As you countdown the last weeks and days to your actual retirement date, there are a number of things you should think about. Some of those things are:
Have you sent a letter to your super fund advising of your intention to retire and the date of your retirement?
If you do this, and you are 60 or older on your retirement date, then on your retirement date your superannuation fund will be able to alter the status of your benefits so that you can immediately access lump sum benefits should you wish to do so. For some funds, it will also mean that they will be aware of when the last employer contribution should be received. This will assist them with their administration and processing of any requests from you to roll over your benefits to another fund.
Does your super fund have your correct address?
If you are planning to move house, or if you have been having your superannuation mail delivered to your work address, you need to ensure your super fund has your correct address. If a superannuation fund cannot deliver mail to you, you may be treated as a ‘lost member’ and, eventually, your benefits may be transferred to the Government as being ‘unclaimed’. Apart from it being a good idea to advise your superfund of any change in address, some superannuation funds require proof of identity when you claim a benefit payment. The process will be easier if the address on your proof of identity documents matches the current address held by the fund.
Does your employer have your current home address?
Your employer will need to provide you with a PAYG statement at the end of the financial year. As you will need this to lodge your tax return you should make sure that your employer has the correct address to send it to.
Are there any regular payments being made by your employer from your pay?
These are things like home loan repayments, union dues, charity donations, health insurance premiums, or insurance policy premiums. If there are you will need to make separate arrangements for paying these (e.g. a direct debit from your bank account).
Are there any people who send mail to you at your work address?
These may include things such as magazine subscriptions that you wish to continue to receive in retirement. If there are any you should arrange for the mail to be redirected to your home or a PO Box address.
Are their any items that need to be returned to your employer?
These may include keys, a laptop computer, mobile phone, work vehicle. Do you need to buy yourself a replacement for any of these? If so, arranging this before you retire will assist a seamless transition to retirement.
Will you need, or do you want, a copy of your work personnel file?
Some people like to retain a copy of their personnel file as it contains all the information their employer holds about them, including details of their dates of employment.
Do you need a reference from your employer?
Although you may not be currently contemplating going back to work after retirement, circumstances may change. Getting a general reference from your employer whilst still working may be a handy thing to have should you need to seek employment.
top