Retirement planning involves much more than picking up a travel brochure from your local travel agency. First, you need to decide on the retirement income that best suits your lifestyle and financial goals. 

You may choose to opt for tax effective investing by leaving your money in super and accessing it when you need to, or perhaps you'd prefer a retirement income stream such as an allocated pension.

Here are a few questions to ask yourself, or your financial planner, before you decide on your preferred retirement income:

• What would be the overall cost, including fees and taxes?
• How will your money be taxed? You may be eligible for tax concessions on your investment earnings and retirement income.
• If you're eligible for an age pension, how will your other retirement income streams or lump sum withdrawals affect the pension?
• How flexible will your income be? Could you vary the amount you receive or access lump sums if needed?
• What investment options are available, and could you change them if your personal circumstances change?
• Do you know and trust the fund issuing your income?
• What other services does the fund offer? GESB offers a range of financial services, free seminars and retirement planning advice.
• Will you be able to leave money to your family, or will your money be kept by the fund when you die?

You should know and understand the details of your retirement income stream before you choose a particular fund. Explore our website for a wide range of information on retirement planning, retirement seminars and more, or read more about the variety of income streams available on the Australian Securities and Investments Commission (ASIC) website.