Means test treatment of lifetime annuities
Changes to the means testing of lifetime annuities have changed potential Age Pension entitlements for retirees who purchased their annuity before or after 1 July 2019.
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Sean Corbett has worked in the superannuation industry for 25 years, principally in the areas of product management and product development. He has worked at Connelly Temple, Challenger, Colonial Life and Oasis Asset Management where he specialised in annuities. Sean holds a Bachelor of Commerce from Queensland University and also holds an undergraduate degree with honours in economics and a masters degree from Cambridge University.
Changes to the means testing of lifetime annuities have changed potential Age Pension entitlements for retirees who purchased their annuity before or after 1 July 2019.
Deferred annuities offer retirement income for life, but you need to weigh the costs and benefits of different deferral periods.
If you have good genes and modest savings, then it may be worth considering a deferred annuity as part of your retirement income plan.
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