When you’re approaching retirement and you’re eligible to start accessing your superannuation savings, there are a number of options for you to consider.
A Transition to Retirement Pension lets you access some of your super while you’re still working.
An Account-Based Pension is a tax effective way to receive a regular income payment once you retire, without the hassle of having to manage your own investment portfolio.
You have the option to withdraw some or all of your super as a lump sum once you meet certain conditions. Within Christian Super these withdrawals will be tax-free if you are over 60 years of age. However, this is not the case at all ages or for all superannuation funds and in some circumstances, there may be tax and other implications to consider.
Once you reach a certain age, you may be eligible for the Government Age Pension in addition to the money from your superannuation savings, though this is dependent on your assets and income.
To help you review the different retirement options available to you, we’ve prepared a comparison table which contains an overview of each option.