In this guide
- 1. Review and boost your retirement savings
- 2. Check when you can access your super savings
- 3. Reassess your investment option
- 4. Review your insurance cover and beneficiaries
- 5. Consider how and when you want to receive your super benefit
- 6. Seek independent financial advice
- 7. Make tax-deductible contributions
- 8. Consider a transition-to-retirement strategy
- 9. Check if you can make a small business contribution
- 10. Think about bringing your contributions forward
For most of us, once you reach your 50s you start thinking more about life after work.
So, this is the time to take a closer interest in your super savings and start thinking about the lifestyle you would like in retirement and how much it’s likely to cost.
You’ve still got time to boost your super balance, so it’s worth making the effort to explore your options.
It’s also a good idea to review the way your super is invested and ensure you’re in the right investment option to achieve your financial goals and still sleep well at night.
The following list of tips and strategies is designed specifically for people in their 50s. Not all the tips will suit you and your personal circumstances, but they should provide a useful place to start.
1. Review and boost your retirement savings
With retirement only a few years away, now is a good time to calculate your likely nest-egg at retirement and review whether you’re on track to achieve it. Many large super funds provide members with a retirement estimate, or offer an online calculator you can use to work out your likely balance.
