When it comes to planning for your retirement, where your income will come from when you finally leave the workforce is only part of the picture. It is also important to understand your expenses and the type of lifestyle you want.

You should start to think about your plans for retirement, and the resources you will need to make those plans a reality.

Keep in mind that a risk some of us face in retirement is outliving our savings, and many of us will find that we simply don't have enough money to do the things we want. That's why it's so important to make sure you're taking advantage of strategies that could grow your savings. The financial planning team at Aware Super can help you with:

  • money to live on. A financial planner at Aware Super can help you put together a plan for replacing your salary once you stop working. Your income in retirement is likely to come from a combination of sources, such as retirement income streams, social security and investment earnings.
  • managing your tax. An Aware Super financial planner can show you different strategies to reduce the amount of tax you're paying, while significantly boosting your super savings.
  • social security. Understanding the complexity of the social security system is difficult. With the right financial plan and investment structure in place you may be eligible for social security support.
  • ongoing support. As you get older, your needs may change. At the same time, taxation, social security and superannuation legislation are also constantly evolving.  It's worthwhile remembering that many people considering retirement today will be retired for more than 25 years, so ongoing support and regular reviews of your situation are a vital part of your long-term planning.

Professional financial planning advice from Aware Super can help you achieve your financial and lifestyle goals now and in the future. As a SASS member, you and your family will have access to a range of services from over-the-phone advice to face-to-face meetings with a professional financial planner.

How much will I pay?

As a State Super member, your first appointment with an Aware Super financial planner is free of cost or obligation. It’s an opportunity to ask questions and confirm your understanding of how your scheme works, how any change to your working conditions such as working part time or taking long service leave can have an impact your super. It’ll also give you an overview of how the broader retirement system works, and the opportunities and tax benefits of staying within super through retirement.  

Aware Super provides our members and their families with access to comprehensive financial planning advice and investment management services.

The first appointment will give you a chance to consider creating a plan  for you that is specific to your needs, goals and situation. There will be a fee for this personal financial plan, and the fee will be discussed with you before any work is commenced. Your planner will discuss not only your financial situation, but also look at other considerations that affect you holistically. They can also advise on your partners financial situation, even if they are member of another Super fund.

To find out more, call Aware Super on 1800 620 305 or visit retire.aware.com.au/statesuper.

Rethinking your retirement plan

Having a financial plan will help keep you on the right track to achieving the lifestyle you want, but it's only part of the puzzle when it comes to achieving a successful retirement.  Knowing and planning how you will spend this next phase of your life is a key element to ensuring you set yourself up for a fulfilling, rewarding retirement.

It's easy to get carried away with thoughts of relocating to the coast, forgetting that this may mean moving away from your family, friends and community roots. If you haven't planned and fully thought through this so-called 'dream move', it can lead to feelings of isolation and loneliness when the novelty and excitement wears off.

Remember, many of us will probably be retired for more than 25 years and that's a lot of time to fill. So think about what's important to you and what you want to do with your time. You may want to travel or spend more time with your family. You might be considering playing a greater role in your local community, which can bring about a great sense of personal fulfilment, purpose and belonging. A good starting point is to check out your local charity groups – they are always looking for volunteers, and can open up a whole new avenue of friendships.

Whatever your dreams are, make sure you have a personal plan as well as financial plan, to help you transition from working life to a long and successful life in retirement.

To find out more, call Aware Super on 1800 620 305 or visit retire.aware.com.au/statesuper.

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Note: Aware Financial Services Australia Limited (Aware Financial Services) (ABN 86 003 742 756) holds an Australian Financial Services Licence (AFSL number 238430) and is able to provide you with financial product advice. Aware Financial Services is owned by Aware Super Pty Ltd as trustee of Aware Super. State Super does not pay fees to, nor receives any commissions from Aware Financial Services for financial planning and member seminar services provided to State Super members. Neither State Super nor the New South Wales Government take any responsibility for the services offered by Aware Financial Services and its related entities, nor do they guarantee the performance of any service or product provided by Aware Financial Services and its related entities.