I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Retirement Options and Allocated Options

And you want to look at retirement itself and what options you have in relation to accessing and selling payments and the like.

Transition to Retirement

You’ve probably heard about this term being used quite a bit to those who are leading up to retirement. So essentially what you have is accumulation phase of superannuation, where you are accumulating your super funds. So what we are doing in transition-to-retirement pension is actually setting up an account for you which will then move to the pension phase.

What is Transition to Retirement?

Transition To Retirement is a strategy that involves commencing a superannuation pension on or after your preservation age – currently age 55 and increasing to 60. This can achieve the following benefits (but not limited to):

• Replacing income lost when moving to part-time employment.
• Retaining existing income level whist increasing salary sacrifice to super.
• Using additional income for other purposes.

For a start, you need to be at the right age. If you are born before July 1, 1960, and your preservation age is currently 55, then you can access your superannuation funds by this particular strategy.

Transition to Retirement – Allocated Pension Plan (55 and still working)

The plan goes like this. At the moment, we are all contributing and we know that the contribution goes to super funds the government pays 15% of it. Attaining 55 years means we now have the option of getting into transition-to-retirement with a 10% withdrawal of the superannuation balance. For those who are over the ages of 60, you are completely tax-free. Between 55 and 60, you get what is called a 15% tax offset.

The difference between withdrawing your superannuation when you are not retired versus being retired lies in the fact that the whole balance will be made available to you when you retire.

As a retiree, you will need all the knowledge you can get to take advantage of your super funds. You can find more information about your retirement options at www.australiansuperfinder.com.au.

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