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Could you save tax with a regular income from super?

Find out how a Sunsuper Income account could be a smart choice for you.

Could you save tax with a regular income from super?

Find out how a Sunsuper Income account could be a smart choice for you.

What is an Income account?

An Income account gives you the certainty of regular payments while your super continues to generate earnings.
There are several potential benefits, including:

  • ongoing access to super savings before and throughout retirement,
  • regular payments to suit your needs, tax free from age 60,
  • a range of investment choices to invest your money,
  • generally no tax on investment earnings in retirement, and
  • a Retirement Bonus of up to $4,800 for eligible members.

You must be aged 58 and over (or have already turned 57 by 30 June 2019).

"Through opening a Retirement income account with Sunsuper, I'm $800 better off this year."^

Tracey opens a Retirement income account with a balance of $100,000, and when combining her annual savings for the year and her Retirement Bonus, she is $800 better off.^

$500

Annual savings

+

$300

Retirement bonus

=

$800 better off

^ Scenario assumptions: In this scenario the member is aged 65 and would be required to withdraw a minimum of $5,000 per annum from their Retirement income account. The $500 Annual Savings is calculated from the difference of assumed investment returns when investing $100,000 in a Balanced investment option in the Super-savings account (assumption 6.5% p.a. return net of tax) versus the Retirement income account (assumption 7% p.a. return net of tax). The difference between the investment return assumptions is because Retirement income accounts generally have no investment tax applied. Scenario is based on first year of starting a Retirement income account.


Tracey, aged 65

Which Income account is right for you?

Your age and work status determine which Income account option you can start.

Select the situation that best describes you.

I’m aged between 58 and 65 and still working

A Transition to retirement income account might be right for you

A Transition to retirement income account allows you to supplement your income with regular payments from your super while you transition to retirement. Your income is tax free from age 60.

A Transition to retirement strategy can allow you to either cut back your work hours or make salary sacrifice (before-tax) contributions to boost your super – without reducing your current income.

I’m aged 58-65 and have permanently retired from the workforce

A Retirement income account might be right for you

A Retirement income account is a tax efficient way to receive regular payments from your superannuation savings. You still have the flexibility to withdraw a lump sum when needed. Your income and withdrawals are tax free from age 60.

Give us a call on 13 11 84 to learn and discuss if an Income account is right for you

OR

Set up your Income account via Member Online today.

I'm aged 65 or over

A Retirement income account might be right for you

A Retirement income account is a tax efficient way to receive regular payments from your superannuation savings. You still have the flexibility to withdraw a lump sum when needed. Your income and withdrawals are tax free from age 60.

Give us a call on 13 11 84 to learn and discuss if an Income account is right for you

OR

Set up your Income account via Member Online today.


Call us on 13 11 84 or request a call to learn more today