What happens to my super at time of retirement?
- Retirees can choose to withdraw their superannuation as a lump sum. This provides them with immediate access to a substantial amount, which can be used for various purposes such as paying off debts, investing, or funding a large purchase like a home.
- Another option is to convert a portion or the entirety of the superannuation balance into a pension. This approach provides a regular income stream, helping retirees meet their living expenses throughout retirement.
- Many retirees opt for a combination of lump sum and pension payments. This approach allows for flexibility, enabling individuals to address immediate financial needs while also ensuring a steady income stream for the long term.
- The tax-free component of superannuation, usually consisting of contributions made from after-tax income, is tax-free when withdrawn. This includes the tax-free portion of any investment earnings.
- The taxable component, often comprising pre-tax contributions and investment earnings, may be subject to tax. However, individuals over the age of 60 may be eligible for tax concessions or exemptions on their superannuation withdrawals.
- It's essential for retirees to seek professional financial advice to navigate the complex tax landscape and optimise their retirement income.
- A non-binding nomination provides guidance to the superannuation fund trustee, but they retain the discretion to distribute the benefits according to their judgement.
- With a binding death benefit nomination, the trustee is legally bound to distribute the superannuation benefits in the manner specified by the retiree.
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Disclaimer
The information on this website is General Information only and therefore does NOT take into consideration your personal financial situation, objectives and needs. Prior to acting on any information on this website you should consider what is appropriate for your own personal financial situation, objectives and needs. Aus Super Solutions is not associated or affiliated with any super funds, we aren’t a financial advisory firm, we do not sell financial products nor do we give financial advice. Our role is to connect clients with fully licensed financial advisors that operate compliantly under an Australian Financial Services Licence. Aus Super Solutions does not take in any way responsibility for any advice or recommendations provided by the financial advisors. Prior to acting on any advice provided by the financial advisor you should and can ask as many questions as you deem necessary to ensure you have received the right advice for your personal financial situation. All fees and costs must be clearly explained and after speaking with a referred advisor you are under no obligation to commit to any recommendations made nor cost payable to Aus Super Solutions should you decide against the advice provided. Before making any decisions regarding your super you should obtain the super fund’s Product Disclosure Statement (PDS) and consider its contents. However our goal and mission is to only recommend and connect clients with fully licensed financial advisors and firms with established, positive track records in enhancing and servicing their clients financial situation, objectives and needs.
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