Plan retirement

Most of us simply want to maintain our current lifestyle and income into and throughout retirement. How can we do this? Start by thinking about some important questions:

  • How much income do I need to live on?
  • How long must it last?
  • Will I have enough money?
  • How can I maximise my final retirement benefit?

Am I on track?

To check if you’re on track with your retirement planning, ask yourself:

  • What do I want to do in retirement? How often do I want to eat out? Do I want to travel? What interests and hobbies do I want to pursue?
  • Where do I want to live?
  • Will I need a car? 
  • Will I still have debts to cover?
  • Should I consolidate my super?
  • When do I want to retire? And when can I retire based on my required income level, savings and entitlements, and my expected life expectancy?
  • How much am I actually going to get from MilitarySuper? Will it be enough? If needed, what adjustments to my contributions can I afford to make now?
  • Which is the best way for me to take my final benefit? Should I seek professional financial advice to help make the right decision for my needs?
  • Should I have a medical check-up?
  • Do I want to reduce my work hours or continue to work full time?

Can I retire now?

  • Do I have any outstanding debts?
  • How much super will I get if I stop work now?
  • Do I want to continue working full-time or will my employer reduce my hours so I can phase in to retirement?
  • Do I understand my potential tax and social security implications?
  • What does my spouse want to do?
  • What retirement income will my spouse have?