- Superannuation
- Your one SuperSolution for life, built on world class investments.
- Self Managed Super
- Bolster your portfolio with unique investment options
- Retirement
- Financial flexibility, into and throughout retirement.
- Fund investors
- Innovative strategies, traditionally reserved for the world's largest investors
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- About Russell
- We work to improve financial security of investors just like you.
THE RIGHT SET UP
START TO MAKE THE MOST OF YOUR RETIREMENT.
There are quite a few things you need to consider to ensure your pension is set up correctly. That’s why we’re providing you with some practical information so you can be confident that your pension arrangements are right for you.
How much money do I need in retirement?
Before you decide to retire, you need to ensure you have enough income to meet your expenses. To assess this, you need to take into account your:
- estimated expenses in retirement; and
- income in retirement (from all sources).
We have provided you with a range of tools to help you work out how much money you might need.
If you don’t think you have enough to start a pension or would like to start a transition-to-retirement strategy, you can continue contributing to your super until you achieve a suitable level of retirement savings. Use our tools to find out:
- how much you can afford to contribute before and after tax
- if you’re currently contributing, whether you’re within the contribution limits.
TOOLS TO HELP WITH CONTRIBUTIONS
When should I retire?
Choosing when to retire is a very personal decision and there are a number of factors to consider. These include:
- the social aspects of retirement
- how much income you will need
- if you have access to social security entitlements
- if you have enough capital to fund your retirement.
We have a number of tools available to help you make this assessment. If retiring completely isn’t an option for you at this point, you may wish to consider the benefits of a transition-to-retirement strategy.
Through this strategy, you can continue working while using the transition phase to reduce your working hours. You can continue to contribute to your super during this period.
How can I access my funds?
To access your super, you must have reached your preservation age or satisfy a condition of release. The main conditions of release are:
- Retirement (after reaching preservation age)
- Attaining age 65 (regardless of work status)
- Permanent incapacity, due to physical or mental ill-health
- Severe Financial Hardship
- Compassionate Grounds
From age 55, you can access your super as part of a transition-to-retirement strategy.
ACCESSING YOUR FUNDS
What are my other sources of income?
Your super may not be the only source of income for you in retirement, as you may have other income streams. Retirement income can come from:
- Super
- Earnings from personal investments
- Social security benefits.
- Income from part-time jobs, inheritances & other sources
It’s important to consider all potential sources of income to ensure you’re setting up income streams with your accumulated retirement benefits.
IDENTIFYING SOURCES OF INCOME
How can I maximise my retirement savings?
In order to maximise the savings you have for your retirement and ensure that you have set up your accounts to take advantage of the benefits available, there are some things you can do:
- Link your RPAP account with a family member to receive a fee rebate on amounts greater than $500,000
- Wait until you are over 60 before beginning to take your super as a pension.