A better retirement starts now
Are you counting down to retirement? Got a million questions, but not sure who to ask? Then this could be a good time to look into a Retire Ready meeting. It’s our way of helping you prepare for retirement with confidence and peace of mind.
A one-on-one meeting with a retirement expert at no cost to you—it’s as good as it sounds. Our Retire Ready meetings are designed to give you the information and support you need to make informed decisions about the way you want to live in retirement.
But what is it exactly? What do you have to do? And, most importantly, what’s in it for you? We sat down with Retirement Consultant Adam Krull to talk all things ‘Retire Ready.’
Q: First of all, what is a Retire Ready meeting?
If a member is looking to retire in the next five years or has already retired, then a Retire Ready meeting is a great option.
It’s a one-on-one discussion with a member, where a retirement consultant listens to their questions and concerns about retirement, and offers general advice and information to help them prepare for a great life after work. And partners are welcome to join.
Q: What is your role in a Retire Ready meeting?
To educate and support members as they plan their retirement journey, to show that the more information they have, the more confident they can be when it’s time to make those super decisions.
Super can be complex, we completely understand that. And we’re here to help make sense of the rules around super. And we’re happy to spend time helping members get a deeper understanding of specific subjects, like Transition to Retirement (TtR) or super-related tax rules.
Q: Does a member have to be ‘super savvy’ to make the most out of it?
Not at all. We meet members from all walks of life, with different levels of knowledge about super.
It’s a one-on-one meeting, so there’s plenty of time to cater for everyone’s knowledge base and expand on it. And some members can be pleasantly surprised—in fact, I recently had a member remark, “I thought I knew a lot about super, but I have learnt so much more.”
Q: What topics do you cover at a Retire Ready meeting?
Generally, we engage with members to explore different topics such as:
- any recent super changes and what these could mean
- age-based tax and super strategies that could boost savings before retirement
- contribution strategies, including transition to retirement rules
- retirement income options, including the Age Pension
- goals and next steps, and what we can do to help you make the ideal retirement lifestyle a reality.
Q: How do you help members arrive at decisions?
We always encourage members to ask as many questions as they like. This is their time. And often members come with notes about their future plans and questions about what concerns them.
While we can only offer general advice—which means giving information about different super strategies or legislation, and not about telling members what they should do—these notes and questions can steer the discussion in the direction(s) that members are most interested in.
Q: What are the three most important things a member can take away from a Retire Ready meeting?
a. Understanding how tax works in super contributions vs. super benefits
b. Understanding how TtR works, because it’s a great way to grow your super while working, or reduce working hours without reducing income
c. Understanding how investment options work, because our investment menu has more than 20 options from which to choose.
Q: What happens after the meeting?
We like to look at the big picture and see our members through the whole retirement planning journey—it’s a key part of our award-winning member service offer.
While a Retirement Consultant provides a summary of the discussion and answers additional queries, a Member Solutions Consultant will get in touch with the member to check on progress—to action any decisions they want to make or to help access personal financial advice which can provide recommendations on what to do next. Whatever they decide to do, we’re here to help.
Want to meet a retirement consultant for your own Retire Ready meeting?
Simply call us on 1800 555 667 or email us. We’ll get in touch with you to arrange a meeting.
More than super
Personal financial planning looks at more than just your super. It looks at your full financial picture, including investments outside super, insurance, budgeting and estate planning.
We’ve partnered with financial advisers who are committed to helping you meet your goals. No surprises, no jargon—just advice you can trust. Plus, your first meeting is complimentary.
Q: Tell us about a time when you helped a member to…
- Work out if there’s enough super for their retirement
Many members want the answer to two questions: “Do I have enough to retire?” or “How long will my super last?” This means talking about investment returns, eligibility criteria for the Age Pension and if there’s a partner, how their super could be considered. Understandably, knowing if they have enough super to live a great life after work often leaves members feeling much more confident and comfortable with their financial position.
- Set retirement goals
I recently met a member whose retirement goal was to grow his super without reducing his take-home pay, because he was focussed on repaying some debt. We discussed how a TtR strategy could be an effective option.
- Review their investment strategy
Another member, who was close to retirement, was focused on de-risking her investment strategy “to help reduce ‘losses’ if we go through a global financial crisis again.” We talked about diversification to help navigate the ups and downs of financial markets by investing her super across different asset classes.
- Transition to Retirement
I remember a member who was looking to reduce his working hours but not his pay, so he and his partner could ease into retirement while staying in the workforce. We talked about a TtR strategy, and in the end, they felt confident that changing over to a four-day week was not going to have as big an impact on their overall finances as they first thought.
- Feel confident about their financial position
A member was worried that her super may not last long, so we discussed accessing super, investment selection and returns, and the possibility of qualifying for the Age Pension which could be used alongside her super. She hadn’t thought about being able to use both sources to fund her retirement, together with money still being invested and generating returns.