Retirement planning & retirement income strategies

<!DOCTYPE HTML> <html lang="en"> <head> <meta charset="UTF-8"/> <title>Retirement planning & retirement income strategies</title> <meta name="keywords" content="Retirement planning, retirement income, retirement checklist"/> <meta name="description" content="Create a strategy for your retirement using our income calculator, retirement planner, and tax insights. "/> <meta name="template" content="article-page"/> <meta name="viewport" content="width=device-width, initial-scale=1.0"/> <meta name="pageName" content="cfs:personal:retirement:retirement-income-planning-guide"/> <script defer="defer" type="text/javascript" src="/.rum/@adobe/helix-rum-js@%5E2/dist/rum-standalone.js"></script> <script type="application/ld+json"> { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "headline": "Retirement planning: Investment strategies and income streams", "timeRequired":"11min", "image": "", "author": { "@type": "Person", "name": "" }, "publisher": { "@type": "Organization", "name": "Colonial First State", "logo": { "@type": "ImageObject", "url": "https://www.cfs.com.au/content/dam/cfs-winged/images/CFS-logo.svg" } }, "datePublished": "17 July 2024", "dateModified": "Thu Nov 28 03:20:29 UTC 2024" } , { "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is the retirement age in Australia?", "acceptedAnswer": { "@type": "Answer", "text": "The age you retire in Australia is completely up to you, and can be driven by many factors.   But the age you retire from work might not be the same age that you’re eligible for the Age Pension, or other retirement benefits.   From 1 January 1957, Age Pension eligibility age is 67" } },{ "@type": "Question", "name": "What is a comfortable retirement income in Australia?", "acceptedAnswer": { "@type": "Answer", "text": "Single $52,085 a year - Couple $73,337 a year" } },{ "@type": "Question", "name": "How to plan for retirement with income streams?", "acceptedAnswer": { "@type": "Answer", "text": "Government Age Pension, Super, Account-based or allocated pension, Transition to retirement income stream , Dividends through stocks or ETFs, Real estate and other investments." } },{ "@type": "Question", "name": "Do you pay tax on your retirement income? Are there any tax benefits?", "acceptedAnswer": { "@type": "Answer", "text": "Pension payments, like the ones you would receive with an account-based pension or transition to retirement (TTR) income stream, are tax-free after age 60. Any withdrawals from your super account are also tax-free after 60.   You should consider the tax you pay on both the payments you receive, and your investment earnings. Investment earnings in your super account are generally taxed at 15%, but once you retire and open an account-based pension, the earnings are tax free. " } },{ "@type": "Question", "name": "Retirement planning checklist for Australians  ", "acceptedAnswer": { "@type": "Answer", "text": "1. Evaluate your current situation  2. Decide what kind of retirement you want  3. Make a plan  4. Set up income streams  5. Organise your insurance cover  6. Nominate beneficiaries  7. Action Your Plan " } }] } ] } </script> <link rel="stylesheet" href="/etc.clientlibs/cfs-winged/clientlibs/clientlib-dependencies.lc-d41d8cd98f00b204e9800998ecf8427e-lc.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/cfs-winged/clientlibs/clientlib-site.lc-3c9a6eb73f005ee154abe14b2babdcd1-lc.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/core/wcm/components/accordion/v1/accordion/clientlibs/site.lc-44a1783be8e88dc73188908af6c38c01-lc.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/core/wcm/components/tabs/v1/tabs/clientlibs/site.lc-d54c23ba76bd8648119795790ae83779-lc.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/core/fd/af-clientlibs/core-forms-components-runtime-all.lc-11a52d361d1125943142ea0773c1f117-lc.min.css" type="text/css"> <link rel="apple-touch-icon" sizes="180x180" href="/content/dam/cfs-winged/favicon/apple-touch-icon.png"/> <link rel="icon" type="image/png" sizes="32x32" 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</div> </div> </div> <div class="HeaderBanner__Container"> <div class="HeaderBanner__Content"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12"> <div class=" aem-GridColumn aem-GridColumn--xs--12 aem-GridColumn--lg--12 "> <div class="HeaderBanner__ContentWrapper"> <div class="HeaderBanner__Heading"> <h1 class="hero2">Retirement planning: Investment strategies and income streams</h1> </div> <div class="HeaderBanner__Meta"> <p class="HeaderBanner__MetaPublishedDate"> 17 July 2024 </p> <p class="HeaderBanner__MetaReadingTime"> 11min </p> </div> </div> </div> </div> </div> </div> <div class="wrapper HeaderBanner__ImageWrapper"> <div class="aem-Grid aem-Grid--12"> <div class="aem-GridColumn aem-GridColumn--xs--12"> <div class="HeaderBanner__Image "> <img class="HeaderBanner__Image__Desktop " src="/content/dam/cfs-winged/images/header-banners-batch-2/tier2_wave_1.jpg" alt=""/> <img class="HeaderBanner__Image__Mobile" 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your retirement wealth can help you retire with financial freedom, security, and purpose. A strategic retirement plan which grows your wealth and diversifies your income streams can help guide you towards a comfortable retirement suited to your personal goals. Learn about different investment strategies, understand your current position with our retirement calculator, and learn ways to save money with tax benefits.  </h4> <h4 style=" text-align: center; "> </h4> </div> </div> </div> </div> </div> </div> </div> <div class="divider container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="divider-948fc05752" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-none container--padding-bottom-none container--padding-right-none container--padding-left-none container--row-spacing-sm container--gridGutters-on container--mobile-order-0 background--blue-6 "> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="spacer aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-1 "> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-b977304197" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-lg container--padding-bottom-md container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background-- "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="anchorlinks aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"> <div class="AnchorLinks" data-cmp-is="anchorLinks"> <div class="AnchorLinks__Container"> <div class="AnchorLinks__Content"> <h4 class="AnchorLinks__Heading">On this page</h4> <ul class="AnchorLinks__List"> <li class="AnchorLinks__Item"> <a href="#retirement-age" class="AnchorLinks__Link">What is the retirement age in Australia?</a> </li> <li class="AnchorLinks__Item"> <a href="#retirement-income" class="AnchorLinks__Link">What is a comfortable retirement income in Australia?</a> </li> <li class="AnchorLinks__Item"> <a href="#retirement-calc" class="AnchorLinks__Link">Retirement calculator </a> </li> <li class="AnchorLinks__Item"> <a href="#types" class="AnchorLinks__Link">How to plan for retirement with income streams?</a> </li> <li class="AnchorLinks__Item"> <a href="#pay-tax-on-your-retirement-income" class="AnchorLinks__Link">Do you pay tax on your retirement income? Are there any tax benefits? </a> </li> <li class="AnchorLinks__Item"> <a href="#diversify-your-retirement-income" class="AnchorLinks__Link">Should you diversify your retirement income? </a> </li> <li class="AnchorLinks__Item"> <a href="#retirement-checklist" class="AnchorLinks__Link">Retirement planning checklist for Australians </a> </li> <li class="AnchorLinks__Item"> <a href="#ready-for-retirement" class="AnchorLinks__Link">Are you ready for retirement? </a> </li> </ul> </div> </div> </div> </div> <div class="spacer aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-11 "> </div> </div> <div class="divider container responsivegrid aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div data-cmp-is="container" id="divider-5c1905680e" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-none container--padding-bottom-none container--padding-right-none container--padding-left-none container--row-spacing-sm container--gridGutters-on container--mobile-order-0 background--blue-6 "> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 aem-Grid--phone--12 "> <div class="spacer aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-1 "> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-e837b439b0" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-md container--padding-bottom-lg container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background-- "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="title aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="retirement-age" class="cmp-title"> <h3 class="cmp-title__text text--left colour-- h3">What is the retirement age in Australia?</h3> </div> </div> <div class="text aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="text-cc4e0f16c5" class="cmp-text"> <p>The age you retire in Australia is completely up to you, and can be driven by many factors.   </p> <p> </p> <p>But the age you retire from work might not be the same age that you’re eligible for the Age Pension, or other retirement benefits.   </p> <p> </p> <p>The age at which you can receive the government <a title="Age Pension eligibility" data-tracker-locationid="cfs | text1-agepension" href="https://www.cfs.com.au/personal/retirement/age-pension-guide.html">Age Pension</a> depends on your year of birth. See the chart below.   </p> <p> </p> </div> </div> <div class="tablerow aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <table class="TableRow"> <thead> <tr> <th style="width:50%" scope="col">Date of birth</th> <th style="width:50%" scope="col">Age Pension eligibility age</th> </tr> </thead> <tbody> <tr> <td data-label="Date of birth">From 1 January 1957</td> <td data-label="Age Pension eligibility age">67</td> </tr> <tr> <td data-label="Date of birth">1 July 1955 - 31 December 1956</td> <td data-label="Age Pension eligibility age">66.5</td> </tr> <tr> <td data-label="Date of birth">1 January 1954 - 30 June 1955</td> <td data-label="Age Pension eligibility age">66</td> </tr> <tr> <td data-label="Date of birth">1 July 1952 - 31 December 1953</td> <td data-label="Age Pension eligibility age">65.5</td> </tr> <tr> <td data-label="Date of birth">Before 1 July 1952</td> <td data-label="Age Pension eligibility age">65</td> </tr> </tbody> </table> </div> <div class="text aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="text-35634ff022" class="cmp-text"> <p> </p> <p>Tip: The age you can access your super and the age you'll be eligible for te Age Pension won't necessarily be the same. Generally, you can access your super savings first.</p> <p> </p> <p>Currently, the qualifying age for the Age Pension age is 67 years if you were born on, or after, January 1 1957.  </p> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-61dd5cf3e5" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-xs container--padding-bottom-xs container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background--grey-4 "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="imageandtext teaser aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"><div class="ImageAndText ImageAndText--position-image_left" id="imageandtext-ae1b16cce6"> <div class="ImageAndText__Container wrapper"> <figure class="ImageAndText__Image"> <img src="/content/dam/cfs-winged/images/pictograms/static-large/shares.svg"/> </figure> <div class="ImageAndText__Content"> <div class="ImageAndText__ContentInner rte"> <h4 class="h4"></h4> <h2 class="h2">Check your Age Pension eligibility</h2> <div class="p2"><p>The Retirement Essentials free Age Pension Eligibility Calculator can help you work out if you’re eligible for the Age Pension (or the Commonwealth Seniors Health Card), and how much you could receive. <br /> </p> <p> </p> <p>Retirement Essentials are experts in helping people apply for and retain the Age Pension. We’ve teamed up with them to help ease the process for you. You can start by using their free <a href="https://retirementessentials.com.au/partners/cfs/" title="Age Pension Eligibility Calculator">Age Pension Eligibility Calculator</a>.</p> <p> </p> <p>As a CFS member, you can also receive a 10% discount on selected Retirement Essentials services. These include lodging and managing your Age Pension or Commonwealth Seniors Health Card application. </p> </div> <div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-8bf05aa7af" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-lg container--padding-bottom-md container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background-- "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="title aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="retirement-income" class="cmp-title"> <h3 class="cmp-title__text text--left colour-- h3">What is a comfortable retirement income in Australia?</h3> </div> </div> <div class="text aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="text-d0de7afad1" class="cmp-text"> <p>The amount of retirement income you need to live comfortably will depend on what kind of lifestyle you’re hoping to enjoy, and how much income you’ll be earning in addition to your super savings.  <br /> </p> <p> </p> <p>While defining a comfortable retirement will be personal to you, the Association of Australian Superannuation Funds of Australia (ASFA) lays out clear benchmarks for the total income you’ll likely need for retirement, and how this total amount can impact your lifestyle.   </p> <p> </p> </div> </div> <div class="table aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div data-cmp-is="table" style=" --row-count: 3; --column-count: 4; --column-sizes: 1fr 1fr 1fr 1fr ; " class=" Table Table--mobileVariation-cellLabel Table--removeLeftInset-off Table--columnTitleStyle-styleThree Table--columnTitleMobileSizeOverride-off Table--columnAlignmentOverride-off Table--columnAlignmentOverrideAll-off Table--columnAlignmentOverrideTwoPlus-off Table--rowAlignmentOverride-off Table--rowAlignmentOverrideAll-off Table--rowAlternateColours-off Table--rowHideMobileRowUnderlines-off Table--rowHideLastRowUnderline-off Table--headingStyle-off "> <div class="Table__Table" role="table"> <div class="Table__TableHead" role="rowgroup"> <div class="Table__TableRow" role="row"> <div role="columnheader" style="--column: 0" class=" h6 Table__TableColumnHeader Table__TableCell Table__TableCell--columnAlignmentOverride-off "></div> <div role="columnheader" style="--column: 1" class=" h6 Table__TableColumnHeader Table__TableCell Table__TableCell--columnAlignmentOverride-off ">Comfortable lifestyle </div> <div role="columnheader" style="--column: 2" class=" h6 Table__TableColumnHeader Table__TableCell Table__TableCell--columnAlignmentOverride-off ">Modest lifestyle </div> <div role="columnheader" style="--column: 3" class=" h6 Table__TableColumnHeader Table__TableCell Table__TableCell--columnAlignmentOverride-off ">Maximum rate of Age Pension</div> </div> </div> <div class="Table__TableBody" role="rowgroup"> <div role="row" class=" Table__TableRow Table__TableRow--rowAlignmentOverride-off "> </div> <div role="row" class=" Table__TableRow Table__TableRow--rowAlignmentOverride-off "> <div role="rowheader" style=" --column: 0; --row: 1; " class=" Table__TableRowHeader Table__TableCell Table__TableCell--columnAlignmentOverride-off "> Single </div> <div role="cell" style=" --column: 1; --row: 1; " class=" Table__TableCellData Table__TableCell Table__TableCell--columnAlignmentOverride-off "> <div class="h6 Table__TableColumnHeader"> Comfortable lifestyle </div> <div class="h6 Table__TableRowHeader"> Single </div> <p>$52,085 a year </p> </div> <div role="cell" style=" --column: 2; --row: 1; " class=" Table__TableCellData Table__TableCell Table__TableCell--columnAlignmentOverride-off "> <div class="h6 Table__TableColumnHeader"> Modest lifestyle </div> <div class="h6 Table__TableRowHeader"> Single </div> <p>$33,134 a year </p> </div> <div role="cell" style=" --column: 3; --row: 1; " class=" Table__TableCellData Table__TableCell Table__TableCell--columnAlignmentOverride-off "> <div class="h6 Table__TableColumnHeader"> Maximum rate of Age Pension </div> <div class="h6 Table__TableRowHeader"> Single </div> <p>$29,754 a year </p> </div> </div> <div role="row" class=" Table__TableRow Table__TableRow--rowAlignmentOverride-off "> <div role="rowheader" style=" --column: 0; --row: 2; " class=" Table__TableRowHeader Table__TableCell Table__TableCell--columnAlignmentOverride-off "> Couple </div> <div role="cell" style=" --column: 1; --row: 2; " class=" Table__TableCellData Table__TableCell Table__TableCell--columnAlignmentOverride-off "> <div class="h6 Table__TableColumnHeader"> Comfortable lifestyle </div> <div class="h6 Table__TableRowHeader"> Couple </div> <p>$73,337 a year </p> </div> <div role="cell" style=" --column: 2; --row: 2; " class=" Table__TableCellData Table__TableCell Table__TableCell--columnAlignmentOverride-off "> <div class="h6 Table__TableColumnHeader"> Modest lifestyle </div> <div class="h6 Table__TableRowHeader"> Couple </div> <p>$47,731 a year </p> </div> <div role="cell" style=" --column: 3; --row: 2; " class=" Table__TableCellData Table__TableCell Table__TableCell--columnAlignmentOverride-off "> <div class="h6 Table__TableColumnHeader"> Maximum rate of Age Pension </div> <div class="h6 Table__TableRowHeader"> Couple </div> <p>$22,428 (each) a year </p> </div> </div> </div> </div> </div> </div> <div class="text aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="text-ce80d30ce3" class="cmp-text"> <p> </p> <p><i>Annual budgets for households and living standards for those aged 65-84 (June quarter 2024) </i></p> <p>Source: <a href="https://www.superannuation.asn.au/resources/retirement-standard">ASFA Retirement Standard</a></p> <p> </p> <p>A comfortable retirement means you can look forward to a broad range of leisure and recreational activities, with a good standard of living. ASFA guidelines suggest you’ll be able to purchase things like private health insurance, a reasonable car, good clothes, and a range of electronic devices. You should be able to enjoy domestic, and occasionally international holiday travel.  </p> </div> </div> <div class="spacer aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-11 "> </div> </div> <div class="divider container responsivegrid aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div data-cmp-is="container" id="divider-08dc521570" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-none container--padding-bottom-none container--padding-right-none container--padding-left-none container--row-spacing-sm container--gridGutters-on container--mobile-order-0 background--blue-6 "> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 aem-Grid--phone--12 "> <div class="spacer aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-1 "> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-f724c3c5da" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-md container--padding-bottom-lg container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background-- "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="title aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="retirement-calc" class="cmp-title"> <h3 class="cmp-title__text text--left colour-- h3">Retirement calculator  </h3> </div> </div> <div class="text aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="text-6adb9bf4f6" class="cmp-text"> <p>Our retirement calculator helps you estimate how much money you’ll need for the retirement lifestyle you want – and how much money you might have when you retire, based on your super savings and other assets. <br /> </p> <p> </p> <p>This calculator will also show you the impact of potential investments, fees, and voluntary contributions to your super and your retirement wealth.  </p> <p> </p> <p>Using the benchmarks for enjoying a ’comfortable’ or ’modest’ retirement, you’ll be able to pinpoint where you currently stand in relation to your retirement goals. This will provide insight on what you might want your investment portfolio to look like, and the financial roadmap needed to get there.  <br /> </p> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-acc26edbd6" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-xs container--padding-bottom-xs container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background--grey-4 "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="cardcentre card aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"> <link rel="stylesheet" href="/etc.clientlibs/cfs-winged/components/content/cardcentre/clientlibs.lc-088b11a9cc7185c85269e411428a1e63-lc.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/cfs-winged/common/content/card/clientlibs.lc-a228331d15086b99e0c9b81b0f7cf75f-lc.min.css" type="text/css"> <div data-cmp-is="cardPromo" class=" CardPromo CardPromo--layout-horizontal "> <div class="CardPromo__Container "> <div class="CardPromo__Image"> <img src="/content/dam/cfs-winged/images/object-image/30161-retirement-illustrations-0624-v01.png" alt="Retirement Calculator"/> </div> <div class="CardPromo__Content"> <h3 class="CardPromo__Heading"> <span x-cq-linkchecker="valid"> Retirement Calculator </span> </h3> <div class="CardPromo__ContentCopy"><p>Find out how much money you’ll need for the lifestyle you want when you retire.</p> </div> <div class="CardPromo__Buttons"> <div class="CardPromo__Button"> <a data-tracker-locationid="Calculate your retirement income" href="/retirement-calculator" data-theme="black" class=" Button Button--theme-black Button--type-solid "> <span class="Button__Label"> Calculate your retirement income </span> </a> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="types" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-lg container--padding-bottom-md container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background-- "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="title aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="title-e3b1cc0e17" class="cmp-title"> <h3 class="cmp-title__text text--left colour-- h3">How to plan for retirement with income streams?