A Transition-To-Retirement Pension (or plan or income stream) (TRIP) is a non-commutable income stream that’s available before retirement.
The following articles refer to Transition-to-retirement pensions (TRIPs) and superannuation.
Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60 not working) and transition to pension phase (myself aged 57 and still working part time)? If an accountant has to do it, what costs could be involved? Your site has been [...]
Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap (see table below). A contributions cap sets a limit on the amount of contributions you can make in any one year. If you exceed the cap, your excess contributions are [...]
Q: I am 57 years old, born 1951. I thought I could access my super funds from age 55 but I have been told I can’t access my funds until age 60. Is this correct? If I withdraw my super benefits, is there any tax payable?
Trish’s response: The general rule is that you must have [...]
Q: I (my wife & I) have had a self-managed super fund (SMSF) since 1996. As rules concerning income streams etc have changed since the date of my deed, can we simply sign a current trust deed to make it effective for our requirements, or do I need to amend the relevant clauses in the [...]
Q: My wife (age 63) and myself (age 65) have a small business. I was told by an organisation that at 65 or over I could put money into super, pay 15% tax on the way in and then draw it out when I wished and pay no tax. In fact I have been told [...]
It seems that many Australians nearing retirement don’t like the terms ‘retirement’ or ‘pension’. Some advisers who are recommending transition-to-retirement pensions (TRIPs) are experiencing client resistance because clients are adamant that they’re not retiring (at least not for a few more years), and they don’t want to be embarking on [...]
Many Australians are facing hard times but mortgage repayments and everyday living expenses continue even when you lose your job, or suffer illness or other misfortune. On 2 March 2009, I was chatting with Tim Webster on Sydney’s 2UE and we received several calls from listeners asking when, and how, you can access your super benefits. In brief, there are 12 ways to unlock your super early.
In the hype and hoopla surrounding the latest super changes – primarily tax-free super benefits for over-60s, many of the promoters in the marketplace forget to mention the magic words “preservation rules”.
The rules surrounding accessing your super have not changed. You cannot access your preserved super benefits unless you satisfy [...]
A superannuation fund is an investment vehicle, rather than an investment. Many fund members, journalists and even investment analysts are confused about this distinction. For example, asking whether property or super is the better investment is the wrong question. The right question to ask, is whether the tax savings offered [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more