Sep 6, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation
This article discusses transition to retirement pensions for people over age 65. It explains why individuals over age 65 will never have a transition to retirement (TTR) pension. A transition to retirement pension provides access to superannuation for people who have...
Sep 6, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation, Superannuation Tax
The transition to retirement rules relate to transition to retirement income streams (TRIS), commonly referred to as Transition to Retirement (TTR) Pensions. Traditionally, people would work up until a certain age, then retire and begin drawing an income stream from...
Sep 5, 2023 | Blog, Centrelink, Retirement Income Streams, Superannuation
The Centrelink Assets Test for superannuation savings is determined by your age and the value of your super accumulation and pension assets. Centrelink applies both an Assets Test and an Income Test. The test that results in you receiving the lower social security...
Sep 5, 2023 | Accessing Superannuation, Blog, Centrelink, Superannuation
What age can you retire? This is a strange question. I think it is asked either because people have different interpretations of the word ‘retire’ or because the majority of us so ingrained with the 3 common stages of life – learn, earn, retire. We...
Sep 5, 2023 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, SMSF, Superannuation
The Centrelink treatment of lump sum withdrawals from super is important to understand. There are a number of ways that lump sum withdrawals can be made from super and each way is assessed by Centrelink differently. Making one lump sum withdrawal from super has the...
Sep 3, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation
Prior to the significant superannuation reforms ‘simpler super’ in 2007, Allocated Pensions were the most common form of retirement income streams for retirees. Account Based Pensions came into existence as a result of the ‘simpler super’...
Sep 3, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation
Are you considering borrowing against your super? What does borrowing against your super mean and how does it work? If you want to borrow against your super, it means that you want to use your super as security for a loan. You are effectively saying to a bank or...
Sep 3, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
SMSF pension phase refers to the mode that some or all of your superannuation savings are held in. There are two phases within a self managed superannuation fund (SMSF) (or any superannuation fund for that matter). These two phases are ‘pension phase’ and...
Sep 3, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation
Establishing whether gainful employment has ceased is very important in superannuation retirement rules and determining whether superannuation can be accessed. This determination is particularly important for the definitions of ‘retirement’ for...
Sep 2, 2023 | Accessing Superannuation, Blog, Contributing to Super, Retirement Income Streams, Superannuation
The difference between superannuation and retirement is that one is a vehicle for retirement savings and one is a term generally used to describe the act of no longer working. Superannuation can be broken into two main parts and retirement can have numerous...