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Planning retirement

Education HUB article

10 minute read

Start planning today

You may have an idea of what you want to do once you retire from the workforce. Have you thought about how much income you will need to fund this?

Whatever your goal, we are here to help you reach it. No matter what your financial situation is today. A little planning today, can make a big difference to what your life will look like financially when you retire.


So where do you start?

Below are some tips to get you on your way. Generally, it involves assessing your current financial position and then making a long-term financial plan to prepare you for life post working.  If you need some extra help, you can request a call back from one of our wealth specialists.

1. Work out when you want to retire

You may want to wait until you can access the Aged Pension. You may want to retire earlier and access your super if eligible as a lump sum or as an income stream

2. What does retirement look like for you?

Is it meeting up with friends for lunch every week or do you have plans to travel, renovate your home or buy a new car? It’s helpful to think about what annual income you’ll need to maintain the type of lifestyle you want.
The below table from AFSA (The Association of Superannuation Funds of Australia Ltd) shows the budgets per annum for various households and living standards for those aged around 65 (March quarter 2020, national)

  Modest lifestyle Comfortable lifestyle
Single $28,220 $40,719
Couple $44,183 $62,435

3. Are you on track to reach your goal?

How much super do you have and how much income can it pay you in retirement? Our retirement gap calculator can help you work out how much super you are likely to have when you retire. Will you have other sources of income at retirement such as an investment property or other investments? Maybe your plan is to downsize the house?
It’s also important to include a review of your debts and whether you will be able to pay them off prior to retirement. 

4. Put a plan into action

If there are gaps between what you are likely to have in retirement vs how much you will need, create a plan. Can you make extra repayments to your super. Can you repay your debts earlier? If you have extra money, can this be invested?


Retirement planning can seem daunting, but it doesn’t have to be. We are here to help. If you would like to discuss your retirement planning needs with a wealth specialist, click here. Someone will contact you within 48 hours to talk you through some options.

You may want to consider speaking to a financial planner. They may help you to maximise your retirement income, by providing expert help with investment, cash flow and tax advice. 

A Wealth specialist can help guide you. Make an enquiry today. 

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Sandhurst Trustees Limited ABN 16 004 030 737 AFSL 237906 (Sandhurst) is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879. Each of these companies receive remuneration on the issue of the product or service they provide. Sandhurst is the responsible entity and issuer of the managed funds available on this website, and is also the trustee and issuer of the Bendigo superannuation products. Investments in these products are not deposits with, guaranteed by, or liabilities of Bendigo and Adelaide Bank and are subject to normal investment risk, including possible delays in repayment and loss of income and capital invested. Before making an investment decision in relation to one of these products you should consider your situation and read the relevant Product Disclosure Statement available on this site.

Sandhurst is the issuer of the commercial lending products and the provider of any traditional trustee services available on this website. The Bendigo Funeral Bond (“the Bond”) is an investment product issued by Australian Friendly Society Limited (“the Society”), ABN 29 087 648 851 AFSL 247028, with benefits provided by the Society’s Funeral Benefit Fund established under Schedule 1, Rule E of its constitution and administered by Sandhurst. The Travel Protection Plan is issued by AIA Australia Limited ABN 79 004 837 861 AFSL 230043. The Society is associated with the Bank and its related entities. Neither the Bank nor any of its related entities guarantee the repayment of capital invested or the investment performance of the Bond. Information is correct at the date of this document and is subject to change.

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