Taking charge of your super when you retire
ESSSuper - 28 Oct 2024
If you're retired, or almost retired, there's a lot you need to know – from tax to dealing with other benefits to going back to work. It's normal to have lots of questions. Join us to learn more about navigating your new life.
Once you retire, your super is likely to take on a different role in your life. You're probably no longer focused on building your balance — and you're also probably thinking about how to make the most of your super so you can have the best possible retirement.
Often our newly retired members have questions like: How do taxes work for people on retirement income streams? What happens if I want to do some casual work? How can super affect eligibility for other benefits?
Our education events can make things easier, with easy-to-digest tips about what to consider when making decisions about your super.
What happens at our education events?
ESSSuper education events cover a wide range of topics, from specifics about our different account types to broader issues such as Centrelink benefits.
Our Navigating Retirement seminar is specifically focused on what you need to know as a retiree – whether you're just retiring, or you're a few years in and need to build your financial understanding.
During these sessions, our Member Education Consultants will help you understand your fund. Plus, although we can't provide tailored advice on your personal circumstances, we particularly encourage members to come along and ask general questions.
Our events are held across Victoria as well as online, so wherever you are, there's an event for you.
Why join us for an event?
We're a unique super fund, with benefits and opportunities that are only available to our members.
By coming along to an education event, you can hear from those who know your fund best – and at no added cost to you.
You can take a look at our upcoming events on our Education Events page.
Do you have a pension?
If you have an ESSSuper pension, your options are likely to be defined by legislation. For example, your benefit may have to be paid to your spouse, or you may be able to make a non-binding death benefit nomination.
Please contact us for more information.
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Do you have a Retirement Income Stream?
Different options apply if you have an ESSSuper Retirement Income Stream: you can nominate an eligible dependant as a reversionary beneficiary, allowing the balance of your account to be paid to one of your eligible dependants after your death as an income stream rather than a lump sum.
For more information, refer to the Retirement Income Stream Product Disclosure Statement (PDS), available to read or download on our PDS and handbooks web page.
There can also be unexpected effects on people that can depend on the method you choose to distribute your super – things like Centrelink payments and tax impacts.
That's why it's essential to understand how nominating beneficiaries works, and what kind of nomination might best suit your situation.
How do you make sure your super assets go to the right people?
Although it can be tough to think about, ensuring your super supports the right people is important.
There can be unexpected legal and tax implications whenever you make significant choices about financial matters like this.
To find out more, you can book an appointment online or in person with one of our Member Education Consultants who, at no additional cost to you, can help explain how nominations work and other important things to consider.
If you'd like to seek more tailored advice that considers your personal financial circumstances, consider talking with an ESSSuper Financial Adviser,* and/or accessing independent legal advice.
Here are some additional resources: