Retirement Planning

You can access your super when you have retired and reached your preservation age, which is anywhere between the age of 58 and 60, depending on your date of birth. Once you reach the age of 65 you receive unrestricted access to your super. In certain circumstances you can access your super benefits earlier than your preservation age, such as in cases of severe financial hardship or permanent disability.

It is never too early to start retirement planning. Ideally, our clients should begin planning for retirement as soon as they start working or earning income. The earlier you start, the more time you have to make investment decisions, contribute to your superannuation (to optimise tax benefits associated with superannuation/retirement savings), and structure your assets and liabilities.

Estimating retirement expenses involves considering factors such as housing costs, healthcare expenses, transportation, food, utilities, entertainment, travel, and any other discretionary spending. It is essential to account for inflation and potential healthcare costs in retirement. We undertake projections to help you understand your required retirement expenses, including eliminating outstanding debts.

In an Accumulation and Transition to Retirement (TTR) Account, investment earnings and capital gains are taxed at a maximum rate of 15%. Some capital gains may be taxed at the concessional rate of 10%. In a Retirement Account, investment earnings are tax-free.

Your superannuation does not automatically convert to a pension when you reach retirement age. You generally need to instruct us on what you would like to happen, and you have a range of options for this. Some Australians may choose to take their superannuation savings as a lump cash sum for their bank account, while others transfer their money to retirement products like an account-based pension (also known as an allocated pension) to provide a regular income stream and to continue to be invested in the financial markets.