Planning Retirement Income in Australia: Routes through the Maze

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Abstract
Individual retirees face a daunting task when they consider how best to invest their accumulated superannuation account and non‐superannuation savings. This article highlights the fact that there is rarely an obvious decision in this choice and that the optimal decision depends on a number of factors. These factors include the valuation criterion adopted, the level of benefits, the individual's income level, the means‐tests, the tax rates on income and superannuation benefits and the person's life expectancy. The optimal behaviour at retirement is significantly affected by the individual characteristics of relative lifetime earnings and post‐retirement rates of mortality.

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