</h3> </div> </div> <div class="text aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="text-142c04f377" class="cmp-text"> <p>Some of the ways to grow or diversify retirement income include: <br /> </p> </div> </div> <div class="accordion aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div data-cmp-is="cfsAccordion" data-deeplinking="true" data-placeholder-text="false" class=" Accordion Accordion--heading-alignment-left Accordion--theme-light Accordion--style-plus_right "> <div class="Accordion__ItemList"> <div class="Accordion__Item"> <button class="Accordion__ItemHeader" id="-header" data-title="Government Age Pension"> <div class="Accordion__ItemHeaderIcon"> <i class="iconfont-chevron-up" aria-hidden="true"></i> <i class="iconfont-chevron-down" aria-hidden="true"></i> </div> <div class="Accordion__ItemHeaderTitle p2">Government Age Pension</div> </button> <div class="Accordion__ItemPanel" id="-panel" role="region" aria-labelledby="-header"> <div class="Accordion__ItemPanelWrapper"> <div class="Accordion__ItemPanelContent"> <p><a title="Age Pension" data-tracker-locationid="cfs | accordion1.1-theagepension" href="https://www.cfs.com.au/personal/retirement/age-pension-guide.html">The Age Pension</a> is a regular fortnightly payment from the Australian Government. Eligibility is determined by your age, residency status, and financial situation. </p> </div> </div> </div> </div> <div class="Accordion__Item"> <button class="Accordion__ItemHeader" id="-header" data-title="Super"> <div class="Accordion__ItemHeaderIcon"> <i class="iconfont-chevron-up" aria-hidden="true"></i> <i class="iconfont-chevron-down" aria-hidden="true"></i> </div> <div class="Accordion__ItemHeaderTitle p2">Super</div> </button> <div class="Accordion__ItemPanel" id="-panel" role="region" aria-labelledby="-header"> <div class="Accordion__ItemPanelWrapper"> <div class="Accordion__ItemPanelContent"> <p> </p> <p><a data-tracker-locationid="cfs | accordion1.2-superisawayofsavingforretirement" href="https://www.cfs.com.au/super/understanding-superannuation.html">Super is a way of saving for retirement.</a> Employers are required to contribute to super throughout your time in the workforce, but super typically can’t be accessed until later in life.  Super savings can be boosted with voluntary contributions or salary sacrifice. <br /> </p> </div> </div> </div> </div> <div class="Accordion__Item"> <button class="Accordion__ItemHeader" id="-header" data-title="Account-based or allocated pension  "> <div class="Accordion__ItemHeaderIcon"> <i class="iconfont-chevron-up" aria-hidden="true"></i> <i class="iconfont-chevron-down" aria-hidden="true"></i> </div> <div class="Accordion__ItemHeaderTitle p2">Account-based or allocated pension  </div> </button> <div class="Accordion__ItemPanel" id="-panel" role="region" aria-labelledby="-header"> <div class="Accordion__ItemPanelWrapper"> <div class="Accordion__ItemPanelContent"> <p>An <a data-tracker-locationid="cfs | accordion1.3-accountbasedpension" href="https://www.cfs.com.au/personal/retirement/account-based-pension.html">account-based pension</a> is a regular income stream from your super savings when you retire. They’re quite flexible and tax-effective, allowing you to structure the payments as they suit you.</p> </div> </div> </div> </div> <div class="Accordion__Item"> <button class="Accordion__ItemHeader" id="-header" data-title="Transition to retirement income stream  "> <div class="Accordion__ItemHeaderIcon"> <i class="iconfont-chevron-up" aria-hidden="true"></i> <i class="iconfont-chevron-down" aria-hidden="true"></i> </div> <div class="Accordion__ItemHeaderTitle p2">Transition to retirement income stream  </div> </button> <div class="Accordion__ItemPanel" id="-panel" role="region" aria-labelledby="-header"> <div class="Accordion__ItemPanelWrapper"> <div class="Accordion__ItemPanelContent"> <p>If you’re approaching retirement and want to reduce the hours you work without stopping completely, a <a data-tracker-locationid="cfs | accordion1.4-transitiontoretirementttrincomestream" href="https://www.cfs.com.au/personal/retirement/products/transition-to-retirement.html">transition to retirement (TTR) income stream</a> might suit you. Once you’ve reached preservation age, you can set up a TTR income stream using your super savings while you’re still working.</p> </div> </div> </div> </div> <div class="Accordion__Item"> <button class="Accordion__ItemHeader" id="-header" data-title="Dividends through stocks or ETFs"> <div class="Accordion__ItemHeaderIcon"> <i class="iconfont-chevron-up" aria-hidden="true"></i> <i class="iconfont-chevron-down" aria-hidden="true"></i> </div> <div class="Accordion__ItemHeaderTitle p2">Dividends through stocks or ETFs</div> </button> <div class="Accordion__ItemPanel" id="-panel" role="region" aria-labelledby="-header"> <div class="Accordion__ItemPanelWrapper"> <div class="Accordion__ItemPanelContent"> <p>Dividend stocks are shares that pay regular dividends to shareholders. <a title="ETFs" data-tracker-locationid="cfs | accordion1.5-exchangetradedfundsetfs" href="https://www.cfs.com.au/investment/ETFs.html">Exchange traded funds (ETFs)</a> are low-cost, managed funds that can be bought or sold on an exchange – for example, the ASX.</p> </div> </div> </div> </div> <div class="Accordion__Item"> <button class="Accordion__ItemHeader" id="-header" data-title="Real estate  "> <div class="Accordion__ItemHeaderIcon"> <i class="iconfont-chevron-up" aria-hidden="true"></i> <i class="iconfont-chevron-down" aria-hidden="true"></i> </div> <div class="Accordion__ItemHeaderTitle p2">Real estate  </div> </button> <div class="Accordion__ItemPanel" id="-panel" role="region" aria-labelledby="-header"> <div class="Accordion__ItemPanelWrapper"> <div class="Accordion__ItemPanelContent"> <p>Living off a property’s rental income is an appealing idea, but it’s often an expensive, longer-term investment.   </p> <p>For real estate investors, rental income will continue while holding onto the property. The potential long-term capital growth is a drawcard for many investors.</p> </div> </div> </div> </div> <div class="Accordion__Item"> <button class="Accordion__ItemHeader" id="-header" data-title="Other investments"> <div class="Accordion__ItemHeaderIcon"> <i class="iconfont-chevron-up" aria-hidden="true"></i> <i class="iconfont-chevron-down" aria-hidden="true"></i> </div> <div class="Accordion__ItemHeaderTitle p2">Other investments</div> </button> <div class="Accordion__ItemPanel" id="-panel" role="region" aria-labelledby="-header"> <div class="Accordion__ItemPanelWrapper"> <div class="Accordion__ItemPanelContent"> <p>Popular retirement income choices include different types of super-income streams (like the ones mentioned above), index funds, term deposit interest, share dividends, and unit trust or managed funds.