Here is a simple checklist that you can tick of as you start preparing for retirement.
Think about when you think you might retire
Set an estimated retirement date (you can review and change this as you get closer to retirement).
Check when you will be able to access your superannuation.
Work out how much money you’ll need in retirement
Think about the type of lifestyle you would like to have when you retire.
Determine how much you will need to fund your lifestyle in retirement.
Work out how you will fund your retirement (e.g. superannuation savings, Government Age Pension, other sources of income).
Check if your retirement savings are on track
Use a retirement calculator to help you estimate how much you will have saved by the time you retire.
If you’re not on track, consider what else you can do to boost your superannuation savings, or contact us to discuss whether financial advice could benefit you.
Regularly review your savings goal and whether you’re on track (e.g. each year when you receive your annual member statement, which contains your expected superannuation balance at age 67).
If you have any questions please contact our Member Care Team – we’re here to help.