One of the benefits of retirement is that you can start to withdraw your superannuation tax-free. That doesn’t mean it’s a rule-free zone.
On 22 March 2020 the Federal Government announced that the minimum pension drawdown rates would be halved for the 2019/2020 and 2020/2021 financial years.
Younger retirees might like to consider moving their funds back into accumulation phase for the time being.
From tax on super lump sums to the transfer balance cap, there are a range of rates and thresholds that can affect your super. In this article we provide an overview of the key aspects of each of these rates and thresholds for 2019/20.
When you retire, how you put your investment portfolio together is more important than ever if you want your retirement savings to last as long as you do.
An Institute of Actuaries working group has devised a simple rule of thumb for spending in retirement, based on your age and assets.
Transition to retirement income streams (or pensions) allow you to gradually draw on your super benefits while you’re still working and moving towards your retirement.
The most popular type of superannuation pension is an account-based pension, which is also the main type of super pension available to retirees. The technical term for a superannuation pension is a ‘complying pension’ (that is complying with the superannuation rules).
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.