Kick-start your retirement planning
If you take it one step at a time, you may find that planning your retirement isn’t as complicated as it might seem.
Once you know how much income you may need, for how long and where it may come from, you can work out whether your retirement planning is on track.
Step 1.
Figure out what your lifestyle will cost
The first step is to think about the retirement lifestyle you want. You might see yourself travelling frequently, spending more time with family and friends, or taking up new hobbies.
Once you know how you want to live in retirement, you can work out how much income you might need each year to make your dreams a reality.
Crunch the numbers
Use our Budget calculator to estimate your living expenses in your retirement.
Get a snapshot
Use The Association of Superannuation Funds of Australia (ASFA’s) Incomes for a ‘modest’ or ‘comfortable’ retirement as a guide.
Step 2.
Consider how long you might spend in retirement
The next step is to think about how long your income might need to last. With health care and living standards continually improving, you could be retired for 20 to 25 years, maybe longer.
Step 3.
Check your Age Pension eligibility
While your super can pay you a regular income in retirement, you may be eligible for a full or part Age Pension. This will depend on your income, assets and other factors. The Age Pension may provide an additional source of income to help fund your retirement lifestyle.
Tip
Find out more about the Age Pension, opens in new window.
What next?
Use our Retirement forecaster to see if your retirement planning is on track and explore some things you can do if it’s not.
Learn more about how other people are enjoying their retirement.
Got a question?
Get set in the right direction with help and guidance available over the phone, online or face-to-face.
General advice and information only
Any advice and information on this website is general only, and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice on this website you should assess or seek advice on whether it is appropriate for your needs, financial situation and investment objectives.
Get in touch
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Fund: MLC Super Fund ABN 70 732 426 024
NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465. Part of the National Australia Bank Group of Companies. An investment with NULIS Nominees (Australia) Limited is not a deposit or liability of, and is not guaranteed by, National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 (NAB). NAB does not guarantee or otherwise accept any liability in respect of this product.
