On 1 July 2017, the transfer balance cap was introduced for Australians in retirement. Find out how it works and whether it impacts you.
As you reach retirement, you will be considering what you want to do with your superannuation in your self-managed superannuation fund (SMSF). Basically, your fund can pay benefits in the form of a lump sum, an income stream, or a combination of both.
Simply put, superannuation is money you put in a super fund while you are working to provide income later in life when you retire.