August 16, 2021

Luke on 2CC – What is the transition to retirement pension strategy?

17 minutes

Did you know you can work part-time and top up your income from your super?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 13 August 2021. We hope you’re keeping well and staying safe. Unfortunately with Canberra in a Covid lockdown, Luke wasn’t able to get into the studio so he joins Leon by phone this week. Luke will return the studio once lockdown lifts. Let’s hope that isn’t too far away. This week’s topic: How can you transition to retirement? It’s a strategy that allows you to dip your toes into retirement, without giving up work completely.

Key highlights include:

What is the transition to retirement strategy?

Why might you use a transition to retirement strategy?

How much pension can you take under the transition to retirement rules?

How do the transition rules work?

Consider your tax position too – under the transition rules, it’s not tax free money if you’re under 60 years of age

Once you start a pension, you can’t add more super to it, so there are some structural considerations to consider as well

Transition to retirement pensions for the over 60’s also offers additional financial planning strategies

Can you reverse the transition to retirement pension, if you want to go back to work full time or alternatively fully retire?

How long can you stay in the transition to retirement pension?

What changes when you turn aged 65?

Luke shares his top tips to think about the transition to retirement strategy.

And remember start with your own goals in mind!

Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2021/08/The-Strategy-Stacker-Luke-Talks-Money-13082021.mp3

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

Do you need advice around starting a transition to retirement?

Are you ready to try out retirement without quitting your job? A transition to retirement strategy might be the answer. Make sure you seek advice if you need assistance.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. The legislation and retirement planning can be complicated but the good news is you can make an appointment to speak with Luke about your specific situation, goals and options.

Make an appointment to confidentially discuss super, investment, insurance or retirement. 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