If you’re a long-term resident of Caringbah South, you might be one of the many who didn’t have decent superannuation until the introduction of compulsory superannuation in 1991.

And while you might have set up salary sacrifice to boost your savings, will it be enough to live on once you retire and downsize?

In this article, we share some top tips about how to manage your superannuation once you retire.

What are your options for super withdrawal?

For the Baby Boomer generation, you can manage super in different ways:

1. Super income stream

Under this option, you set up a series of regular payments from your super fund. These must be paid at least annually according to the Australian Taxation Office. You must pay yourself a minimum amount and this percentage amount increases as you get older. There are different types of annuities or account-based pensions so it’s worth getting financial advice on the best option for you.

Pros and cons of annuities


  • A regular income stream that’s either fixed term or for life.
  • Income payments are tax-free if you’re using your super money and you’re over 60.
  • An annuity that’s indexed to inflation can ensure you can maintain your lifestyle even when the cost of living rises.


  • Your money is locked away. If you had an emergency and needed a lump sum, you wouldn’t have access to your money.
  • Because the annuity providers take the risk, they tend towards conservative investments. You might find that your regular payments are lower than if you’d chosen another option.

2. Super lump sum withdrawal

Under this option, you can choose to withdraw all your money. You might choose to invest it (perhaps in property). However, unless you set up a Self Funded Superannuation Fund or you have one already, any investments you make are not regarded as superannuation monies and therefore are taxed at the normal rate.

Other ways to keep your lifestyle funded

Release the equity in your home

If you own a home in Caringbah South, Dolans Bay, Burraneer or any surrounding suburbs, you’re most likely an empty nester with a much larger property than you need now. With the median price of houses in the area sitting at $1.4 million and the median price of units at around $665,000, if you sold your property you’d be left with a sizable sum to live on or to invest in other property that could provide an income.

Turn your hobby into a business

Maybe you love knitting, or making relish or candles. Get some inventory together and sell it at your local market.

Rent out your spare room

If you don’t like the idea of someone sharing your home permanently, think about Airbnb, where you can choose the dates you want your home to be occupied.

Review your spending

When you retire, you want to maintain a lovely lifestyle but how much can you afford? Now’s the time to review all your bills: credit cards, energy bills, phone plan, Pay-TV subscriptions, even your mortgage.

Your goal should be to shave 10% of your total expenditure without it harming your lifestyle. Do you need two cars or could you manage with one car and the occasional taxi or Uber? If you have a pay-TV subscription, often calling the company and asking if they can reduce your monthly rate for being a loyal customer will yield dividends. (Threatening to cancel works, too, but then you need to follow through.)

Can we help with advice on downsizing?

Having navigated the home sale and downsizing process not only for our real estate clients but also for members of our own family, it’s an area in which we’ve amassed a wealth of knowledge. So don’t hesitate to seek out our help – no obligations.

Free downsizers guide

Michael & Rhiff Larkings

As a specialist team, focused on Caringbah South and the surrounding suburbs, we've been providing real estate services for over 20 years. With numerous real estate awards to our name, we're in the top echelon of licensed real estate agents in the Sutherland Shire. We regularly set new street, suburb and area sales records. Most importantly, we understand that real estate is a ‘people’ business where the development of relationships and trust, with both our clients and purchasers, is vital to achieving your all-important sales result.

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Suites 4 & 5, 305 Kingsway,
Caringbah 2229 NSW Australia