December 16, 2024

Luke on 2CC – The Transfer Balance Cap and Tax Free Money

17 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 13 December 2024. Luke joins Leon Delaney in the studio to talk about super, retirement and in particular the Transfer Balance Cap. This is Leon’s final show for the year – Merry Christmas Leon! Luke will be joined by Nicole next Friday, just before Christmas. This week Luke provides a deep dive into the Transfer Balance Cap, which is the amount of money you can take from a pension tax free at retirement. It’s important to remember, if you exceed the cap, it’s not the end of the world and there might be some financial planning strategies which you still can consider.

Thank you for joining us live on 2CC, YouTube or your favourite podcast streaming service with ‘The Strategy Stacker – Luke Talks Money’.

Key topics covered include:

What is the Transfer Balance Cap and how much is it?

Understanding how much you have in your super fund or funds is a good place to start.

Which cap applies to me? The one in the year I started my pension from super, or the current cap which is indexed yearly?

Am I entitled to increase my cap as the cap increases?

Can I start a pension and keep some money in super to avoid going over the cap?

Important: Your ability to contribute to super is not the Transfer Balance Cap!

How does the defined benefit pension work within Transfer Balance Cap?

Does the Transfer Balance Cap apply to a transition to retirement pension?

Can I still make tax deductible contributions to my super or a downsizer contribution?

Luke share’s his top tips for understanding and managing your Transfer Balance Cap.

https://www.envisionfinancial.com.au/wp-content/uploads/2024/12/The-Strategy-Stacker-Luke-Talks-Money-13122024.mp3

Our podcast is also available on Apple Podcasts, Spotify and YouTube – ‘The Strategy Stacker – Luke Talks Money’

Do you need help to navigate the cap and your own retirement?

Everyone wants to enjoy tax free money from super in their retirement. Understanding the Transfer Balance Cap is essential in regard to your own situation. Seek financial planning advice with Luke if you need help to manage your super and retirement.

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. Simply 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’ next week – the final show of the year. 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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