Types of payments in retirement
Understanding the income options available to you in retirement can be a great way to get your retirement planning started and boost your confidence.
While the idea of not having a regular salary going into your bank account may be daunting, there are options to help you manage your finances and maximise your retirement income.
The three main retirement income sources:
- Government Age Pension
- Super
- Personal savings and assets
The Government Age Pension
The Government Age Pension is a key pillar of Australia's retirement income system. For many retirees it provides an income foundation that works alongside their super. Eligibility depends on several factors, including age and a means test of your assets and income.
Super and retirement income streams
Once you reach your preservation age you can access your super and consider:
- Reducing your work-hours and opening a Transition to Retirement income stream (eligibility criteria apply).
- Stop working and open a RetireAccess Retirement income stream and/or purchase a RetireAccess Lifetime Pension. Combining these two products, also known as income-layering, could maximise your total retirement income (including the Age Pension) and give you certainty with a stream income for life. ~
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Personal savings and assets
Personal savings and assets, such as property and shares, can also make up part of your income in retirement. How you manage your assets as part of your retirement income stream is based on many factors and your individual circumstances. If you need help navigating your retirement income options and managing your assets, consider speaking to one of our financial advisers.