What’s the difference between super and a pension?
Luke Smith joined 2CC Talking Canberra 1206AM with Richard Perno.
The Money Show aired on Friday 31 May 2019.
Luke talks about retirement planning, super and pensions. They start the conversation though talking about tax deductions as we approach the end of financial year. Luke also talks about the government decision to cancel people’s insurance in their super, without asking them. This could leave them high and dry if something was to happen.
Key highlights include:
- What is the difference between superannuation and a pension?
- 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.
- What are the rules around accessing your super?
- Can you keep you pension going if you change your mind and return to work?
- How much do you need to accumulate? It depends on your resources and lifestyle costs – everyone is different.
- Why super is a good vehicle to save for retirement – you might even be able to get a tax deduction for contributions you make.
- How to put money and assets into super and what is super splitting?
- Are there caps on the amounts of money into your superannuation?
- How often can you take a pension payment from your account? You can take lump sum payments too!
- End of financial year issues – don’t miss the 30 June deadline
- Pensions can be complicated, there are rules so seek financial advice if you need to.
- An offer to trail our knowledge centre which is full of information, videos and calculators at no cost.
Listen to the Podcast right now
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Do you need super or 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.