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Super Super is one of the most tax-effective ways of saving for your retirement.
The question is – how will you make sure you have enough?
Australia's population is ageing rapidly. We’re also living longer. Life expectancies for both men and women have increased, and this means that we now need to plan for at least 20 years in retirement.
The problem is, there’s a significant difference between what we expect from our retirement and what most of us will actually be able to afford.
For most people the Superannuation Guarantee (9% of your salary) will probably not be enough to support you comfortably in your retirement. If this sounds like you, it’s not too late to start planning for a secure financial future.
Pensions You’ve reached retirement and you’ve accumulated a healthy balance in your super account and now you’re looking forward to those retirement years you’ve been dreaming about. But what happens now? How do you ensure you get the most out of your super?
One option is to purchase an allocated pension (sometimes referred to as a super income stream) with your super, to provide you with a regular and tax-effective income stream during your retirement?
An allocated pension is a super account that will provide you with a regular income stream from your super savings. The income stream will generally be available to you once you’ve retired from work. In some circumstances, you may be able to access it pre-retirement.
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