1 Start Your Retirement
6 Steps
Decide whether you intend to withdraw part or all of your super from the super system. You can leave money in the accumulation phase even if you are retired.
Decide how you want to access your super savings – as an account-based pension, lump sum or mixture of both – or if you plan to purchase an annuity or invest your money outside the super system.
- Contact your super fund and inform them you’ve retired and want to access your super. Let them know if you want to take a lump sum, start a pension, or do a combination of both. They can provide you with the disclosure documents and application forms you need. You will need to provide proof of identity.
Think about which investment option to choose if you plan to commence a super pension with your fund.
Confirm how much you will be required to take each year as a drawdown from your super pension.
Check how much income will be deemed from your super (and other financial assets) under the Age Pension tests.