Getting closer to retirement

Getting closer to retirement

As retirement approaches, there are many things to consider. You may wish to work part-time and commence a transition to retirement pension? You may wish to wait until your preservation age and retire in full? This checklist may help as you get closer to your retirement.

Aged 50 to 54 years

• Consider salary sacrificing an amount each pay to boost your super for retirement
• If you are eligible for the Government Co-contribution, consider an after-tax voluntary contribution to boost your super for retirement
• Review your investment selection. You may wish to consider a different investment strategy
• Attend a free transition to retirement seminar offered by NGS Super
• Review your insurance. At NGS Super you have guaranteed extra cover for certain life events and can apply for an increase in your insurance without the need to show evidence of your good health.*

Aged 55 to 59 years

• Consider a transition to retirement pension . This pension allows you to move gradually from full-time employment to part-time employment and into retirement by supplementing earned income with a super income stream
• Consider salary sacrificing an amount each pay to boost your super for retirement
• Review your insurance. At NGS Super you have guaranteed extra cover for certain life events and can apply for an increase in your insurance without the need to show evidence of your good health.*

Aged 60 years and above

• Consider a transition to retirement pension (see above) or an account-based pension - a flexible, tax-effective means of converting a lump sum retirement benefit into a regular income stream
• Consider making a financial planning appointment to discuss your retirement options. To make an appointment, please call 1300 133 177
• Consider salary sacrificing an amount each pay to boost your super
• Investigate the options offered by Centrelink including the Age Pension eligibility and asset/income tests. You may also be eligible for social security entitlements such as the Pension Concession card, Low Income Health Care card or the Commonwealth Seniors Health card
• Review your investment selection. You may wish to consider a different investment strategy
• Look at issues relating to estate planning including thinking about anti-detriment payments, re-contribution strategies and the nomination of your beneficiaries. You may find the Estate Planning module helpful as it walks through aspects to be considered. You can access this by logging onto your secure Member Online account.

*Within certain limits