I took mine as a lump sum when I retired, but I wish I’d thought it through a bit more. I ended up putting a lot of it into investments, and with the market being so volatile, it’s been a stressful ride. I should’ve considered other ways to use it.
That’s exactly what I’m afraid of. The last thing I want is to blow through my super too quickly or make a bad investment. It’s supposed to be my safety net for the next 20 or 30 years.
You’re not alone. I was torn between starting an income stream and leaving it untouched for a while. Ultimately, I went with a pension stream so I’d have a regular income.
But I’ve been reading that even if you take an income stream, you still need to manage the money carefully. You can’t just set it and forget it, especially with inflation creeping up.
Thank you for all that you do; it is truly wonderful, and educational, although general in nature. A fellow financial adviser. I would love you to do a transition to retirement video, please, if possible.
In the case of retiring and setting up an account based income stream after you're 60, does your pension account attract tax on earnings and capital gains? Also when you turn 67 is the income stream assesable for centrelink purposes? Cheers
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I took mine as a lump sum when I retired, but I wish I’d thought it through a bit more. I ended up putting a lot of it into investments, and with the market being so volatile, it’s been a stressful ride. I should’ve considered other ways to use it.
That’s exactly what I’m afraid of. The last thing I want is to blow through my super too quickly or make a bad investment. It’s supposed to be my safety net for the next 20 or 30 years.
You’re not alone. I was torn between starting an income stream and leaving it untouched for a while. Ultimately, I went with a pension stream so I’d have a regular income.
It gives me peace of mind knowing I’ve got that monthly payment coming in.
But I’ve been reading that even if you take an income stream, you still need to manage the money carefully. You can’t just set it and forget it, especially with inflation creeping up.
The reality is, your super might not be enough if you’re not managing it properly. .
Thank you for all that you do; it is truly wonderful, and educational, although general in nature. A fellow financial adviser. I would love you to do a transition to retirement video, please, if possible.
Thanks Michael for your kind words. By the way we do have a couple of webinars on transition to retirement available to members.
In the case of retiring and setting up an account based income stream after you're 60, does your pension account attract tax on earnings and capital gains? Also when you turn 67 is the income stream assesable for centrelink purposes? Cheers
Where do you declare that you are retired?
To your super fund.