February 25, 2024

Luke on 2CC – Misconceptions around transition to retirement

18 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 23 February 2024 with Leon Delaney. Thanks for joining us on 2CC or your favourite podcast streaming service. This week’s show considers some of the common misconceptions people have around the transition to retirement process and strategy. It surprises many to learn that they can access money from their super through a pension, while still continuing to work, earning money and accumulating superannuation!

Key topics covered include:

What is the transition to retirement legislation and strategy?

Can I use the transition to retirement rules within the PSS like the CSS and other types of super funds?

I’ve got to take a pension on a fortnightly basis?

How much can you take from a pension when you’re in the transition to retirement phase?

Is a transition to retirement arrangement tax free, both the account earnings and the pension payments?

Can you add to a transition to retirement pension?

Does the pension money get added to my taxable income? No!

Can I use the pension income to pay down debt or a mortgage, to pay it off quicker?

Who qualifies for a transition to pension? Find out your preservation age here.

How do you go about using this strategy?

Luke shares his top tips around managing the transition to retirement opportunity.

https://www.envisionfinancial.com.au/wp-content/uploads/2024/02/The-Strategy-Stacker-Luke-Talks-Money-23022024.mp3

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

Have you thought about your own super and retirement planning?

Misconceptions around the transition to retirement pension can stop you from doing what you’d rather be doing! Seek advice if you need help to make the most of your options!

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Make an appointment to confidentially discuss your goals. 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 2CC to talk about other ‘Money Matters’ soon. 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 Luke’s book Smart Money Strategy is out now.

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By Luke Smith