Retirement, pensions and superannuation
Help secure your future by planning for your retirement. Seek expert advice, work out how much money/income you need to retire comfortably and see what government assistance, including a pension, you might be entitled to.
A step-by-step retirement guide is available from the Australian Securities and Investment Commission (ASIC) and includes the following:
The Australian Government provides information on retirement planning, payments and services to help with living costs. Free Financial Information Service seminars provide information about preparing for retirement, understanding your pension and living in retirement. You can use this free and independent service even if you're not getting a Centrelink payment:
- phone Centrelink's financial information service on 13 23 00, or visit your nearest Centrelink Service Centre
- for information in other languages phone 13 12 02.
Unplanned or postponed retirement
Centrelink can give you advice, information and services if you are retrenched, whether you're seeking new work or planning an early retirement.
Centrelink can also advise you about postponing your retirement and continuing to work after retirement age. The Work Bonus is an incentive for pensioners to remain in the workforce past age pension age by increasing the amount you can earn before your pension is reduced.
Advice about payments, services and concessions you may be entitled to after retirement can be found on the Centrelink website. If you are already registered with Centrelink, you can visit their website to:
- send a message or get online account help
- sign into your Centrelink online account or create an online account.
Superannuation funds are savings schemes designed to provide you with an income when you retire.
It is important to understand how superannuation works, what types there are, the rules for employer and personal contributions and how to maximise super when you retire.