Planning for retirement

There’s one simple rule for retirement planning - it’s never too early. So if you haven’t started yet, start now. There are a number of things you should consider doing.

Review your super

The first thing you need to do is see whether you have enough super to fund the kind of retirement you want. You can use our super calculator to get an idea of how much you might have when it’s time to retire.

Get your super together

If you have more than one super fund, you’re probably getting hit with multiple sets of fees. Getting all your super accounts together with Cbus means you only get charged one set of fees. What’s even better is that Cbus’ fees are low. Find out here how to rollover your other super accounts.

Consolidate your investments

Super is one of the most tax effective ways to invest your money, so it’s worth reviewing your other investments and maybe transferring the money to super. Before you do this, you should consult a financial planner.

Consider salary sacrifice

You may be able to arrange with your employer to make super contributions from your before tax salary. This is called salary sacrifice and there can be some tax advantages too. We recommend that you seek professional advice to help you with this decision.

Consider your retirement options

Cbus offers two income stream options for members to choose:

1. Transition to retirement - If you are between 55 and 65 years of age and still working, this option allows you to access a regular and tax-effective source of income from your super benefits.
2. Fully retired - If you are 55 years of age or over and permanently retired from the workforce you can have access to a regular flexible and tax effective source of income during retirement.

Get some advice

Before you make any major decisions it’s important to get professional advice. You can talk to Cbus about your retirement options by calling us on 1300 361 784, you can see a Cbus financial planner or you can attend a free retirement planning seminar.