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.
In this article we detail how the Age Pension is assessed, how the income and assets tests work, and illustrate with case studies for a Single and a Couple.
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.
One of the benefits of having a self-managed superannuation fund (SMSF) is its ability to pay members an income stream, or account-based pension. Of course any superannuation fund can do this, but paying a pension from an SMSF offers members more control and flexibility.
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.
Although building your super account balance is a good idea, the current Age Pension and super system rules can create a black hole for some people – leaving them better off with less money in their super account. Could you be at risk?
Self-managed superannuation funds offer members some useful advantages when it comes to paying pensions. One such benefit refers to the treatment of income earned on assets that are supporting a pension, called exempt current pension income or ECPI.
In this video interview Ian Fryer, Head of Research at Chant West, shares some insights into choosing a pension fund, including how choosing a pension fund is different to choosing a super fund, what the process is to starting a pension, and what investment option to consider in retirement.
Having a total super balance of $1.6 million can create real problems. If you want to add more to your super account, here’s four strategies to consider.
Besides being a great way to save for retirement, Australia’s super system offers some valuable – but little-known – benefits for super fund members. Here’s our list of the top 10 super benefits and how they can help improve your financial situation.
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).
When it comes to the super system, reaching age 60 triggers an important change. It means you can withdraw you super benefits and most people pay no tax on their savings.
The concept of total superannuation balance, or TSB, was introduced on 1 July 2017 as a means to measure your total superannuation interests at any point in time. It is used to determine eligibility for a number of new superannuation measures – such as the ability to carry forward unused concessional contribution caps.
Capital gains and their potential tax liabilities need to be an important part of investment decision making for an SMSF. Careful consideration and planning of when capital gains, and losses, may be realised can have a significant impact on an SMSF’s balance.