Equip Super and TelstraSuper announce intent to merge. The Boards of Equip Super and TelstraSuper have entered into a merger agreement. The two funds have signed a non-binding Memorandum of Understanding and have agreed to explore a 'merger of equals' between the two funds.

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Will your super be enough?

While every individual’s circumstances and spending habits are different, an often used measure is ASFA's (Association of Superannuation Funds of Australia) Retirement Standard, which suggests that a retirement income of approximately $73,337 a year for couples, or $52,085 a year for individuals, will support a comfortable lifestyle*.

That equates to a superannuation balance of approximately $690,000 in super for a couple, and $595,000 for individuals. It also assumes you own your own home, and are not making any mortgage or rent payments. Of course, if you believe you'll need more for the lifestyle you aspire to, then your super balance will need to be higher on retirement.

While those numbers can provide a baseline figure, they don’t tell the whole story. Age Pension entitlements and part time work can help top up your retirement income, and your investment choices can help your money last longer.

The Retirement Calculator can help you project your super balance at retirement, and what this translates to in annual income.

* ASFA Retirement Standard, June quarter 2024

Are you ready?

If you’ve spent the last 30 to 40 years in the workforce there’s a good chance you’ve started thinking about retirement. Which means you probably have some questions. Like when exactly can I retire? The good news is you can retire whenever you're ready.

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What about the Age Pension?

Depending on your financial circumstances you may be eligible for a variety of government benefits and subsidies.

While the full Government Age Pension is approximately $29,700 a year for individuals*, many people live on a combination of the Age Pension and their super savings in retirement.

This means even modest super savings can be used to boost your income. 

* Services Australia, as at 20 September 2024

Retirement explained

Getting a little support and guidance from the experts can make a big difference when it comes to choosing the right products for your next chapter and helping you make the move to retirement in the way you want to. And our team is here to help.

The benefits of a Retirement Income account include

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Your income is tax-free
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Choose a regular payment date
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Withdraw lump sums whenever you want
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Your money continues to be invested

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