How to build the kind of lifestyle you want in retirement
Strategies to put you in control of your super and help your savings last longer in retirement.
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Choosing how to manage your super when you finish work is an important decision, as different actions may have greater financial benefits.
Read on to learn more about your income options and what difference an account-based pension could make.
Stay in control of your super with AustralianSuper’s award-winning1 account-based pension.
If you've already retired or ready to retire, a Choice Income account can help you control how long your savings will last in retirement. Choice Income lets you:
Turn your super into a regular income.
Control how and when you’re paid.
Access extra money when you need.
Keep your balance invested to help it last longer.
So, how does it work?
- Your Choice Income account starts when you transfer your super over, and your payment and investment options are set up.
Positive investment returns add to your balance; your income payments, fees, and any negative returns reduce it.
Staying invested with AustralianSuper in retirement can help your super savings last longer.
Enjoy tax savings. A Choice Income account may help reduce the amount of tax you pay on your retirement savings.
Your investments are tax-free.
Once you’ve turned 60, you won’t pay tax on your income payments. Before you turn 60, you may receive a 15% offset for the tax you pay on your income payments.
Key points
- You’ve worked hard for your super. Stay in control with AustralianSuper’s award-winning account-based pension1.
- Enjoy the flexibility and freedom of working less with a Transition to Retirement (TTR) Income account that allows you reduce your working hours2.
- AustralianSuper has been awarded the most trusted super fund 11 years running1.
Enjoy the flexibility and freedom of working less with an AustralianSuper TTR Income account2 that gives you the flexibility to continue working but reduce your working hours.
A transition to retirement (TTR) strategy lets you access some of your super while you’re still working and when you’ve reached preservation age.
To do this, you need a super account and a TTR Income account. Here’s how the TTR can work:
If you are 60 or over, your income payments are generally tax free.
Use your TTR Income payments to top up your take-home pay, so you can work less or save more.
Continue to grow your super because you’re still working.
It’s important to consider things which may be important to you with a super fund, so whatever your journey, you can make the most of your super.
- AustralianSuper is a top performing fund. The Balanced option for Choice Income accounts has delivered an average return of 8.47% each year over the last 10 years to 31 October 20233.
It’s important to consider things which may be important to you with a super fund, so whatever your journey, you can make the most of your super.
AustralianSuper has consistently provided low admin fees4 for members. Super is your money, and it’s important to invest in ways to help it grow.
As Australia’s largest super fund, managing more than $300 billion with over 3.2 million members5, AustralianSuper is ranked as one of the top 20 largest pension funds globally6.
1a AustralianSuper received the Canstar Outstanding Value Award – Superannuation in 2011 - 2023, and Outstanding Value Award – Account Based Pension in 2018 - 2023. Awards and ratings are only one factor to be taken into account when choosing a super fund (https://www.canstar.com.au/sta...)
1b Readers Digest Most Trusted Brands – Superannuation category winner for eleven years’ running 2013–2023, according to research conducted by independent research agency Catalyst Research. Awards and ratings are only one factor to be taken into account when choosing a super fund.
2 Transition to Retirement (TTR) can be complex and isn’t suited to everyone. It’s a good idea to get financial advice before deciding if a TTR Income account is right for you.
3 AustralianSuper Balanced investment option compared to the SuperRatings Fund Crediting Rate Survey - SR50 Balanced (60–76) Index and SRP50 Balanced (60–76) Index to 31 October 2023. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns. Returns from equivalent investment options of the ARF and STA super funds are used for periods before 1 July 2006.
4 Zenith CW Pty Ltd (Chant West) (ABN 20 639 121 403). Chant West Super Fund Fee Survey June 2023. Survey compares administration fees and costs for MySuper products for a $50,000 balance. Other investment fees and costs also apply. Fees may change in the future which may affect the outcome of this comparison.
5 AustralianSuper has over 3.2 million members and manages over $300 billion in member assets as at 30 September 2023.
6 Thinking Ahead Institute, Willis Towers Watson, Global top 300 pension funds, September 2023.
This article may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD. Sponsored by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898"
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