Superannuation is a significant source of pension income. Find out how you can increase your super which means you can make it last so long as possible. One major benefit of super is that a lot of people pay less tax than if they had invested the money outside super. You can also keep your money in your very fund and take it out as you need it indefinitely.
If you are considering retiring within the next few years, below are a few plain things you can do to boost your super money. Consolidate your super – Merge your super money into an individual fund if you have significantly more than one. See consolidating very funds for more information. Find your lost super – Track down your ‘lost’ super by registering for the Australian Taxation Office’s online services via myGov.
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See keeping track and lost super for more information. Use the retirement planner – See what income you are likely to get from your very and get some good guidance on you skill now to boost your retirement income. Find out if it’s the right time for you to retire. There are always a true number of methods for you to access your super.
Choose one or a mixture of options. Keep in mind there are taxes implications associated with each option. Start to see the ATO for details on how your very payout is taxed or seek financial advice. You may take a lump-amount payment from your super fund when you retire. 205,000 or if you are age 60 or higher.
This money can be put into a high-interest-bearing account (see savings accounts and term deposits) or invested. See investments outside super to find out more. The drawback of taking your money out of super is that you will find to pay tax on your investment earnings. You can keep your money within the superannuation system and transfer it from a build up fund to an account-based pension.
This option gives you the flexibility to vary the amount you receive every year. You won’t pay taxes on investment profits, however, the government has presented a balance transfer cover that limits the amount of super that can be moved into a retirement income stream. See account-based pensions to find out more.
You can do this when you achieve your preservation age group and retire. Your preservation age is this, you can gain access to your super. That is predicated on your day of delivery and is different to the age you’ll be eligible for the Age Pension. Find out when you’re able to make your super and the Age Pension. You can buy an annuity from a super fund or life insurance company using your very payout or other savings. This option provides you a guaranteed income for a precise period of time or for the rest you will ever have, regardless of market performance.
However, annuities aren’t as versatile and pay less than account-based pensions generally. See annuities for more information. If you’re not quite ready to quit your task when you reach preservation age, you can continue to work and pull some cash from your super. You’ll pay less taxes on your very income and will keep adding to your super.
See transition to retirement for more information. As each person’s circumstances are unique, we recommend you seek financial advice before withdrawing your super. Otherwise you might not be able to access options or have to pay a tax bill better. With careful thought and proper planning, you can stretch your super money.