Planning your retirement

Plan for the future so you can enjoy today, tomorrow and your retirement

How much will I need?

How much money you’ll need in retirement depends on what kind of lifestyle you want when you finish working.

Each year the Association of Superannuation Funds of Australia (ASFA) Retirement Standard sets a benchmark for the annual budget Australians need to live a comfortable or modest standard of living in their retirement.

  • A modest retirement lifestyle is considered better than the Age Pension but still restricted to fairly basic activities.
  • A comfortable retirement lifestyle allows a healthy retiree to be involved in a broad range of leisure and recreational activities and have a better standard of living.

Find out ASFA's most recent annual amounts needed for the lifestyle you want in retirement.

ASFA retirement standards

Retirement modeller

Our interactive retirement modeller helps you work out whether you have enough super for the age you want to retire.

Choose between different investment options, and see the impact of contributing to your super, retiring later or earlier, or continuing work part-time can make.

Try our modeller

Account options for your retirement

Whether you want to gradually ease into retirement or have a date in mind where you want to finish working completely, we have account options to help you achieve a seamless transition into retirement.

If you’re still working and have reached your preservation age, you can choose to access your super with a Pre-Retirement Pension. This is a great option if you want to slow down your working routine, possibly work less hours, and you can access your super to supplement your income.

If you're ready to stop working and have reached your preservation age, you can manage your income in retirement with a Pension account.

Preservation age table

Date of birth

 Preservation age
Before 1 July 1960 55
1 July 1960 - 30 June 1961 56
1 July 1961 - 30 June 1962 57
1 July 1962 - 30 June 1963 58
1 July 1963 - 30 June 1964 59
From 1 July 1964  60

Which account is right for me?

Our Pension accounts give you a tax effective income and you still maintain control over how your money is invested. 

These accounts are great if you want:

  • flexibility to choose how often and the amount you receive in your pension payments
  • the choice of a wide range of investment options
  • competitive fees
  • a fund where profits are returned to members.

Pre-Retirement Pension

This account gives you the flexibility to work less as you head towards retirement.

Learn more

Pension account

Our pension account is designed to give you financial peace of mind in your retirement.

Learn more

Need help getting the best outcome with your super?

As a MyLife MySuper member you can get professional advice from our fully qualified financial planners. We can help you:

  • Understand age pensions and other Centrelink issues
  • Maximise your super with tax effective strategies
  • Check you’re on track for your lifestyle, financial and retirement goals
More about advice