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.
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.
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 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).
From 1 July 2019 changes to the means test treatment of lifetime annuities for the purposes of determining Age Pension entitlements will come into force. These changes were announced in the 2018 Budget and followed a review by the Department of Social Security (DSS). The changes will be grandfathered so that the new means test rules will only apply to lifetime annuities bought from 1 July.
TTR pensions were originally designed to allow people to reduce working hours in the lead-up to retirement and replace all or some of the pay they lost by drawing an income stream from their superannuation.
Annuities are relatively simple and secure financial products that provide a guaranteed pay cheque in retirement in return for investing a lump sum for the rest of your life, or for a specified period.
In this article, Sean Corbett, an annuities expert, answers the important question of when is the right time to purchase a deferred lifetime annuity.
In this article we will consider how a person can best ensure that they maximise their income in retirement from their savings while at the same time ensuring that their savings last for as long as they do.
The 2015 Intergenerational Report makes it clear that Australia will have an ageing population by 2055 and the undeniable fact that we are living longer.
By mid-century, Australia will have about 40,000 people aged 100 and above – well more than 300 times the 122 centenarians there were in 1975, according to the Intergenerational Report (IGR) released on Thursday.