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.
There is excellent advice available that is low-cost, and even no-cost. The government’s Financial Information Service and your super fund are a great place to start.
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.
Most Australians are worried about outliving their retirement savings, with pre-retirees the most concerned. But there are some simple steps you can take to help you worry less and sleep a little better.
Your superannuation can potentially affect how much, if any, Age Pension you receive in several ways. As well as the amount you have in super, your partner’s age can have an impact as can what you do with any super payments you access.
The amount of super YOU need to retire will depend on your personal circumstances, financial resources both inside and outside super and your lifestyle. So before you set an arbitrary super target, block out the fearmongers and think about the big picture.
Life expectancy is a complex topic, so we’ve put together a straightforward guide to help explain the key concepts – enabling you to plan your retirement with a bit more confidence.
The sooner you start planning, the better your chances of making the most of your retirement years. So get the ball rolling by working through these 7 simple steps.
Retirees are always looking for new ways to boost their retirement income or to pay for expenses, like home care. Although downsizing to a small home can be one option, the Pension Loans Scheme (PLS) offered by the federal government is a rarely considered alternative.
Everyone loves a bargain, but once they turn 60 many people forget to grab one of the best deals on offer – their state government’s Seniors Card.