Your income after work

To help estimate the super balance you require, the ASFA Retirement Standard provides a comprehensive breakdown of expenses for a ‘comfortable’ and ‘modest’ lifestyle, for couples and singles to maintain a healthy, vital and connected lifestyle in retirement.  

ASFA describes a ‘modest’ lifestyle as one that allows you to cover life’s basics, like groceries, bills and transport. A ‘comfortable’ lifestyle lets you pursue your hobbies, take out private health insurance, buy a reasonable car and travel.

Australians are living longer, so it’s more important than ever to make sure your savings will go the distance. If you’re planning on stopping work at, say age 65, there’s every possibility that you could live to 95. That's 30 years you might need to fund yourself after work, highlighting why it's so important to maximise your savings and make sure your super is working for you. 

By answering a few simple questions, our Retirement income calculator can help determine how your super is tracking and what you can do to help create the lifestyle you want. 

How do these figures compare with your desired income that you noted before? 

A CareSuper Pension lets you turn your super into a regular income account while making the most of investment returns, without the stress of managing your money on your own. Remember, once you reach age 60, you pay no tax on the income you receive from your account.

It’s important to know, the government has set rules about when you can access your super, known as ‘conditions of release’. To access your money, you’ll need to meet one of these conditions: 

• Over preservation age and permanently retired 
• Over 60 and stopped working for an employer 
• 65 or over (even if working). 

Still working but want to start winding down your hours? You could use our Transition to retirement (TTR) strategy to reduce your working hours and keep the same cash flow and lifestyle.

It’s important to know, the government has set rules about when you can access your super, known as ‘conditions of release’. To access your money, you’ll need to meet one of these conditions: 

• Over preservation age and permanently retired 
• Over 60 and stopped working for an employer 
• 65 or over (even if working). 

Our Guaranteed Income product offers the security of a fixed income, no matter how the market performs or what happens with inflation. You can choose guaranteed payments for a fixed period or for the lifetime of you and your partners.

It’s important to know, the government has set rules about when you can access your super, known as ‘conditions of release’. To access your money, you’ll need to meet one of these conditions: 

• Over preservation age and permanently retired 
• Over 60 and stopped working for an employer 
• 65 or over (even if working). 

Adding to your partner’s super could benefit you both financially. As a couple, you could each contribute up to the contribution caps and grow your super together.  For example:

• The higher-earning partner could boost the other’s super 
• If one of you has a lower balance, perhaps due to time out of work to raise a family, or working part-time, the other could help it grow.

To request spouse contribution splitting you need to complete the Contribution splitting form.

Eligible individuals aged 55 years or older can choose to make a downsizer contribution into their superannuation of up to $300,000 per person ($600,000 per couple) from the proceeds of selling their home.

Read more about making a downsizer contribution.

If you’re eligible for all or part of the government Age Pension, combining it with a CareSuper Pension can work well. You could use the Age Pension to meet basic living costs and your CareSuper Pension for spending money. Eligibility for the government Age Pension depends on your age, residency status and the income and assets tests. How much you receive is subject to the income you obtain from other sources (including your super) and the value of your assets. 

Even if you don’t qualify for the Age Pension, you may still be eligible for other types of support, including a Commonwealth Seniors Health Card, Low Income Health Care Card and/or Pensioner Concession Card. 

For more information on these, visit servicesaustralia.gov.au. 

1. Combine your super accounts
More than one super account means more than one set of fees. Make your super easier to manage by combining your super into one account and witness the effect compound interest can have on your account balance. Before you do this check if you’ll be charged exit fees, or other fees when you leave your other fund(s). And consider the impact on any insurance (such as loss of insurance), or other benefits you may have there. 

2. Review your insurance needs
Check that any insurance cover you have through super is right for your needs. Reducing your cover can help you save on premiums that are deducted from your account, but don’t do this just for the sake of saving money. If your insurance is just what you need, then it will be there for you when you need it the most.

3. Check your investment choice
Is your super invested in options that are aligned to your goals and timeframes? It's worth taking the time to check your options and decide what's right for you and to ensure you’re comfortable with the expected level of risk and return for your investment choice. 

The options you choose can make a big difference to how your super grows. A higher growth option will have higher risk and experience more volatile returns over the short term. But it will usually achieve higher returns over the long term. A conservative option will offer lower risk but lower returns over the long term.

Log in to MemberOnline to check your super, investments, insurance and search and combine other super accounts at any time.

We offer financial advice over the phone as part of your membership.* It doesn’t matter how much you have in your account, or how much you know about super or finances — we can help you decide if there’s something more you could be doing and set you up so you can be confident to live your best life after work.

Explore all your advice options 

* Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.