Make your super last the distance

What sort of life do you want?

For a start, you need to decide what a ‘good lifestyle’ in retirement looks like for you. For some it’s cruising around the world, others prefer a caravan and the open road, perhaps it’s perfecting your golf swing, spending more time with the grand kids, or simply pottering in the garden at home. Of course, each scenario requires a different level of income.

The Association of Superannuation Funds of Australia have an indicative Retirement Standard of how much you will need to fund a ‘comfortable’ lifestyle in retirement. They say single people will need $545,000 and couples will need $640,000 in super when they retire.¹ That will deliver an annual income of around $43,200 and $60,843 respectively¹, so you can enjoy such things as private health insurance, some domestic and overseas travel, entertainment and restaurant dining, good quality clothing and household goods.

How can you make the most of what you’ve got?

No matter how much super you actually have, there are things that you can do to make the most of it. Many people have a number of different jobs over their working life, and as a result may have opened multiple super accounts along the way. Each account may have an administration fee and the more accounts you have, the more fees you will pay. Plus, there could be insurance premiums being deducted from each account. You can quickly find and consolidate any lost super you have using the live super search tool in Members Online³. You’ll save on fees and having all your super in one place makes it easier to manage.

You should check any relevant exit fees you may incur, or any insurance arrangements that may be forfeited, or any other effects this transfer may have on your benefits, before rolling your money into our fund.

Consider all your options

If you are over your preservation age and have permanently retired, you could explore the benefits of an ESSSuper Retirement Income Stream that is like your own personal pension. There is no income tax on the payments you receive, you can decide how the funds are invested and there is no tax on the investment earnings. It’s a popular alternative to taking your super as a lump sum, as it can make your super last longer.⁴

Get good information and advice

If you want more information about your options with ESSSuper, you can always make an appointment with one of our experienced Member Education Consultants. They can answer even the most complex questions about your super and give you general advice about our products and options. If you want personal advice about your l financial situation, including investments outside of super, we also offer a financial planning service. An ESSSuper Adviser⁵ can take a look at your overall financial position and help you plan the best way to achieve your financial goals.