Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 9 June 2023. The topic this week for the show is: How to reduce your working hours by starting a pension. There’s lots of misinformation about retirement and when you can access your super. In this episode Luke explores the transition to retirement strategy which means you can continue to work while drawing an income from your super to plug the gap.
Key topics covered include:
- Did you know you don’t have to stop working to access your super?
- It’s called a transition to retirement strategy and it helps people reduce their hours while taking home the same pay
- Perhaps you like your job but just want to work less or spend time doing something else perhaps a hobby
- You can also use a pension to fund future deductible contributions to super or pay of the mortgage quicker while you continue to work full time
- How old do you need to be to use this strategy? Do you know your preservation age?
- Pension payments can be made fortnightly, monthly, bi monthly or yearly, depending on your fund.
- How much pension can you take from your super?
- Remember you still need a super account, as your employer will still need to pay you super.
- How do you start using the transition to retirement strategy?
- Finally, Luke shares his top tips around how to reduce your working hours and use the transition to retirement strategy.
Also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’
Do you need help starting an income from your super before you retire?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super, retirement and more! Make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
Luke will return to 2CC to talk about other ‘Money Matters’ next week. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.
We look forward to your company again and Smart Money Strategy is out now.