Over 50 – Looking forward

Decide what YOU want for the future

Looking forward to ‘hanging up your boots’ so to speak? Or perhaps you want to ease into retirement and enjoy a better work life balance? Now is the time to decide what YOU want in the coming years.

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Set a goal

The best thing you can do for yourself at this stage in your life is set some goals. If you want to retire permanently, set a date for it. Even if it’s a few years away, it’s great to have a date in mind. And, if you don’t think “retirement” is for you, think about how you want to lead your life as your financial commitments ease. Do you want to continue working full time as long as you can? Or perhaps you’d like to only work a few days a week or try your hand at freelancing?

Work out how much you’re going to need to live the way you want to

According to the ASFA Retirement Standard , to live a ‘comfortable’ retirement:

• Couples will need $58,922 a year

• Singles will need $42,893 a year

And, these figures assume that you will own your own home outright…

Start by having a play with our Retirement Planner calculator. It will help you estimate how much you’re likely to have in your super and show you how long that will last if you take it as a Retirement Pension.

If it shows you’re on track, that’s fantastic; but if you think that there might be a shortfall, there’s still time to get things on track. Keep playing with the other calculators to see what you can do to increase your savings.

Know what options are (or soon will be) available to you

Once you reach preservation age you can start making your super work for you in a whole new way. You can potentially pay less tax and save more super, while enjoying the same take home pay. 

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Transition to Retirement Pension (TTR)

If you’re 55 and still working (either full or part-time), you can potentially transfer your super to a TTR, which will pay you a regular income.

A TTR doesn't mean you have to retire and many members use this option to help reduce their income tax, allowing them to save more super. By salary sacrificing a carefully selected amount of their wages into their super they are able to reduce the tax they pay on their wages. At the same time they get a regular payment from their TTR so they can maintain the level of income they want or need. For many the end result is a larger super balance and a similar level of income.

Other members use their TTR as a way to reduce the hours they’re working while enjoying a similar level of income. Essentially, a TTR supplements their reduced wages.

If you think a TTR could be a good option for you, talk to one of our Financial Planners* or call our Super Helpline on 1800 640 886 to speak to one of our friendly staff. There are a range of things you’ll need to consider before you make this choice, including contribution caps.

Retirement Pension

If you’re 60 or older and ready to retire permanently, it’s well worth exploring the many benefits a Media Super Retirement Pension can deliver.

Basically, it allows you to keep your super invested and earning tax-free investment returns while you receive a regular income. You can change the amount and frequency of your pension payments when you need to, and if you need extra money to cover unexpected or unplanned expenses you can even withdraw lump sum amounts.

If you’re planning on retiring fully, or already have, take a closer look at the Media Super Retirement Pension. You should also talk to one of our Financial Planners or call our Super Helpline on 1800 640 886 to speak to one of our friendly staff#.

*Media Super has engaged Industry Fund Services (IFS) ABN 54 007 016 195 AFSL No 232514 to facilitate the provision of financial advice to members of Media Super. Advice is provided by one of our Financial Planners who are Representatives of IFS. Fees may apply. Further information about the cost of advice is set out in the relevant Financial Services Guide, a copy of which can be obtained by calling IFS on 1300 138 848. IFS is responsible for any personal advice given to you by its Representatives.

# Helpline consultants providing general or limited advice are representatives of Mercer Outsourcing Australia Pty Ltd (MOAPL) ABN 83 068 908 912, AFS Licence 411980.

Top up your super

It’s generally agreed that as far as investment go, super can be very effective because of the tax concessions it offers. This can mean it’s an ideal savings vehicle, particularly as you near retirement. 

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Salary sacrifice – through an agreement with your employer to pay some of your pre-tax salary into your super account.

Voluntary contributions – this is where you make contributions from your take-home pay.

Each option has different advantages, so call our Super Helpline on 1800 640 886 and our friendly staff will talk you through the options.

Predict how much extra you can save

With this simple calculator you can compare the difference salary sacrifice or voluntary contributions will make to your final super balance and which option is best for your circumstances.

Contact us

If you’re not sure where to start, or want some help, call our Super Helpline on 1800 640 886 and our friendly staff can talk you through the options, as well as give you general advice that will help you make the most of your super.

Look at exactly how your super is invested

Ensuring that your super is invested to suit your specific goals becomes increasingly important as you near retirement. You have a broad range of options available to you, including the ability to take control of where your funds are invested. 

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How is your super currently invested?

If you haven’t made an investment choice, your super will be invested in our Balanced (MySuper) option.

You can check exactly how your super is invested by logging in to your Media Super account. All you need is your member number (this will be on your latest statement) and your PIN.

Forgotten your PIN? Don't worry, you can reset it online or request a new one from our Super Helpline on 1800 640 886.

What options do you have?

With Media Super you have a well-rounded range of investment options available to you. From pre-mixed options, to single asset classes and a Direct Investment Option that allows you to take control and invest in a range of ASX300 shares, exchange traded funds and term deposits.

For more detailed information about your investment options visit the Your Investment Choices page.

Get some advice

If you’re not sure where to start, or want some advice on how to match your goals to your risk profile, our Helpline Advisers# can help talk through the various investment options available to you and how these match your needs and risk profile. For more complex financial advice, the Advisers will refer you to a Media Super Financial Planner*.

*Media Super has engaged Industry Fund Services (IFS) ABN 54 007 016 195 AFSL No 232514 to facilitate the provision of financial advice to members of Media Super. Advice is provided by one of our Financial Planners who are Representatives of IFS. Fees may apply. Further information about the cost of advice is set out in the relevant Financial Services Guide, a copy of which can be obtained by calling IFS on 1300 138 848. IFS is responsible for any personal advice given to you by its Representatives.

# Helpline consultants providing general or limited advice are representatives of Mercer Outsourcing Australia Pty Ltd (MOAPL) ABN 83 068 908 912, AFS Licence 411980.

Stay in touch

The easiest way to stay up to date is by making sure we have all your correct contact details. Plus, you can sign up for your monthly e-newsletter, Imprint, and follow Media Super on social media for even more news and tips.

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It’s easy and only takes a couple of minutes!

Online

Just log in to your Media Super account. All you need is your member number (this will be on your latest statement) and your PIN.

Forgotten your PIN? Don't worry, you can reset it online or request a new one from our Super Helpline on 1800 640 886.

To receive your Imprint e-newsletter straight to your inbox each month, make sure we have your email address.

On the phone

If you’ve forgotten your log in details, can’t find your member number, or just prefer to do things over the phone, call our Super Helpline on 1800 640 886.

Follow us online

At Media Super we go out of our way to help our members thrive in all aspects of their life, now and in the future. By following us online you’ll be able to keep up with the key things that are happening in your industry, learn about your fellow members, see what Media Super is doing to help your industry thrive and get useful tips to improve your financial wellbeing.