April 24, 2023

Luke on 2CC – How do you transition to retirement (and fund super contributions from it)?

16 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 21 April 2022. The topic this week though is an important one for those thinking about leaving work. How do you transition to retirement from full time work and can you get a tax deduction along the way as you continue to boost your super while working? It surprises many people to learn they have more options at retirement – it’s not just stopping work!

Key topics covered include:

What is a transition to retirement pension?

You don’t have to give up work to start one.

How much money can you take from a transition to retirement pension?

Do you know your preservation age, the age you can access your super?

Many people don’t realise that they can also use their pension payment to make a deposit back to super.

Personal contributions can be tax deductible too!

Do you know your ‘caps space’, the amount you can claim as a tax deduction from a super contribution?

Don’t forget your notice of intent, it’s the paperwork to claim a deduction and you lodge it with your super fund.

You don’t have to give up work to use a transition to retirement strategy.

Luke shares his top tips to consider when transitioning to retirement.

https://www.envisionfinancial.com.au/wp-content/uploads/2023/04/The-Strategy-Stacker-Luke-Talks-Money-21042023.mp3

Also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’

Do you need help to transition to retirement or create a retirement plan?

If you’ve reached your preservation age, you can start a transition to retirement pension while you’re still working. Depending on your ‘cap space’, you might also be able to claim a tax deduction for making a contribution to super! Seek advice if you need help to create a retirement plan.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Make an appointment to confidentially discuss investment, super, insurance and/or retirement planning. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC on 21 April 2023. You can also catch up with The Strategy Stacker – Luke Talks Money podcast at a time that suits you.

We look forward to your company again and Smart Money Strategy – Your Ultimate Guide to Financial Planning is out now.

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By Luke Smith