Retiring well means making a series of decisions to ensure a financially secure post-work life. One practical step is to work out the income you need each week to survive and thrive when you stop working.

If you are one of the many Australians still working and growing your super, knowing more about tailored retirement income products might help to plan.

There are two main ways to use super savings in retirement:

through products that provide an income stream, and/or

It’s easy to put off thinking about superannuation when retirement is years away. In this five-part series, we ask top experts to explain how to sort your super in a few simple steps, avoid greenwashing, and set goals for retirement.

Account-based pensions

The most common product for a retirement income stream in super is an account-based pension. These can be set up outside super, but there are advantages inside super. Around 80% of retired super fund members have one or more account-based pensions in super.

These products offer flexibility, control and continued exposure to investment markets. They allow retirees to convert part, or all, of their super balance into an income stream while keeping an allocated sum invested.

More than one can be set up, at different times, and with different investment choices, so your investment balance keeps growing while providing income in the short-term. Retirees can choose how much they withdraw, as long........

© The Conversation