If you are considering transitioning to retirement, it is important to seek professional advice before making any decisions. There are a number of resources available to help you start planning and considering your options.
Centrelink's Age pension and planning your retirement page is a good place to start.
The Australian Tax Office also has information on tax implications of withdrawing your superannuation.
The Department of Veterans' Affairs provides support to current and former serving members and their families through a range of benefits (including ongoing or one off payments). For more information see their Income Support page.
Getting financial advice
If you are considering retiring you may want to consider seeking financial advice.
Your Super Fund can provide factual information, including:
- Investment options within your current fund
- Saving for retirement
- How to make extra contributions to your current fund
- Consolidating multiple super funds
- Insurance options with your current fund.
The Australian Government’s Money Smart website has a wide range of useful tools if you are considering retiring. Their superannuation and retirement page provides retirement budgeting information, superannuation calculators and a retirement income planner.
Money Smart also has information about choosing a financial advisor and financial advice costs.
Centrelink’s Financial Information Service run seminars aimed at people nearing retirement and retirees who want to understand their pension and the options they have. To find out about the seminars including how to book, visit the Financial Information Service page.
You can also speak to a Centrelink Financial Information Service officer who can show you how to make informed financial decisions, help you understand the consequences of those decisions and help you take control of your finances so that you can actively plan for your retirement. Talk to a Centrelink Financial Information Service officer by calling 132 300. If your situation is more complex than can be dealt with by phone, the officer can organise a face-to-face appointment for you.
Consolidating your superannuation
The Australian Taxation Office offers a service that allows you to search for lost superannuation entitlements.
You can also find money in lost bank accounts, shares and life insurance policies through the Money Smart website.