Account based pension or annuity - which income stream is better

Account based pension or annuity - which income stream is better?
What is the difference between account-based pension and annuity, and which one is better?
Once retired most people will need to start drawing income from their savings, and as mentioned before, superannuation most likely will be the biggest investment you have outside of your family home.
So now you will need to decide what to do with your superannuation savings and how to be provided with the best income level for your needs.
And it is not as easy as one might think, as there are many ways to skin the cat, and you need to find that one way that is just perfect for you.
And because we are all different in every possible way, your way could be completely different to the way savings are set up for you friends, neighbours or other family members.
Let’s go over the main features of each income stream:
How long will your income last?
How is money invested?
Can I access my savings?
What happens to my money if I die?
Can I start the income stream with my private money?
What is the treatment of the income stream for Age Pension?
VIDEO MENTIONED:
Accumulation and Pension Phase of superannuation • Accumulation and Pensi...
Account Based Pensions • Account based pensions
Annuities and your retirement • Annuities and your Ret...
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[@philliproberts7294]

Your bloody right there some don't want a bar of Centrelink retire from the boss only to have Centrelink as your new big boss

[@captainmort]

Perfect timing for this video in my circumstance. I am preparing to retire in the next 6 months and have been thinking about this very question for some time. Every bit of information I can gather is most helpful. Thankyou 😀

[@AboutRetirementTV]

happy to hear that and yes, this is a process and takes time to set it up correctly.

[@ivanfisher9301]

isn't there a risk the annuity company goes into liquidation ?

[@BarnabyBarry]

Interesting in the 🇺🇸 a state/city or Federal pension is usually a defined monthly amount for life-an annuity is usually a fixed amount of money you have to live on!

[@gazzafloss]

Katherine, is it possible after being retired on an Income based superannuation pension to then take savings money from, say, the previous sale of an asset and buy an annuity income, thus running the two income sources in parallel?

[@AboutRetirementTV]

Yes, this is absolutely possible,

[@aussietaipan8700]

73 liked Great video Katherine. In this video it sounded like you can use the growth of ABP and hedge part of the risk with Annuity, is this correct?

[@AboutRetirementTV]

Absolutely 100% correct

[@day1678]

Have you any information when pensioners will receive the one-off $500 energy rebate? Thank you.

[@AboutRetirementTV]

No, I have been trying to find it out but it appears we know it is coming, but not the date

[@day1678]

@@AboutRetirementTV I am so obliged that you took the time to respond. Thank you very much for your kindness.

[@kernowboy137]

Evidently, in SA at least, people will be contacted in September and will receive $125 per quarter provided they remain eligible to receive the full $500.

[@day1678]

@@kernowboy137 Many thanks for the information.

[@davemorse5900]

When do you intend to retire, Katherine?