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.
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Preservation Age
- Accessing superannuation requires reaching preservation age, changing from accumulation to retirement phase.
- Preservation age is 60 for those born after June 30, 1964, but varies for others.
Contacting Super Fund
- Contact your super fund as you approach preservation age, although some funds reach out proactively.
- Most funds will not automatically change your account status; you must initiate it.
Working After 65
- Those working at 65 can move accumulated super to a retirement phase (tax-free) and open a new accumulation account.
- Between 60 and 65, retirement is typically required for a full account-based pension.