Worried about running out of super in retirement?

The transition from earning an income to spending your savings can be a tricky one to get used to. It’s normal to be concerned about whether you’ll have enough money to cover your living costs and any other expenses that pop up during your retirement.

Whether you’re still working or already retired, there are things you can do to make the most of what you have.

Are you still working?

Do a Retirement Health Check

A Retirement Health Check can give you simple digital advice on whether you’re on track for the retirement you want, and when you can afford to retire. It takes less than 10 minutes. 

Boost your super before retirement

If you can afford to put a bit extra into super, consider using the years before retirement to boost your balance. Check our simple ways to grow your super to see if any of these strategies might work for you.

Review how your super is invested

Your investment choice should be appropriate for your stage of life, financial goals and feelings about risk. If you’re not sure whether it is, take a few minutes to get our recommendation using our Investment Choice Solution.

Are you already retired?

Review your spending

If it feels like you’re spending more than you should, our retirement budget calculator can help you see where your money is going so you can identify areas to cut back.

Give your retirement savings the opportunity to grow

If you retire at 65, you may spend 20 years or more in retirement.

Keeping your super invested over that timeframe gives your retirement savings the opportunity to benefit from positive long-term performance. If you have a Rest Pension account, your balance stays invested even though you’re receiving regular payments from your account.

Take a look at our website to see how different investment options have performed over the long term and decide what might be suitable for you.

Consider reducing your pension payments

Receiving smaller payments from your pension account can help your retirement savings last longer. It means more of your balance will remain invested, so it has the opportunity to grow. However, there’s a minimum amount you must receive each financial year based on your age.

If you have a Rest Pension account, log into MemberAccess or check your latest statement to see your minimum amount for the current financial year.

Return to work

If you’re concerned about not having enough retirement income to cover your needs, you could consider looking for a casual or part-time job to cover the shortfall.

You can return to work even if you’ve already accessed your super or are receiving income support from the government, but there are a few things to consider before polishing off your CV.

Get help from the government

The Government Age Pension is intended to help Australians who don’t have enough super, income or other assets to cover their living costs in retirement. If this sounds like your situation, and you’re 67 or older, you might be eligible to receive payments.

If you qualify for the Government Age Pension, you may also be eligible for other types of government payments concessions and support.

If you don’t qualify for the Government Age Pension, you might still be eligible for a Commonwealth Seniors Health Card. Concession cards offered by your state or territory may also provide some useful discounts.

^{*Rest Advice is provided by MUFG Retire360 Pty Limited ABN 36 105 811 836, AFSL 258145 (Retire360). It consists of advice provided by Rest Advisers who are authorised representatives of Retire360 and Digital Advice (which includes the Retirement Health Check). Rest members can access simple financial advice about their Rest account without incurring additional fees. An additional fee is payable for complex advice. We will inform you about any additional fees before the advice is given.}