6 Types of Retirement Income Streams: How to Fund Your Ideal Retirement

Learn about the types of retirement income streams available to you and the 3 key factors to consider when selecting the most suitable income stream to fund your retirement.

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⏱ Timestamps
00:00 – 6 Types Retirement Income Streams
01:06 – Account-Based Pensions
02:25 – TTR Pensions
04:00 – Annuities
05:33 – Centrelink Age Pension
06:14 – Defined Benefit Pension
06:48 – Savings & Investments
08:20 – 3 Retirement Income Factors

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– 6 Essential Retirement Income Streams & Key Factors to Consider –

The idea of giving up work-related income for the next 30 years can be daunting, making it crucial to prepare and understand where your retirement income will come from. So, as you approach retirement, it’s probably a good idea to think about how you might fund retirement!

Understanding how each one works and how it might fit in with your overall retirement plan, will provide you with greater control over your retirement.

This video covers the pros and cons of the most 6 common types of retirement income streams, including superannuation account based pensions, transition to retirement pensions, annuity income streams, the Centrelink Age Pension, defined benefit pensions and income from personal savings and investments.

#ToroWealth #SuperGuy #ChrisStrano #Superannuation #RetirementPlanning

DISCLAIMER: The SuperGuy website and SuperGuy YouTube channel contains general advice only. It is not personal advice as it does not take your specific needs or circumstances into consideration. Therefore, you should look at your own financial position, objectives and requirements and seek personal financial advice before making any financial decisions.

General advice is provided by Toro Wealth Pty Ltd trading as SuperGuy Retirement Experts as an Authorised Representative of Core Value FA Pty Ltd (AFSL 480387).

[SuperGuyAu]

Hey everyone, thanks for watching! Ready to take control of your retirement? Download our FREE 6-Step Superannuation Check today:

[robsalvv]

Good primer for those of us in our 50’s with retirement on the horizon. I never realised the nuance between an annuity and account based pension. I thought they were the same thing! …perhaps I should be reading the Superguy emails more closely!

[Bobbydazzlla]

Alway great to listen to your information. Thanks, and see you next time.

[Woodland]

my plan as I have turned 60:
1. TTR
2. Continue to work but in reduced hours
3. Collect rental income
Should be OK before fully retire.
Not eligible for pension.

[davidwallace]

thanks for your channel Chris. What about reverse mortgage as an income stream? Id love to hear your thoughts on this. Cheers

[GibsonJames-gron]

I still like rent from investment properties for their steady income stream.

[Rick-kjdd]

Another disadvantage of an allocated pension is the possibility of sequence of return risk when you begin drawdowns. On a down market your funds could deplete much quicker than in an increasing market.

[markspin]

In relation Annuities, you forgot to mention the favourable Centrelink (income/asset test treatments).

[lengerer]

My father is retired and 70 yrs old, house paid off, buys a new car every couple years.
He says spends 30k PA which covers all bills and food.
I was surprised how little the figure was as im working towards 100k PA.

[ren]

What options are there for people who take extended time unpaid away from the workforce to care for kids or elderly & their superannuation is just sitting there still paying fees but not adding anything to?

[garryelsdon]

What are your thoughts on IRIS based super accounts

[scottyt-au]

Very helpful information. Is it possible to get a percentage of your super as an annuity and the remaining percentage as an retirement income stream as a 50/50 or 70/30??

[conghuynh]

Smsf after 60 can u withdraw money anytime? Limited?

[halitosis]

Chris you didn't mention living in another country that is much cheaper than living in EXPENSIVE Australia.

[juliedaniels]

Hi, I emailed your office to get an idea of costs and appointment availability. No reply

[worma]

Just about to receive approx AU$350k from an overseas pension into a newly created SMSF. I need to invest this money as part of the investment strategy of the scheme.
How would anyone on this channel currently invest $350k?

[aussietaipan]

How does 1mill in a life time annuity and 600K in a high growth account based pension sound as a plan?, to me this is the best of both worlds.