Q: My wife and I are both 71 and we’ve delayed starting a pension in our self-managed super fund to try and make our super last longer. But we now need to start a pension as the cost of living is just crazy now. We wish to start a pension. Do we have to wait until July 2024 or can we start one now? How do we tell the minimum? Is it still based on our 30 June 2023 balance?
A: As you and your wife are over 65, you can start your pension whenever you like. You don’t need to start a pension on 1 July of the year. You can start it when it best suits you. That could be today. You could decide, “Hey, let’s start our pensions today”.
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