December 19 2023

How does super work when you retire?

You’ve been saving up your super over the years, and now that it’s time to retire, you’re wondering how do you access all that money and help make it last? Here are some options and ways to help make the most out of your super.

You’ve got options

Once you're retired and you’re at the preservation age or over, you can access your super as a lump sum, income stream or a combination of both.

Regular income payments

Choose how and when you receive your payments through a Rest Pension Retirement Account, as long as you withdraw the minimum amount. The minimum drawdown rates for your age can be found here.

Another benefit is that the money that remains invested in your retirement account may even continue to earn investment returns.

A lump sum

You can also choose to take out your super as a lump sum. This doesn’t mean you have to take it out all at once though. You can take some of it out and access the rest as you need it, or take it out as an income stream.

Another benefit is that once you’re over the age of 60, generally the payments you take out of your Rest Pension Retirement account are tax free. Learn how tax is applied to different types of withdrawals. Consult your own tax advisor regarding your unique circumstances.

Making your super last

One way to help you forecast how long your super will last is to consider your spending as well as your financial commitments and create a retirement budget. This will help you get one step closer to planning your future.

If you’re a Rest member, you can also speak to a professional Rest Adviser to help build your retirement plan.

Retirement calculator


The Rest Retirement Health Check can help you understand if you’re on track for the retirement you want. It just takes five minutes, give it a try!

Want to learn more?