Going To Retire - Is Your SMSF Ready?

101 3
Although the age of getting retired is 65 but you will find many who have crossed sixty five years but still working either as full time or a part time employee. In the same manner, you will also find some who are below sixty five years but would like to get retired as they have saved large amount of money in the retirement account. The main question that arises at this point is how we can prepare ourselves for this change? Can we access the superannuation savingseven if we are employed? Which are the methods that we can follow by which we can continue our present job and also gain an access to the superannuation benefits?

To get answers to all these queries, we must at first know about the changeover to retirement. This is described as a program that permits individual who have retired to continue their job and at also enjoy the benefits from the superannuation fund. To enjoy the benefits, they have to draft the non-commutable superannuation fund streams. This is known as retirement streams and transition. There are some rules that should be followed regarding the transition. Some of them are discussed below:
  • You are not permitted to shorten the working hours howevermaintain your present income. You can maintain your income by adding the income that you earn from part time work with the income that you get from the superannuation account.
  • You can collect money from the super account in a large amount or can withdraw it with the help of a table income stream.

If you are below sixty years, taxes are still applied to the retirement revenue streams. The general tax rate is fifteen percent.

All fund services do not provide non-commutable money stream. This is so as it is alternative for the superannuation funds to provide this to the members. If one feels that the changeover to retirement is best for them, they can easily shift their account of super fund from a service to another. There are several people who select to handle their super funds. This is known as SMSF. Even if it can be managed by oneself, you will need an expert who will help you in accomplishing the step. Before you decide whether it will offer benefit for your or not, it is better to consult with a professional. The professionals are experts in this field are also aware of the changing guidelines. You can collect information from lawyers, financial planners, accountants or auditors.
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time
You might also like on "Business & Finance"

Leave A Reply

Your email address will not be published.