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Retire on your terms.

Retirement
4 November 2019 | clock 5 min read 


Planning for your retirement should feel like planning for an incredible long weekend. Enjoy putting the pieces in place to ensure your retirement means spending your time on your terms.

Shes on Q 

Getting ready for your retirement should feel exciting, full of possibilities.

With improving healthcare, active lifestyles and longer life expectancy,1 particularly for women, retirement looks different to what it once did.

Around 3.6 million Australians are retired.2 This includes 1.7 million men and 1.9 million women.

How you retire, and when, is not a one-size fits all proposition – you may want to retire early, or your plan may include working, possibly in a part-time capacity, for a number of years. The key is to take control of what your retirement looks like, set goals, jump into the planning and feel the excitement of retiring on your terms.

1. Know how much you need

The Association of Superannuation Funds of Australia (ASFA) regularly crunches the numbers to help inform Australians what retirement may cost.

ASFA costs retirement in Australia against both a “comfortable” and a “modest” measurement. A comfortable retirement means a lifestyle which affords a good car, top-tier private health insurance, regular dining out and some international travel, and many of the trappings enjoyed during working life.

ASFA has calculated that a single person currently wishing to have a “comfortable” retirement would need, at age 65, a nest egg of about $545,000, or $640,000 for a couple.3 The incomes needed to be generated from these amounts would be approximately $43,000 and $61,000 respectively.

The assumption is that retirees would own their own home and be in good health.

Find out more information about retirement costs.

2. Save like it's your job

Compound interest is one of the most powerful forces in finance – so you want compound interest working for you.

The Australian Securities and Investment’s Commission’s (ASIC) Moneysmart website4 describes compound interest like “double chocolate topping for your savings.”

“Compound interest is interest paid on the initial principal as well as the accumulated interest on money you have borrowed or invested,” according to Moneysmart. “You earn interest on the money you deposit, and on the interest you have already earned.”

See how compound interest can work for you using Moneysmart’s Compound Interest Calculator.

3. Invest like a boss

Fewer women than men invest and say the main barriers to investing include a lack of money, fear of losing money, a lack of trust in banks and financial advisers, as well confidence and financial knowledge5. But, investing could significantly change your long-term financial future.

It’s about being in charge of your own wealth and investing in your own future.

One of your largest investments may be your superannuation. Taking an active interest in how your super is invested may be a confidence-boosting place to start.

4. Find your money and benefits

There is billions of dollars in unclaimed super. Some of it could be yours. You can search for any lost super in minutes in QSupers’ Member Online.

There may also be some benefits, such as the government super co-contribution you could take advantage of. By making personal (after-tax) contributions to your super fund, you may be eligible for up to $500 from the government towards your super, if eligible.

5. Put yourself on autopilot

Automation is the easiest way to save. Setting up automatic monthly payments through your bank many remove the temptation of spending instead of saving. One way to effectively automate your saving could be salary sacrificing.

Salary sacrifice is an arrangement between you and your employer to contribute a portion of your salary to your superannuation account before you pay tax on it, instead of it being part of your take home pay. This is an extra amount on top of your employer’s compulsory super contribution.

Investments held in super receive significant tax advantages, both before and throughout retirement. Depending on your current income, sacrificing some of your salary to superannuation could be a tax-effective strategy.

Find out more about the benefits of salary sacrificing.

6. Learn from others

With the right information, you can make informed decisions about your career, financial security and life goals.

Through education, inspiration and collaborative events, the She’s on Q community gives you access to practical financial skills, resources and real-world ideas – and plenty of opportunities to meet other confident, smart women, like you.


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With the right information you can make informed decisions about your career, financial security and life goals.

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1. Australian Institute of Health and Welfare, 17 July 2019, Deaths in Australia: Life expectancy, at www.aihw.gov.au/reports/life-expectancy-death/deaths-in-australia/contents/life-expectancy
2. Australian Institute of Health and Welfare, 11 September 2019, The experience of employment, at www.aihw.gov.au/reports/australias-welfare/the-experience-of-employment
3. Association of Superannuation Funds of Australia, ASFA Retirement Standard June quarter 2019, accessed 6 October 2019 at www.superannuation.asn.au/resources/retirement-standard
4. Australian Investments and Securities Commission, Moneysmart.gov.au guide to compound interest, accessed 6 October 2019, at www.moneysmart.gov.au/managing-your-money/saving/compound-interest
5. Women’s Agenda and Stockspot, 2019, Women’s Agenda Investing Report, accessed 7 October 2019 at www.womensagenda.com.au/