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Retirement is a time of life for you to relax and do the things you have always wanted to do. Therefore, careful planning is essential so that you are as financially comfortable as you can be.

Prior to retirement, there are some important questions you need to ask yourself, including:

  • What do you want to do in retirement?
  • How much money will you need to do it?
  • Will you need a regular income?
  • Where will this income come from?
  • When will you be able to?
  • How and when will you be able to access your super?
  • What Government support will you be eligible to receive?

Planning ahead can assist you in making the most of what you have and help you achieve financial security, reduce uncertainty and enjoy your retirement.

There are many different options available to help fund your retirement. These include taking your super as a cash lump sum, purchasing an income stream product to give you a regular income or a combination of both.

A regular income in retirement

Account-based pensions

An account-based pension is purchased with super monies and provides a flexible, tax-effective, regular retirement income stream. It is not guaranteed, however the payments are flexible and can be any amount over the minimum limits set by the Government. Any capital remaining upon death is distributed to your estate or dependants.


An immediate annuity on the other hand is an investment of a lump sum, usually with a life insurance company, that provides a regular guaranteed income for a specified period. The income will depend on the initial investment, frequency of payments and the prevailing interest rate. The income you receive is generally set at the time of investment and will not change.


Superannuation can mean the difference between a basic retirement and the retirement you want. Unfortunately most Australians have a shortfall in their retirement savings. Simply relying on your employer’s compulsory Superannuation Guarantee (SG) contributions may not give you the comfortable retirement you want. Start contributing to your super now so you can make more of your retirement later.

An IMBFP Financial Planner can help you with:

  • Super tax advantages
  • Additional contributions
  • Government Co-contributions
  • Salary sacrificing
  • Choosing the right super fund
  • Consolidating your super
Getting ready to retire?  
  • Are you seeing friends start to think about retirement?
  • Do you pay more attention to your investments now they are growing?
  • Have you reduced your mortgage down to a comfortable level?
  • Have the kids moved out? Or are they at university now?
  • Is a redundancy likely to impact you?
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The information presented on this webpage is of a general nature and is not intended to be relied upon as a substitute for financial advice. IMB Financial Planning has not taken into consideration your individual circumstances, objective or needs. It is important for you to consider these matters and read any applicable terms and conditions or PDS before making an investment decision. Copies of these documents can be obtained from IMB Financial Planning Ltd by calling 02) 42 62 9050. ABN 23 094 730 195 AFS Licence No. 234660

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Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 140 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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