Retirement means different things to different people.
QSuper is committed to helping all members, including our 300,000 Generation X and Y members1, plan for their retirement. Unfortunately, some people only seriously consider their retirement, from a financial point of view, when it’s a few years away. Research reveals that many people regret not preparing for retirement, including saving for retirement, much earlier 2 3.
For many people, super is the cornerstone of their financial plans in retirement, though many retirees still expect to receive at least some age pension. Whatever your situation, planning is the key.
Where do you start? There are three steps to beginning your financial plan.
A good place to start is to examine your current financial position. So ask yourself, where does your money go? Do you have any surplus income? How might your spending change in retirement?
You also need to consider your assets and liabilities. That is, what do you own and what do you owe?
Ask yourself what you're investing for. When do you want to retire? How much do you think you will need in retirement? We have some ideas to help you set out your goals.
There are a lot of options and super products to choose from! You'll need to know if you're going to qualify for the age pension and how long your money needs to last. And you probably want to know how to minimise tax and if you're required to pay it in retirement.