Your super continues to grow throughout your working life, so when you retire it is important to make sure your retirement income will last.  Making the most of your retirement lifestyle involves careful planning, retirement goals and knowing where you can find reliable financial advice.

Apart from the obvious retirement benefits such as having more leisure time to explore new places and hobbies, retirees are also able to access a number of financial benefits. You may be eligible for a range of benefits including discounts through concession cards such as the Seniors Card, Centrelink benefits and even tax rebates.

How does tax affect your retirement?

If you're retired and accessing you super, you may still be required to pay tax. The more you know about tax before you retire, the more you can make the most of your retirement.

Generally, the amount of tax you'll pay during your retirement will depend on:

• Whether your super is being paid from a taxed or untaxed fund 
• The tax components that comprise your total super benefit 
• Your choice of retirement income - that is whether you access your super as a lump sum, or roll it over into an allocated pension. 

Tax can be quite a complicated issue, so we recommend you speak to your financial adviser or read our Tax and Super fact sheet.