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Who is it for?
A Retirement Income Account is generally for members who have permanently retired and reached their preservation age, or reached 65 years of age regardless of whether they’ve retired.
How does it work?
With a Retirement income account, your super savings stay invested to keep working for you. What’s more, earnings on your investments are generally tax free. You can receive regular income payments to your bank account or withdraw lump sums until your funds and any investment interest earnings run out. Any regular income payments or lump sum withdrawals are tax free if you're aged 60 or over. You can choose your income payments and when you want to receive them, provided the total each year meets the minimum amount set by the government.
Why you should consider it
Many people think they need to withdraw their super as a lump sum at retirement. You don't! In fact, you may be better off leaving it invested so it will continue to receive investment earnings. See how the 10/30/60 Revelation could help maximise super earnings right through retirement. If you do decide to take a lump sum payment, a minimum amount of $2,000 applies.
Not quite there yet?
If you aren’t ready for retirement but would like to start working less, once you’ve reached your preservation age, a Sunsuper Transition to retirement income account can allow you to supplement your income with regular payments from your super savings while you transition to full retirement.
How to work out your minimum annual payment
You'll be able to choose how much income to take and when you wish to take it, provided a minimum amount set by the government is withdrawn each year. You can withdraw as much as you like above the minimum.
|Minimum annual withdrawal amount|
|Your age||% of account balance|
|95 or older||14%|