL 534006) (Bendigo Super) is the trustee and issuer of Bendigo SmartStart Super and Bendigo SmartStart Pension (Products).
Before making an investment decision in relation to the Super Products, read the relevant Product Disclosure Statement, available from this website (www.betashares.com.au/super/) or by calling 1800 033 426, and consider whether the product is right for you. You can find the Bendigo SmartStart Super Target Market Determination here and the Bendigo SmartStart Pension Target Market Determination here. This information is general in nature and doesn’t take into account any person’s financial objectives, situation or needs. You should consider its appropriateness taking into account such factors and seek professional financial advice. Past performance is not indicative of future performance.