30 September 2023
Retiring doesn’t need to be a daunting experience. With the right tools and information, you can transition with confidence. Knowing how to manage your finances is important. One option that could be right for you is an account based pension.
During your working life, you’ve probably received a regular salary from an employer or steady payments from your business. In retirement that routine may disappear.
An account based pension could help you keep a routine in place. Rather than taking your super as lump sum, an account based pension lets you set up regular payments over the course of your retirement. This money is paid from your super savings, straight into your bank account for easy access. These regular payments give you control and can help you manage your finances.
Below are 3 ways an account based pension could help you feel more in control of your retirement.
1. You’re in control of your income
When you open an account based pension, you choose how often and how much your payments will be. If your job paid you fortnightly, you could opt for the same. If you prefer a monthly income, you could select monthly. You’re in control. The only condition is you must withdraw a minimum amount each financial year, depending on your age.
AustralianSuper’s account based pension, Choice Income, gives you the option to be paid every two weeks, monthly, quarterly, twice a year, or annually.
Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Fees may apply.
The information shown on this website is general information only. We haven’t taken into account your needs or personal objectives when providing the information. You should assess your own financial situation and needs and read the relevant Product Disclosure Statement before making a decision about products on this website. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.
This website is provided by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898 Superannuation Fund Number (SFN): 2683 519 45, Superannuation Product Identification Number (SPIN): STA0100AU.