Super in focus
55+ members step into a new life
As you near the end of your time in the workforce, it’s exciting to look forward to the new life that’s ahead of you. But now is also the time to adapt your strategy if necessary to ensure smooth sailing for your retirement years.Online estimator helps PSS members plan
To check if you’re on track to achieve the lifestyle you want when you finish work, use the online PSS i-Estimator in Member services online to check your potential benefit. This tool will help you see what all your hard work has achieved.
Small contributions add up to big savings
Unlike most other super funds, in the PSS investment returns largely don’t affect your final super benefit. Instead, it is the rate at which you choose to contribute that makes the biggest difference.
You can choose to contribute between 2% and 10% of your after-tax salary, or you can choose not to contribute at all. But the more you contribute, the bigger your final benefit will be.
For more information on your PSS contributions, check out the Contributing to the PSS fact sheet.
You can change your contribution rate at any time by completing the Change your contribution rate form.
Government offers super co-contribution to boost retirement savings
If your total income is less than $61,920*, and you chose to contribute between 2% and 10% of your after-tax salary, you may qualify for the government’s super co-contribution. If you do, the government will contribute up to one dollar for every dollar of after-tax income you put towards your super, up to a maximum of $1,000. Our Super co-contributions fact sheet has more information on how to qualify and how much you can get.
*Subject to eligibility requirements and caps which are explained in the fact sheet.
PSS gives members choice in claiming super
There are several ways to claim your super – you might want to take this as a lump sum, a CPI indexed pension or a combination of both depending on your financial goals and plans for retirement. Before you make any decisions, have another look at Contributing members’ future needs and download the PSS super book for more information on your options. You should also talk to a financial adviser to make sure you choose the option that will work best for you.
Super strategies target retirement
You can get more information about the PSS and the right super strategies for this stage in your life by visiting the Lifestages page online.
‘I knew exactly when I wanted to retire, but I hadn’t given much thought to how I should claim my super when the time came. I wanted to sell our old family home and travel overseas, so the financial planner helped me sort out a claiming option that would work with my retirement plans.’– Deb, 58
