Retirement
Given our ageing population, you may not be able to rely on the availability of the Government’s age pension to give you a comfortable lifestyle or supplement your retirement income.
The Age Pension
Your eligibility for the age pension will depend on your age, your income and your assets. The Government will use its income and assets tests to assess your eligibility.
Read more about age pension eligibility criteria on the Centrelink website.
Generating income in retirement
Once you stop working, your super savings are likely to be your major source of income. Planning for your retirement so that you have enough savings to generate the income you want is one thing.
Deciding how to generate that income is another, and there are many income stream products to choose from including account based income streams (like account based pensions and transition to retirement pensions), and non-account based income streams (like defined benefit super pensions, lifetime pensions and annuities and life expectancy pensions & annuities).
Understanding how each of these products work, and choosing the right one for you and your retirement, can be a challenge. It may be wise to seek professional financial advice before making any decisions.
TransPension offers an account based pension as well as a transition to retirement pension, designed to help you meet your retirement income needs in a tax effective way.
Read more about retirement income: