Although you can retire and access your super if you’re under age 60, the tax man is going to want his cut, so ensure you understand the rules before acting.
Set out below are all SuperGuide articles that relate to Taking a super lump sum.
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Knowing how much tax you’ll pay when you withdraw your super savings is important and the rules change once you reach age 60.
Find out about the dangers of sequencing risk and strategies that can help defend against it.
When you retire, there are lots of decisions to make about whether to take a lump sum or start an account-based pension. You also need to decide how you would like the remaining balance of your super account to be distributed when you die.
If you have a valid will in place when you die, most of us assume it’s simply a matter of our executors taking care of all the paperwork and paying out our remaining assets to our beneficiaries in the proportions listed in the will.
When it comes to your super benefits, tax is always at the heart of it, whether it’s when you make a contribution, or when you take your money out at the other end.
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.
A recent CEPAR report states that the lack of focus on decumulation means that many retirees have faced difficult financial choices in retirement without sufficient support or an adequate selection of products.
The latest Productivity Commission report, Superannuation for Post-Retirement, highlights two aspects of post-retirement income policy that have recently attracted considerable attention: the age at which people should be able to access their superannuation, and whether lump sum withdrawals should be restricted.