When facing the prospect of retirement, you may be looking forward to being released from the routine of full-time work but still wondering how you’ll adjust to your new lifestyle.
Once you reach your ‘preservation age’, (i.e. the age you can access your super), you may be able to access superannuation through a pre-retirement pension. This is a regular income stream drawn from your super savings while you’re still working.
Pre-retirement pensions give you more flexibility as you begin your transition to retirement.
With pre-retirement pensions:
Pre-retirement pensions aren’t for everyone and not all superannuation funds have rules which allow them. You should first discuss your tax position, financial objectives and retirement needs with a financial planner.
You should particularly consider:
While pre-retirement pensions let you access your super as an income stream before you’ve retired, there are restrictions on withdrawing your super as a lump sum while you’re still working.
There’s a lot to consider before you implement a retirement plan or pre-retirement pension, and we can help. If you’d like more information about your options, you can book an appointment online to organise a complimentary, no-obligation consultation with a Commonwealth Financial Planner and start planning your ideal retirement today.
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