How can you turn super into a pension?
Luke Smith joined 2CC Talking Canberra 1206AM with Richard Perno.
The Money Show aired on Friday 24 May 2019.
Luke talks about how to turn your super into a retirement income. It’s called a pension, and it’s in addition to the government pension you might be eligible to receive. They start the conversation though talking about the election result that’s left many retirees relieved, given there will be no changes to franking credits that help fund their retirement income.
Key highlights include:
- What is a pension?
- Why retirement looks different these days – it might be part time work or contracting, and topping up your wages with a pension from your super.
- What is an account-based pension? (When you’re retired)
- What is a transition to retirement pension? (When you’re still working)
- How to use a pension to fund super contributions or help pay off the mortgage if you’re still working and have met your preservation age (depends on your date of birth).
- Don’t confuse your Super Pension with the Centrelink Age Pension – the Age Pension has nothing to do with when you can access a pension from your super.
- The benefits of making a contribution to your super and getting a tax deduction.
- How often can you take a pension – fortnightly, monthly, half-yearly or yearly.
- Pension benefits – there’s no tax within an allocated pension, up to the allowable limits.
- Pensions can be complicated, there are rules so seek financial advice if you need to.
Listen to the Podcast right now
Also available on Apple Podcasts
Do you need super and pension advice?
If you need financial advice or would like to talk about accessing your super or retirement plans, make an appointment to meet Luke at Envision Financial Services on 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and financial goals.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.