Retirement
The Age Pension
When you receive retirement income from your super, you may still be eligible for the government Age Pension.
Read more...Get your money ready
Until now, your super has most likely been growing. Your employer has been adding to it. You might have been adding a bit extra. You're nearly 60 and getting closer to retirement.
What do you do next?
What is preservation age?
How much super will you have?
Options for accessing super
Boost your super before retiring
What is preservation age?
‘Preservation age’ is when you can begin to access your hard-earned super. This happens from 60 years of age.
However, preservation age isn't a green light to empty your super account. There are rules around when and how you can access your nest egg.
60+
You can access your super when you:
- Retire
- Leave a job
- Open a Transition to Retirement income stream account
65
You have full access to your super, even if you're still working.
You can access your super with a:
- Fully Retired super income stream account
- Lump sum withdrawal
Need access before you're 60?
Life is unpredictable. Early access to super might help you through financial hardship, illness or injury.
Extra contributions
Are you making extra super contributions? Super can be a tax-effective way to save for retirement.
Here are some ways you might be able to contribute:
- Salary sacrifice: Salary sacrifice contributions let you add more to your super from your before-tax pay. These contributions are only taxed at 15%. This might be lower than your marginal tax rate.
- Downsizer contributions: If you're over 55, you could contribute up to $300,000 ($600,000 as a couple) from the proceeds of the sale of your house to super.
- Spouse contributions: Help your spouse grow their balance and you may be eligible for a tax offset.
There are limits on how much you can add to your super with before- or after- tax contributions. Don’t go over these limits or you might pay extra tax. Learn about contribution caps.
Learn more about making super contributions.
Get your super in one place
Having multiple super accounts can mean you’re paying more fees than you need to. You can save time and money by consolidating your super in one place.
Find out how to consolidate you super.
Check your investment choices
As you get closer to retirement, your financial goals might change. Take a look at how your super is invested to see if it's still right for you. We have range of investment options to choose from.
- To check your invesment options, login to your account.
- Learn about your investment options.
Check your insurance cover
Eligible members get automatic cover for Death and Total and Permanent Disability (TPD). As you get closer to retirement, the type of work you're doing or your financial situation, like your debt, might change. This means your insurance needs might change, too.
You can check and change your cover at any time. Make sure you're only paying for the cover you need.
- Check your insurance cover by logging into your online account
- Learn more about your insurance options.
Check your beneficiaries
Your super doesn’t automatically become part of your estate when you die. Even if there are instructions in your will. That’s why it’s important to nominate at least one beneficiary to receive your super.
Check the following:
Are your beneficiaries current?
- Update your beneficiaries if your family situation changes. This includes marriage, divorce or new children.
- You can check your beneficiaries by logging into your account.
Have you set up a binding nomination?
- A binding nomination is legally binding. This means we must pay your death benefit to the person or people you’ve nominated.
- This helps to avoid lengthy delays and costly legal issues.
- Learn how to set up a binding nomination.
How much super will you have?
Find out if the government Age Pension plus your super will give you enough in retirement
Lump sum withdrawal
What is a lump sum withdrawal?
A lump sum withdrawal means you keep your super account open and withdraw money as you need it.
Pros:
- Withdraw your money as you need it
- You don’t need to create a new account
- If you have insurance cover through your super account, you may want to keep some money in that account. This means you can keep your insurance cover.
Cons:
- Any money you withdraw will no longer be invested, meaning you could miss out on investment returns
- Taking money out means you’ll have less available for later
- If you're thinking of investing outside super, learn more about your super investment options beforehand. Super is generally a tax-friendly investment. Investment earnings within super are taxed at up to 15%. Investments outside super can be taxed at your marginal tax rate. This can be up to 45%.
How to make a lump sum withdrawal
To make a lump sum withdrawal from your super account:
- Download and complete the Super withdrawal form (PDF)
- Return the form to Cbus either:
- Online, by sending a message, or
- By Post, mailing your completed form to: Cbus Super, Locked Bag 5056, Parramatta NSW 2124
Super income stream accounts
What is a super income stream account?
A super income stream account keeps your money invested. While it keeps earning interest, you’re able to get regular income payments. You can get these payments at a time you choose, like each fortnight, month or once a year.
Pros:
- By keeping more of your money invested, you could benefit from investment returns
- You have flexibility to choose how often you get paid
- Tax benefits:
- If you're over 60, there is no tax on income payments
- Once you've stopped working or turned 65, there is no tax on the investment earnings in your account, too
- You may get an income stream tax refund when you create a Fully Retired Super Income Stream account. This could give your balance a boost. Learn about an income stream tax refund (PDF).
Cons:
- Income payments will reduce your super balance. This means your balance will be lower than if you didn't access your super at all
- A Transition to Retirement Super Income Stream account generally doesn't let you access more than 10% of your balance in a year.
Types of Super Income Stream accounts:
- If you're 60-64 and still working, see the Transition to Retirement Super Income Stream
- If you're over 60 and stopped working, or you're 65 or over, see the Fully Retired Super Income Stream.
Thinking about accessing your super?
Your super is your money. The choices you make now can have a big impact on your financial future.
Before making big changes, chat to our Advice team. We can help you understand your options and offer different levels of guidance depending on what you need.
Boost your super before retiring
While you're still working, it’s a great time to look at ways to boost your super.
Here are some extra contributions to consider:
- Spouse contributions: Help your spouse grow their super by adding to their super account. You might also be eligible for a tax offset.
- Downsizer contributions: Add up to $300,000 ($600,000 as a couple) from the sale of your home to your super.
- Personal contributions: Add extra to your super from your take home pay or other savings you have.
Try the Contributions calculator. See what your balance might look like when you add a little extra to your super.
The Age Pension and super
- Many Australians don't realise they could be eligible for the Age Pension from 67
- The Age Pension can work with your super and a Fully Retired super income stream
- Your assets and income can impact your eligibility.
Advice and resources
Come to a retirement seminar
We offer helpful seminars and webinars as part of your Cbus membership.
Learn about retirement planning, super income streams, the Age Pension and more.
Get advice
Make confident choices about your retirement.
Our Advice team is here to help you.
Try the calculators
Use our handy calculators to help you make the most of your super in retirement.