3. Plan and review
Now that you know where you’re headed, it’s all about the journey to get there. There’s more to managing your super than just setting a goal, but it still doesn’t have to be hard work – we’re here to help.
Whether retirement is around the corner or further down the track, you can get a simple pre-retirement plan to help navigate your journey. We’ll also nudge you along the way to make sure you review it and to help keep you on track.
Some key things to consider
To stay on track for the lifestyle you want in retirement, you might find you need to consider your investment strategy, make additional super contributions, or consider consolidating super from other funds into your Russell Investments account.
It’s also important to remember that not everything always goes to plan, and over the years your circumstances will probably change. That’s why it’s vital to stay on top of your insurance needs and take the time to nominate your account beneficiaries. That way, you can help ensure your assets go where you intend them to if you’re no longer here.
Get a plan today
This short questionnaire will ask you about the key things you need to consider to take control of your super and stay on track. Your results will get emailed to you as a handy ‘pre-retirement’ plan, with tips on any actions you could consider.
Get your planWhat’s included in the plan?
How is your super being invested and is your strategy up to date?
Different investment options have different levels of risk, depending on what assets they’re invested in. Riskier products can also provide the potential for greater returns, but you generally need to be in them for the long term to get the full benefit. You can select from a range of investments, including pre-mixed or build your own options that align to your needs.
Can you help boost your super with extra contributions, and what type of contributions are right for you?
Making extra contributions now can have a big impact later. Putting even a few dollars extra into your super regularly could significantly boost your retirement savings and may even lower your taxable income.
There are two main types of superannuation contributions: before-tax contributions (known as concessional contributions) and after-tax contributions (known as non-concessional contributions). You can also use the simulator tool within GoalTracker to see the potential impact different contribution types and amounts can have on your retirement income.
Is your super all in one place?
If you have more than one super account, you’re probably paying multiple sets of fees and management costs. You can find and combine your other super accounts through your online account.
Who’ll receive your super benefits?
You can decide what happens to your super in the event of your death. It’s also worth understanding the different types of beneficiary nominations you can make and how to keep them up to date. Managing your beneficiaries is easy with your online account.
Are you properly covered?
What will happen if you were to become seriously ill or even die? As your career and financial situation change, so do your insurance needs. There’s different types of insurance available through your super account to consider. Login to your account to see what cover you have now.
Need help?
Some people are confident enough to make their own way through the journey to retirement. For others, it can feel like there’s a lot of important decisions to make, which can be overwhelming. The good news is that you won’t be alone.
Good support can help set you up for success – but it’s worth noting that not all guidance and advice is the same. You have access to a wide range of support and advice options, often at no cost, and we’re here to help work out which one is right for you.
Request a callback
General information*
General information about your benefits, investments, insurance and other topics related to your super and how it works
Comprehensive advice
Personal financial planning advice that takes your full financial picture, including assets outside super, into account
Tailored advice from a financial adviser we have partnered with on our panel
Retire Ready appointments*
A one-on-one meeting with a Retirement Consultant to give you general information on your retirement options and things to consider regarding your super as you approach retirement
Simple phone advice
Targeted, personalised advice on how to maximise your super – over the phone with an expert
Help on topics specific to your super like investment strategy, contributions, insurance, pension and transition to retirement
*General advice and a Retire Ready meeting doesn’t take into account your goals, personal/financial circumstances or retirement needs.
FAQs
We answer the most common questions people have about making a pre-retirement plan.
With super being designed to fund your life after work, there are rules about when you can access it.
Generally, that means when you reach your ‘preservation age’. That’s age 60 for anyone born after 1 July 1964 (if you were born any earlier you’ve already reached it).
When you reach your preservation age you’ll be ready for Step 4 of the Pathway, but it’s OK to skip ahead now and get a head start on understanding your options around how you can access your super and when the right time will be for you.
Check out Step 4
There are a few ways you can grow your super between now and when you retire. One of the most effective is by having the right investment strategy. But, unless you’re an investment expert, choosing the right investments can be tricky.
If you choose to activate GoalTracker Plus, it will create and manage a tailored investment strategy for you based on your retirement income goal and the age you wish to retire.
Another way to grow your super is by making extra contributions. These can be either concessional (from your pre-tax income) or non-concessional (from your post-tax income).
Finally, by reducing fees and charges, you can keep more of your super and maximise the effect of compounding. The easiest way to do this is to consolidate all of your super into one account so that you don’t get double (or even triple) charged.
If retirement is still a way off, your circumstances are likely to change between now and when you stop working. In fact, they may change many times.
Get yourself a simple pre-retirement plan and then revisit it regularly to make sure it still meets your needs.
It is also recommended that you check in at least every year and review the information you entered into GoalTracker to make sure it’s still relevant for your current situation.
Even if you’re about to stop working, there’s still a lot you can do to help maximise your super savings and receive the income you need through your retirement.
As you near retirement, your investment strategy should reflect your circumstances at that point in time. This includes the level of risk you’re comfortable taking and whether or not you’re already on track to your retirement income goal.
There are also options that let you ease into retirement, such as a transition to retirement (TTR) pension, which allows you to work part-time while you begin drawing on your super.
You can read more about what options you should consider in the lead-up to retirement and once you reach your preservation age in the next step (4. Explore your options).
While markets tend to rise in the long term, they can fluctuate in the short term. If your super balance falls, don’t panic. Chances are it will eventually rise again. That said, you should always make sure your investment mix suits your stage of life. After all, a downturn can have a more significant impact when you’re near retirement than when you’re still a long way off stopping work.
Online tools and fact sheets
When you can access your super
Financial adviser checklist
Nominating your beneficiary
Your contribution limits
Your Total & Permanent Disability Benefit
Salary sacrifice vs after-tax contributions
You’re getting closer
When you reach the age that you can access your super, let’s explore your options