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Dev Raga Personal Finance
442 superannuation part 2 - retirement phase
Oct 29, 2024
Scott Taylor, Director of Everest Wealth, shares his expertise on superannuation and retirement planning. He discusses preservation age and the flexibility of changing phases upon retirement. Learn about Transition to Retire (TTR) strategies, tax implications in retirement, and how the aged pension can be affected by superannuation withdrawals. Scott provides insight on downsizer contributions, binding death nominations, and the importance of early planning to optimize retirement savings.
45:23
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Quick takeaways
- Understanding preservation age is crucial for accessing superannuation funds during retirement, influencing when retirement benefits can begin.
- Retirees have flexible options for managing superannuation withdrawals, including drawdown income streams or lump sums, each with distinct tax implications.
Deep dives
Understanding Preservation Age
To access superannuation during the retirement phase, individuals must reach their preservation age, which varies depending on their date of birth. For most listeners born after June 30, 1964, the preservation age is 60, while those born before July 1, 1960, may have a preservation age between 55 and 59. Awareness of this age is crucial as it determines when individuals can begin accessing their superannuation for retirement. If a person reaches preservation age but continues to work, they must retire or change employers to access retirement phase benefits.
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