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Superannuation and retirement planning information

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Home / In retirement / Income in retirement

Income in retirement

In Australia there are 3 main pillars of the retirement income system.

  • The Age Pension
  • Compulsory superannuation (through the Superannuation Guarantee)
  • Voluntary savings (whether through additional superannuation contributions, or outside the super system).

Many Australians also consider their home to be their most valuable investment, although it is not straightforward to convert property into a retirement income.

Working out what your retirement income is likely to be (or should be to ensure it lasts long enough) is one of the biggest questions Australians face when planning or preparing for retirement.

Some of the key factors that impact this include:

To work out how much super you need, here’s a checklist of factors you should consider:

  • How long you will spend in retirement
  • Whether you are in a couple or are single
  • Whether you plan to keep working
  • How much you spend
  • Whether you own your home
  • What other assets or income you have
  • Whether you are eligible for the Age Pension
  • How much your super grows in retirement
  • Whether you want to help the kids

Learn about the key aspects of planning your retirement income in the following SuperGuide articles:

Reverse mortgages: What are they and how do they work?

December 2, 2020

How to maximise your Age Pension

September 17, 2020

What is the Pension Loans Scheme, and how does it work?

September 2, 2020

Rules of Thumb: Do these popular retirement planning hacks measure up?

May 7, 2020

How can you plan your income needs in retirement?

April 1, 2020

Worried about your post-virus finances? 10 tips to help stretch your retirement dollars

April 1, 2020

Is a bucket strategy the solution for your retirement income plan?

March 23, 2020

How much super do I need to retire?

February 11, 2020

How inflation affects your retirement income forecast

August 10, 2019

‘Today’s Dollars’: The impact of inflation on retirement income

April 8, 2019

Retirement income in Australia: An overview

February 18, 2019

Target retirement income: An explanation of the 66-80% rule of thumb

February 8, 2019

Set out below are all SuperGuide articles that relate to Income in retirement.

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Reverse mortgages: What are they and how do they work?

December 2, 2020 by Janine Mace Leave a Comment

If your super account is not as big as you would like when you retire, one solution could be to look to your home as a way to generate some extra money – and that doesn’t necessarily mean you need to become an Airbnb host.

Video: Home equity release for retirees

December 1, 2020 by Tracey Spicer Leave a Comment

Tracey Spicer talks to Dr Sarah Sinclair from RMIT about home equity release products for retirees, such as reverse mortgages and the Pension Loans Scheme.

What is the Pension Loans Scheme, and how does it work?

September 2, 2020 by Janine Mace Leave a Comment

Older Aussies looking to boost their retirement income can take advantage of the government’s Pension Loans Scheme to generate a non taxable fortnightly income stream that helps pay their bills.

Worried about your post-virus finances? 10 tips to help stretch your retirement dollars

April 1, 2020 by Janine Mace Leave a Comment

With sharemarkets swooning, interest rates being cut and super balances dropping, many retirees are starting to worry about their finances. Here’s our 10 suggestions to stretch your retirement income.

Is a bucket strategy the solution for your retirement income plan?

March 23, 2020 by Janine Mace Leave a Comment

When you retire, how you put your investment portfolio together is more important than ever if you want your retirement savings to last as long as you do.

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We’re delaying major life events, and our retirement income system hasn’t caught up

December 1, 2019 by Rafal Chomik Leave a Comment

Asked to conduct an independent review of Australia’s retirement income system, the panel appointed by treasurer Josh Frydenberg reported that it was all tied up with the family home.

Retiree home ownership is about to plummet. Soon little more than half will own where they live

April 11, 2019 by The Conversation Leave a Comment

Australia’s retirement incomes system has been built on the assumption that most retirees would own their home outright. But new Grattan Institute modelling shows the share of over 65s who own their home will fall from 76% today to 57% by 2056 – and it’s likely that less than half of low-income retirees will own their homes in future, down from more than 70% today.

Retirement income in Australia: An overview

February 18, 2019 by Ben Hall Leave a Comment

A recent CEPAR report states that the lack of focus on decumulation means that many retirees have faced difficult financial choices in retirement without sufficient support or an adequate selection of products.

Gender inequality in retirement income

February 15, 2019 by Ben Hall Leave a Comment

A recent CEPAR report examined research which showed that even though improvements have been made in the gender super gap, single women will be less financially secure than other groups in retirement.

Renters Beware: How the pension and super could leave you behind

November 5, 2018 by Rafal Chomik Leave a Comment

In a new set of research briefs published by the Centre of Excellence of Population Ageing Research, we report that most people do well out of our retirement income system and that the living standard of retirees has improved over the past decade.

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Retirement income: When is the optimal time to purchase a deferred annuity?

December 13, 2017 by Sean Corbett Leave a Comment

In this article, Sean Corbett, an annuities expert, answers the important question of when is the right time to purchase a deferred lifetime annuity.

Longevity risk: How deferred annuities can help your savings last

November 21, 2017 by Sean Corbett 1 Comment

In this article we will consider how a person can best ensure that they maximise their income in retirement from their savings while at the same time ensuring that their savings last for as long as they do.

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How super works
Super for beginners
Super rules
Employers guide to super
Super contributions
Super and tax
Accessing super
Super news
Women and super
Super tips and strategies
How-to guides
Super quizzes
Superannuation Q&As
Superannuation glossary
Super funds
Best performing super funds
Super fund rankings
Best performing pension funds
Pension fund rankings
Super fund average returns
Super investing strategies
Comparing super funds
Choosing a super fund
Choosing an investment option
Super fund fees
Insurance and super
Super fund profiles
SMSFs
SMSFs for beginners
SMSF administration
SMSF checklists
SMSF compliance
SMSF investing
SMSF pensions
SMSF strategies
SMSF Q&As
Plan your retirement
Retirement planning for beginners
When should I retire?
How long will I live?
How much super do I need?
Will I get the Age Pension?
How much will I spend in retirement?
Financial advice
Retiring overseas
Preparing for retirement
Retirement planning strategies
Retirement calculators and reckoners
In retirement
Income in retirement
Super lump sums
Super pensions
Age Pension
Working in retirement
Life in retirement
Senior concessions and services
Aged care
Estate planning
Super death benefits
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