Style a retirement as individual as you

At UniSuper, our purpose is to help our members achieve a great retirement, no matter what ‘great’ looks like.

We know every member is different, and each financial journey is unique. For the LGBTQIA+ community a path that’s all your own isn’t a new idea, and UniSuper is here to support you to achieve your own ‘great’ in retirement.

We’re proud to support the LGBTQIA+ community, and pleased to be returning to the Midsumma Carnival and Pride March in 2025. We’re marching for our members, but also for our own community, as many of our employees identify as part of the LGBTQIA+ community.

Saving for retirement

No matter your income, there may be great opportunities to boost your retirement savings and score a tax benefit in the process. Making even small additional contributions into super on top of the super guarantee (SG) can make a big difference later.

One easy way to do this is through salary sacrificing, which adds part of your pre-tax salary into super on top the usual SG contribution from your employer. You can speak to your employer to set this up and determine how much extra you want to put into super. These super contributions are taxed at 15%, which is often a great saving.

Another way is through after-tax contributions, whereby you can contribute extra after you’ve been paid as a one-off or recurring payment—it’s as easy as using BPAY. You might still be able to claim a tax deduction on these contributions at tax time, too.

Adding extra into your super also means you could make the most of compound returns. Even though there are various benefits to these techniques, they may not be for everyone. Take some time to consider your goals, circumstances and options, and let us know if you have any questions.

Housing

Generally, by retirement, a home loan is likely to be fully paid off, or close to being fully paid off. This typically means repayments don’t have to be factored into your planning. Depending on your living arrangements and life stage, you could even consider downsizing and putting some of the proceeds from the sale into super if you meet eligibility criteria.

It’s important to consider what your living arrangements may be in retirement – both for comfort and for your budget – and planning accordingly if rent is part of the picture. If it is, this likely means you’ll need to dedicate some of your savings to meeting repayments.

Along with putting extra amounts into super while you’re working, you could explore retirement income stream options, which allow you to pay yourself a regular income while your super savings continue to earn investment returns. It’s also worth exploring your eligibility for the Government Age Pension.

Estate planning and beneficiaries

While estate planning for married LGBTQIA+ couples is mostly similar to married opposite-sex couples, there are some unique things to consider—especially if you’re in a de facto relationship. To add to the complication, laws around de facto relationships can vary between Australian states and territories-—so it’s important to take some time to make sure things are set up as you’d like them to be, just in case.

Estate planning and nominating beneficiaries is an important step in making sure those who are most important in your life are looked after if you pass away. Without it, and depending on the state or territory you’re in, your assets may not end up where you intend them. LGBTQIA+ couples are more likely to leave their estate to non-conventional family structures. Often state and territory laws won’t consider these structures if things are left to ‘default’, so taking some time to get these nominations in order is really important.

It's also important to keep your estate planning and beneficiary nominations up to date if you’re single—especially if your situation has changed. Nominating beneficiaries helps ensure your super or pension goes to the people you want if something happens to you. You could nominate:

• your spouse
• your children (including your partner’s children)
• someone who’ll be financially dependent on you when you pass away
• someone you’re in an interdependent relationship with when you pass away, or
• a legal representative.

If you haven’t nominated your beneficiaries yet and you’re a UniSuper member, you can do so by logging in to your online account.

Aged care

In Australia, the Aged Care Act 1997 denotes groups of people with special needs to give them the best chance of having their needs met in the aged care system—the LGBTQIA+ community is among these groups. QLife found that entering aged care is a particularly difficult time for older LGBTQIA+ people.

The Royal Commission into Aged Care Quality and Safety (RCAQS 2021) identified that LGBTQIA+ people encounter difficulty accessing aged care services that meet their needs, and heard that LGBTQIA+ volunteers play an important role in reducing feelings of isolation in LGBTQIA+ people and maintaining connection to their community.

Consider exploring your aged care options early—speak with your family and those close to you to determine what may be best for you. Among UniSuper’s award-winning financial advice team^ is a group of advisers with expertise in aged care—aged care specialist advisers. They know the aged care system well, and can help you navigate issues concerning your care needs like accommodation, funding and wellbeing.

Mental health

Some studies have painted a picture of poorer mental health in LGBTQIA+ Australians, and that can extend to – and be more prevalent in – older people within the community. QLife found that older LGBTQIA+ people are more likely to live alone, be estranged from family or have fewer social connections, all factors that can lead to poorer mental health. It’s important to be financially ready for retirement, but so too is finding enduring purpose and connection in old age. Whether in aged care or otherwise, being surrounded by the right support networks and like-minded people can make a real difference—so too can having routines, hobbies and ways to stay active.

If you haven’t already, you might want to try 360Health. This expert-led virtual care service is available to all UniSuper members and their families at no additional cost, and you don’t have to have insurance cover with us to access it. Among its services is Mental Health Assist—chat with a qualified mental health expert confidentially from the ease of your phone, laptop or tablet.

Mental health support is also available through services like BeyondBlue and Lifeline, and more specialised LGBTQIA+ services like QLife and Rainbow Door. If you’re in immediate danger, call 000.

We’re here to help

Our super consultants can help you think great this Midsumma Carnival. They can provide general advice on a range of topics like investments, insurance, beneficiaries and plenty more—bookings are available at no additional cost for UniSuper members and non-members alike. Head to unisuper.com.au/advice to book an appointment, or call 1800 823 842.