How To Make Your Super More Super

When you retire, you ideally want some cash there so that you can do the things in life you still want to do. It might be traveling, it could be building an extension on the house, or you might just want to be able to get a croissant and coffee every morning without looking in the bank. 

So, what can you do to make the most of your superannuation? How can you make your super more super during your retirement? 

Transition strategy 

Getting up one day for your very last day of work isn’t everyone’s idea of a great time. It can often be more suitable for people who have been working for many years to make a slow transition into retirement. 

Instead of having a firm stop date, some people prefer to have reduced hours, which means you can balance having more time for yourself while still adding to your pot. Look for a transition to a retirement account that meets these requirements. 

Leave it

Don’t need it? Don’t use it. It could be that simple because you never know how long you’re going to be around, and if you have already done the things you wanted to, and you don’t really need anything, then leaving the money where it is for a while could be a great idea for you. 

One of the conditions of release is that you turn 65, and it doesn’t matter if you are working or not – in this case, it could be a good idea to leave it where it is – because if you’re still working, you’ll just stack up even more retirement cash. 

Income stream

This one is often very attractive to people; instead of getting your super as a lump sum, you can get it paid out in the form of regular payments – like income. 

You can negotiate how much you will be paid and when with your fund. Usually, the paperwork isn’t complicated, and it can be relatively quick, too. 

You decide how much you want to be paid and when, and the fun carries out your instruction. 

Combo 

You might have a couple of ideas of what you want to do with some of your money. You might be looking at real estate, investing in crypto with your superannuation, or going on a long vacation. And that lump sum might look very attractive.

But you know that you are going to need some money to live on, and a lump sum might be a little too tempting. A combination can be one of the best options for many people. 

When retirement time comes, all you’ll need to do is tell your fund that you want some of it in a lump sum and specify how much you’d like paid out in the form of income. 

For those who are a long time away from retirement but want to make sure that they make the most if it: How to Spend Your Retirement Years Wisely?