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.
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.
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.
Date of birth
|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.
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