When you hear the word ‘pensions’, most people automatically think of the Aged Pension, which is provided by the government on a fortnightly basis. However, this term is far broader in nature, and refers to a range of income streams with favourable tax treatment which you can take advantage of using your superannuation balance.
These income streams have a number of features and benefits (not the least of which is tax-free income from aged 60) and are one of many options available to your Financial Planner to maximise how much income you receive in retirement, both from your own accumulated superannuation, as well as from Centrelink.
Your Financial Planner will consider all of the factors relevant to your personal circumstances, as well as the ever-changing legislative and taxation environment, and help guide you to achieving an optimal strategy.
Importantly, these strategies need to be planned for in advance, so you need to receive quality professional advice well ahead of your retirement.
Speak with your Financial Planner about strategies that could make a difference to your retirement lifestyle today.