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December 2024 Retiree newsletter

Reversionary pensions: What they are and how they work
If you want your partner to continue receiving your super pension when you die, a reversionary pension can make the process easy for them at what can be a difficult… Read more.
Reversionary pensions: What they are and how they work
If you want your partner to continue receiving your super pension when you die, a reversionary pension can make the process easy for them at what can be a difficult… Read more.
Commonwealth Seniors Health Card: Eligibility and how to apply
Our updated guide which now features a thorough video explainer, detailing the main benefits, the income thresholds and tips on how to apply. Read more.
Commonwealth Seniors Health Card: Eligibility and how to apply
Our updated guide which now features a thorough video explainer, detailing the main benefits, the income thresholds and tips on how to apply. Read more.
Need care at home? We look at where to find it and what it costs
Aged care reforms are changing the ways in-home care is provided to older Australians, and how much they will pay for services. Read more.
Need care at home? We look at where to find it and what it costs
Aged care reforms are changing the ways in-home care is provided to older Australians, and how much they will pay for services. Read more.

Super strategies for 2025

Thursday 23 January 2025 at 4:30 pm AEDT

In this webinar we will explore and explain some of the more beneficial superannuation strategies that you should be considering in the next 12 months. We will cover super strategies for members of all types of superannuation funds, including industry funds, retail funds and SMSFs.

IN CASE YOU MISSED IT: Watch our previous webinar, SuperGuide members Q&A: December 2024.

Q: I have an account-based pension from my super fund and also receive Age Pension. With rising costs I’m finding the minimum withdrawal from my super combined with the Age Pension is not enough for my needs. If I increase the super withdrawals, will my Age Pension be affected?

A: If your account-based pension was created on or after 1 January 2015, increasing the regular income you draw from it will not reduce your Age Pension. Post-2015 account-based pensions have income assessed using deeming based on your account balance and the actual income you draw is not assessed. If your account balance goes down, either due to your larger withdrawals or from investment losses, your Age Pension is likely to increase since a lower balance will be assessed in both the assets and income tests.

If your account-based pension pre-dates 1 January 2015 and you have continuously been receiving Age Pension since that date, then increasing your account-based pension withdrawals could reduce your Age Pension. In this case, the income assessed from your account-based pension is the actual income you draw less the deductible amount for the year. To find out your deductible amount and the impact that increasing your regular payments could have, you can contact Centrelink’s financial information service or ask an adviser for assistance.

A lifetime pension can give you peace of mind and could increase your Age Pension payments. Explore your options with our guide to using TelstraSuper’s lifetime income calculator.

Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.