</p> </div> </div> </div> </div> </div> </div> </div> <div class="spacer aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-11 "> </div> </div> <div class="divider container responsivegrid aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div data-cmp-is="container" id="divider-f3edf91a7d" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-none container--padding-bottom-none container--padding-right-none container--padding-left-none container--row-spacing-sm container--gridGutters-on container--mobile-order-0 background--blue-6 "> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 aem-Grid--phone--12 "> <div class="spacer aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-1 "> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-7104b9b49c" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-md container--padding-bottom-md container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background-- "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="title aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="pay-tax-on-your-retirement-income" class="cmp-title"> <h3 class="cmp-title__text text--left colour-- h3">Do you pay tax on your retirement income? Are there any tax benefits? </h3> </div> </div> <div class="text aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="text-7dc993283c" class="cmp-text"> <p>Pension payments, like the ones you would receive with an <a title="account-based pension" href="https://www.cfs.com.au/personal/retirement/account-based-pension.html">account-based pension</a> or <a title="transition to retirement" href="https://www.cfs.com.au/personal/retirement/transition-to-retirement.html">transition to retirement (TTR<u>)</u> income stream</a>, are tax-free after age 60. Any withdrawals from your super account are also tax-free after 60.   </p> <p> </p> <p>You should consider the tax you pay on both the payments you receive, and your investment earnings.</p> <p> </p> <p>Investment earnings in your super account are generally taxed at 15%, but once you retire and open an account-based pension, the earnings are tax free. </p> <p> </p> <p>If you have reached Age Pension age, you might also be eligible for the seniors and pensioners tax offset (SAPTO), which can allow you to earn more income but reduce the tax you pay.  </p> <p> </p> <p>In some cases, SAPTO may reduce your tax to zero, and you may not have to lodge a tax return.  </p> <p> </p> <p>However, you’ll need to meet certain conditions:  </p> <ul><li>Your eligibility for an <a title="Age Pension Eligibility" href="https://www.cfs.com.au/personal/retirement/age-pension-guide.html" target="_blank" data-tracker-locationid="cfs | text1-australiangovernmentpension" rel="noopener noreferrer">Australian Government pension</a> or allowance.</li><li>Your and your spouse's income. </li></ul> <p>For detailed information about SAPTO, visit the <a href="https://www.ato.gov.au/Individuals/Income-and-deductions/Offsets-and-rebates/Seniors-and-pensioners-tax-offset/" target="_blank" data-tracker-locationid="cfs | text1-australiantaxoffice" rel="noopener noreferrer">Australian Tax Office</a> website.  </p> <p> </p> <p>All other forms of retirement income, including your employment income and other investments, will be assessed for tax purposes. </p> </div> </div> <div class="spacer aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-11 "> </div> </div> <div class="divider container responsivegrid aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div data-cmp-is="container" id="divider-ce8984e489" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-none container--padding-bottom-none container--padding-right-none container--padding-left-none container--row-spacing-sm container--gridGutters-on container--mobile-order-0 background--blue-6 "> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 aem-Grid--phone--12 "> <div class="spacer aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-1 "> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-df68cce85e" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-md container--padding-bottom-md container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background-- "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="title aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="diversify-your-retirement-income" class="cmp-title"> <h3 class="cmp-title__text text--left colour-- h3">Should you diversify your retirement income?  </h3> </div> </div> <div class="text aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="text-dc50d0e786" class="cmp-text"> <p>Diversification can be a great strategy to reduce risk. By spreading your investment across multiple assets, you’ll reduce your risk exposure to each one. This way if one part of your portfolio underperforms, you may still lean on the other investments.  <br /> </p> <p> </p> <p>You should also consider rebalancing your investments as your goals and risk tolerance change over time.  </p> <p> </p> <p>In addition to diversifying your income, starting to invest earlier in life is a good way to build your retirement wealth. This makes the most of investment streams like super which compound over time. </p> <p> </p> <p>The key is to strike the right balance between growth and risk and choose an investment (or investments) to match. You also need to <a title="taxes in retirement" data-tracker-locationid="cfs | text1-consideranypotentialtaximpact" href="https://www.cfs.com.au/retirement/taxation-in-retirement.html">consider any potential tax impact.  </a></p> </div> </div> <div class="spacer aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-11 "> </div> </div> <div class="divider container responsivegrid aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div data-cmp-is="container" id="divider-3abde2a291" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-none container--padding-bottom-none container--padding-right-none container--padding-left-none container--row-spacing-sm container--gridGutters-on container--mobile-order-0 background--blue-6 "> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 aem-Grid--phone--12 "> <div class="spacer aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-1 "> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-f30a56cbae" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-md container--padding-bottom-md container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background-- "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="title aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="retirement-checklist" class="cmp-title"> <h3 class="cmp-title__text text--left colour-- h3">Retirement planning checklist for Australians  </h3> </div> </div> <div class="taskstepper tabs panelcontainer aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div class="cmp-tabs" data-placeholder-text="false"> <div class="TaskStepper TaskStepper--headingSize-h1"> <div class="TaskStepper__Heading"> <h2 class="h2"></h2> </div> <ol class="TaskStepper__Container"> <li class="TaskStepper__Item"> <h3 class="TaskStepper__ItemTitle h1"> <div class="TaskStepper__ItemCounter"></div> <span>Evaluate your current situation </span> </h3> <div class="TaskStepper__ItemContent p2"> <div class="tabCordion--entry-container"><div class="text tabCordion--entry-content"> <div id="text-16c6cfe2af" class="cmp-text"> <p>Use our retirement calculator to learn how much money you might have access to when you retire.  </p> <p> </p> <p>Consider all your retirement income streams, including your super, employment, and other investments.  <br /> </p> <p> </p> <p>Also consider whether you have any outstanding debts, or multiple super accounts. Multiple super accounts will cost you more in fees and affect your retirement savings, so you should consider <a title="consolidate super" data-tracker-locationid="cfs | text1-consolidatingyoursuper" href="https://www.cfs.com.au/super/consolidate-your-super.html">consolidating your super. </a></p> </div> </div> </div> </div> </li> <li class="TaskStepper__Item"> <h3 class="TaskStepper__ItemTitle h1"> <div class="TaskStepper__ItemCounter"></div> <span>Decide what kind of retirement you want </span> </h3> <div class="TaskStepper__ItemContent p2"> <div class="tabCordion--entry-container"><div class="text tabCordion--entry-content"> <div id="text-fbccc8bf2c" class="cmp-text"> <p>Do you want a modest retirement, a comfortable retirement, or do you want to enjoy even more freedom? </p> <p>You can use the ASFA guidelines to give you an idea of what lifestyle you can aim towards with your savings.  <br /> </p> <p> </p> <p>Once you have a clear idea of your retirement goals, you can determine how much you need to earn to get you there.  </p> </div> </div> </div> </div> </li> <li class="TaskStepper__Item"> <h3 class="TaskStepper__ItemTitle h1"> <div class="TaskStepper__ItemCounter"></div> <span>Make a plan </span> </h3> <div class="TaskStepper__ItemContent p2"> <div class="tabCordion--entry-container"><div class="text tabCordion--entry-content"> <div id="text-b37a7a3bb1" class="cmp-text"> <p>If you’re not on track to meet your goals, there are several things you can do to boost your retirement wealth. For example, <a title="Super contributions" data-tracker-locationid="cfs | text3-toppingupyoursupersavings" href="https://www.cfs.com.au/super/super-contributions.html">topping up your super savings</a>. This can be an effective way to get you closer to your goals.  </p> <p> </p> <p>Making voluntary contributions to your super, or setting up salary sacrifice, are two ways to build up your super savings.   </p> <p> </p> <p>Working part-time is another option. But if you’re eligible for the Age Pension, you’ll need to consider how much you’d like to earn working part-time.  </p> <p> </p> <p>If you own property, or have other investments like shares, you need to consider whether to keep or sell them.  </p> <p> </p> <p>You’ll also need to think about the tax impact of these decisions, and how it might affect your eligibility for other benefits.  </p> </div> </div> </div> </div> </li> <li class="TaskStepper__Item"> <h3 class="TaskStepper__ItemTitle h1"> <div class="TaskStepper__ItemCounter"></div> <span>Set up income streams </span> </h3> <div class="TaskStepper__ItemContent p2"> <div class="tabCordion--entry-container"><div class="text tabCordion--entry-content"> <div id="text-7d3fc2e516" class="cmp-text"> <p>Even if you’ve accumulated a large amount of super over the years, you need to think about the most cost-effective way to access it.  </p> <p> </p> <p>Setting up an income stream, for example through an account-based pension, can be more tax-effective than simply withdrawing lump sums and provides a reliable, ongoing payment structure.  </p> <p> </p> <p>You’ll also want to understand what government benefits you might be able to get – for example <a title="Age Pension" data-tracker-locationid="cfs | text4-theagepensionorotherpensionerconcessions" href="https://www.cfs.com.au/personal/retirement/age-pension-guide.html">the Age Pension, or other pensioner concessions. </a></p> </div> </div> </div> </div> </li> <li class="TaskStepper__Item"> <h3 class="TaskStepper__ItemTitle h1"> <div class="TaskStepper__ItemCounter"></div> <span>Organise your insurance cover </span> </h3> <div class="TaskStepper__ItemContent p2"> <div class="tabCordion--entry-container"><div class="text tabCordion--entry-content"> <div id="text-cc9a3b2d6e" class="cmp-text"> <p>When you originally opened your super account, insurance might’ve been added automatically. It could also have been arranged outside of your super.  </p> <p>   </p> <p>Typically, this could be Death cover; or Death & Total and Permanent Disablement (TPD) cover. There’s Income Protection, known as Salary Continuance Insurance (SCI) cover.  </p> <p>   </p> <p>It’s important to review your level of insurance as your circumstances change. For example, you might get married or divorced. Keeping your insurance updated could make a big difference to you and your loved ones.  </p> </div> </div> </div> </div> </li> <li class="TaskStepper__Item"> <h3 class="TaskStepper__ItemTitle h1"> <div class="TaskStepper__ItemCounter"></div> <span>Nominate beneficiaries </span> </h3> <div class="TaskStepper__ItemContent p2"> <div class="tabCordion--entry-container"><div class="text tabCordion--entry-content"> <div id="text-2019eb142b" class="cmp-text"> <p>To ensure your money goes to your loved ones in the event of your death, you can <a title="nominate a beneficiary" data-tracker-locationid="cfs | text6-nominatesomeonetoreceiveyoursuper" href="https://www.cfs.com.au/retirement/nominate-a-beneficiary.html">nominate someone to receive your super.   </a></p> <p>   </p> <p>However, there are various conditions which apply, as well as tax implications. You should consider these to make an informed decision.</p> </div> </div> </div> </div> </li> <li class="TaskStepper__Item"> <h3 class="TaskStepper__ItemTitle h1"> <div class="TaskStepper__ItemCounter"></div> <span>Action Your Plan </span> </h3> <div class="TaskStepper__ItemContent p2"> <div class="tabCordion--entry-container"><div class="text tabCordion--entry-content"> <div id="text-7549b04cb6" class="cmp-text"> <p>Do you need to consolidate your super accounts? Set up an income stream for your super savings? Pay off existing debts? Update your insurance cover?  </p> <p>  </p> <p>Once your goal is clear, and your plan is in place, you need to action it.  <br /> <br /> We have a variety of <a title="Advice options" href="https://www.cfs.com.au/content/cfs-winged/au/en/personal/tools-resources/advice-options.html">advice services</a> tailored to our members. Whether you're looking for something specific or need help figuring out what suits you best, we're here to guide you based on your unique needs and the complexity of your situation. <a title="Guidance consultation" data-tracker-locationid="cfs | text7-speaktoourguidanceconsultants" href="https://www.cfs.com.au/personal/campaigns/appointment.html">Speak to our guidance consultants</a> for help putting your plan to action.<br /> .</p> </div> </div> </div> </div> </li> </ol> </div> </div> </div> <div class="spacer aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-11 "> </div> </div> <div class="divider container responsivegrid aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div data-cmp-is="container" id="divider-305cd644d0" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-none container--padding-bottom-none container--padding-right-none container--padding-left-none container--row-spacing-sm container--gridGutters-on container--mobile-order-0 background--blue-6 "> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 aem-Grid--phone--12 "> <div class="spacer aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div data-cmp-is="spacer" style=" --custom-xs: px; --custom-sm: px; --custom-md: px; --custom-lg: px; --custom-xl: px; " class=" Spacer Spacer--type-manual Spacer--preset-md Spacer--direction-vertical Spacer--size-xs-inherit Spacer--size-sm-inherit Spacer--size-md-inherit Spacer--size-lg-inherit Spacer--size-xl-1 "> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="container-5aca06d534" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-md container--padding-bottom-lg container--padding-right-none container--padding-left-none container--row-spacing-xs container--gridGutters-on container--mobile-order-0 background-- "> <div class="margin"> <div class="wrapper"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="title aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="ready-for-retirement" class="cmp-title"> <h3 class="cmp-title__text text--left colour-- h3">Are you ready for retirement?  </h3> </div> </div> <div class="text aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0"> <div id="text-86dd2ea24f" class="cmp-text"> <p>Making the most of your retirement wealth, so you can enjoy a retirement lifestyle suited to your personal goals, can be tricky.  <br /> </p> <p> </p> <p> If you have questions about your retirement plan, you can call us on 13 13 36 or book in for a free conversation with one of our guidance consultants. They can help you understand if you’re on track towards your dream retirement, discuss super boosting strategies, and provide general financial advice.<br /> </p> <p>We can also recommend <a title="Financial advice options" data-tracker-locationid="cfs | text1-morecomprehensivefinancialadviceoptions" href="https://www.cfs.com.au/personal/tools-resources/advice-options.html">more comprehensive financial advice options</a>, if that’s what you need. </p> </div> </div> </div> </div> </div> </div> </div> <div class="divider container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-is="container" id="divider-6dbef664b9" data-overlap-top="0" data-overlap-bottom="0" class=" container container--padding-top-none container--padding-bottom-none container--padding-right-none container--padding-left-none container--row-spacing-sm container--gridGutters-on container--mobile-order-0 background--blue-6 "> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div 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