It's likely your superannuation will be a key source of income once you stop working, so it's important to put a plan in place now, to help make sure you have enough money later.
How long your super will last
If you're already enjoying life after work, or plan on retiring in the next few years, it's a good idea to assess your current situation to estimate how long your retirement savings will last. Use our retirement calculators to give yourself an idea of whether you are on track.
Three ways to stretch your super further
Once you've assessed your current financial situation, there are some steps you can take to make your retirement savings last longer.
Sort out your super
If you haven't done so already, take some time to get your superannuation savings in order. Log in to Member Online to review your QSuper account details.
- Combine your accounts
If you have more than one super account, consider consolidating to put all your money in one place. Joining your accounts could save you from paying multiple fees, which can have a significant impact on your future savings.1
- Review your insurance
As a QSuper member, you benefit from insurance cover you can tailor to your circumstances. Take the time to check your current level of insurance cover is right for you to avoid paying any unnecessary premiums.
- Check your investments
Your super is likely to be one of the biggest investments of your life, so check your investment strategy suits your personal circumstances and retirement goals.
Set a budget
Prepare a budget for your retirement to make sure you don't spend too much too soon. Australians are living longer than ever before, so depending on when you retire, you could rely on your super savings for up to 20 years.2
Keep in mind the way you spend money at the beginning of your retirement is likely to be very different from how you spend it later on. Initially, you might want to use more of your money on travelling or sporting pursuits – but in late-retirement you’re likely to need to spend more on medical and health-related expenses.
Use our Budget Planner Calculator to help take control of your finances. If you need help, a financial adviser can provide professional guidance to help you achieve what's important to you.
Decide how to access your money
How you access your superannuation once you have reached your preservation age and retired can also have an impact on how long your super will last. Here are your options with QSuper:
- Start an income stream
A retirement income stream turns your super into regular income payments. Our award-winning Transition to Retirement Income account or Retirement Income account let you change your payment amount any time, and your money stays invested so your savings continue to grow. Our Lifetime Pension is designed to provide a fortnightly tax-free income for the rest of your life (and your spouse's life if applicable).
You can also benefit from tax-free investment returns with our Retirement Income account, and no tax on payments after age 60 with the TTR account, Retirement Income account, or Lifetime Pension.
- Withdraw a lump sum
Alternatively, you can take your super as a lump sum. You don't have to take it all at once – you may decide to leave some of it in your super account and make withdrawals as you need it. Keep in mind that taking a lump sum can have tax and Centrelink implications, and the returns on investments outside super are usually taxable.
- Lump sum and income stream
Another option is to take out a lump sum, then use the rest of your money to start an income stream with our Retirement Income account or Lifetime Pension. This could suit you if you plan on taking a holiday, paying off some debt, or buying a new home before you start taking a regular income from your super.
Our QSuper Retirement Income account is designed to be flexible, so even if you decide not to take a lump sum straight away, you can withdraw extra money at any time. It's one of the reasons why our Retirement Income account can work well with a Lifetime Pension, which provides regular payments for life but doesn't allow withdrawals.