You can read about our retirement income strategy via this summary we have prepared.
Your super is there to fund your retirement. And the best time to retire is when you’re ready. Generally, however, you’re only allowed to access your super once you’ve reached a certain age. But in some cases, you may be able to withdraw your super early.
Your retirement income. Where will it come from?
While the money you have saved up in your super account will be an important source of your retirement income, you may also have income from investments or savings you have made outside your super (such as shares, property etc), the age pension, plus income from work you may decide to do in retirement.
You can leave your super where it is if you prefer.
Just because you’re eligible to open an Australian Food Super Pension account doesn’t mean you have to. You can leave all or part of your super where it is which means it remains invested for you and you get to maintain your insurance cover that’s attached to your membership. You can also keep making contributions to grow your super, but remember, contributions will continue to be taxed at the regular rate of 15%.
Want some tips on growing your super?
You’re in control of your super investments.
Australian Food Super gives members the opportunity to invest their super in one or more of our eight investment options (MySuper is not available to Pension members). This allows members to choose where their super is invested based on the return they’re after and the investment risk they are comfortable with.
What about the Government Age Pension?
The Government Age Pension can work to compliment your income if you’re eligible.
To get the Age Pension you must be all of the following:
- 67 years or older
- under the income and assets test limits . You can find out more about the income and assets test here.
- an Australian resident, normally for at least 10 years.
You can find out more and apply for the Age Pension at Services Australia.
Do you have any questions?
If you have any questions, or you need assistance with any aspect of your Australian Food Super membership, just call the Member Hotline on 1800 808 614. Australian Food Super has engaged Retire360 to provide financial planning advice to our members. Simple advice can be obtained over the phone at no cost, or you can engage one of our advisors to help you work through more complex financial matters to help you reach your retirement goals.