January 30, 2022

Luke on 2CC – Retirement part 2 – How to work fewer days with a transition to retirement strategy

17 minutes

Would you like to work less and take some money from super to top up your take-home pay?

Thank you for joining The Strategy Stacker and Financial Planner Luke Smith. Luke joined 2CC Talking Canberra 1206AM on The Money Show which aired on Friday 28 January 2022. This week’s topic: The transition to retirement strategy. How to use a pension to top-up your income so you can work less.

If you missed the show, catch up with the podcast here.

Key topics covered include:

You can work 3 or 4 days and top up your income with a transition to retirement strategy.

It works buy using your superannuation to top-up your income and work less in 2022.

Not all funds can be used, for example, government super schemes like PSS aren’t able to use this strategy.

How do you set up a transition to retirement pension?

While you’re working – even part-time you’re still eligible to receive super payments (provided you earn more than $450 per month before tax).

Today many retirees what more time away from work, but don’t want to give up work.

You can also use you pension to pay off non-deductible debt, like your family home.

What are the requirements you need to meet to start a transition to retirement strategy?

Also work with your employer on this change – start early to get them on board.

Think about how you can use this strategy with other financial strategies.

If you find you don’t like working part-time you can go back to full time work. Your pension can be rolled back into super.

Estate planning also needs to be considered as a part of your planning.

Luke shares his top tips to think about before turning super into a pension at retirement.

Listen to the Podcast right now.

https://www.envisionfinancial.com.au/wp-content/uploads/2022/01/The-Strategy-Stacker-Luke-Talks-Money-28012022.mp3

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

Do you need retirement planning advice in 2022?

If you have plans to retire in 2022, seek financial planning advice about your options if you need help to make decisions. It’s very important that you set up your financial life in retirement to achieve your ‘life after work’ goals.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. This includes setting up a retirement plan and seeing if the account based pension is the right structure to help meet your retirement goals.

Make an appointment to confidentially discuss investment, super, retirement and insurance. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.

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By Luke Smith