Income Stream Options for Retirement Planning
At Insight Super and Retirement, we understand that planning for a secure and comfortable retirement requires careful consideration of various income stream options. Our goal is to help you create a diversified and reliable income plan that ensures you can enjoy your retirement years with financial peace of mind. Below, we outline the key income stream options available for retirement planning.
Key Income Stream Options
1. Centrelink Benefits:
- Claiming the age pension and receiving a concession card is a common strategy for supporting yourself in retirement. The age pension is an indexed income from the government, that is means tested (asset and income test applies). There are several strategies that can improve your entitlements.
2. Account Based Pensions:
- An account-based pension is the most common retirement account to gain access to superannuation benefits in retirement. This account allows you to transfer the balance of your superannuation into an account that can pay you a regular income. It typically offers the same set of investments that your superannuation offers.
3. Transition to Retirement:
- A transition to retirement account is similar to an account based pension, however, it has strict limits on the maximum pension payment each financial year and different tax treatment and eligibility.
4. Annuities:
- A transition to retirement account is similar to an account based pension, however, it has strict limits on the maximum pension payment each financial year and different tax treatment and eligibility.
To help you navigate which vehicle (or combination) is the best for your retirement needs please get in touch with us.