It is important to understand where this income will come from, how long it will last, and whether your retirement investments are on track, or whether some adjustments need to be made to get you there.

While there are some more complex considerations such as tax implications and determining what investment strategy is right for you, here are some of the fundamental things you need to know about just a couple of retirement income options.

Working out how long your super or account-based pension will last

There are a myrid of variables that come into play when you try to calculate how long your super or account-based pension will last in retirement, and it can be challenging to figure it out alone.

If you’ve transferred your super to a pension account already, then you can use the MoneySmart calculator to help estimate how long your pension will last.

And if you haven’t, we recommend you speak to a NAB adviser who can discuss with you different considerations that will impact how long your account-based pension will last.

Are you eligible for the age pension?

When it comes to the Age Pension, there are a number of rules to determine your eligibility. You can learn more by visiting the Department of Human Services’ information page, but some of the basic rules are:

  • You must have reached your Age Pension age, which is currently 65.5 (after 1 July 2017, age pension age will go up 6 months every 2 years until 1 July 2023)
  • You must be a resident of Australia, and
  • You must pass income and asset tests

If you don’t meet the income and assets tests to be eligible for the Age Pension, you may be able to access the Commonwealth Seniors Health Card (if you pass an income test). This card provides affordable medicine, bulk billed doctor visits and depending on what state you live in, there may be some other concessions that you’re entitled to. You can find out more from the Department of Human Services.

Important information

This information is provided by National Australia Bank Limited ABN 12 004 937 AFSL No. 230686 (NAB), a member of the National Australia Bank Group of companies. Any advice is general in nature and has been prepared without taking into account your personal objectives, financial situation or needs and because of that you should, before acting on the advice, consider the appropriateness of the advice having regard to those matters. See the NAB Financial Services Guide for details about relationships between NAB and product issuers, and remuneration or benefits that may be received in relation to NAB’s authorised services.

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