Accessing Superannuation After Retirement: What Are Your Options?

There are two options you have available to you with your superannuation after retirement. Watch this video to understand what happens to your super when you retire and decide which option is best for you.

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⏱ Timestamps
00:00 - Accessing Superannuation After Retirement
01:52 - Retired and Making Lump Sum withdrawals
02:38 - Retired and Converting to an Income Stream (Pension)
03:20 - Income Stream Pension Factors
04:10 - Income Stream Example
05:04 - Leaving Money in Accumulation Account
05:27 - Tax on Super Investment Earnings
06:54 - Two Options Available at Retirement
07:18 - Defined Benefit Super Schemes

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What Happens To Your Super After Retirement?

Approaching retirement can be overwhelming and it’s important to make the right decisions. After all, this is a lifetime's worth of savings that you now need to decide what to do with. And, once you retire, you need to make sure your super is going to provide you with your desired retirement income for the remainder of your life.

There are benefits to both retaining your super in accumulation phase and converting it to an income stream - depending on your situation.

In this video, I’m going to explain what happens to your super when you retire, as well as compare the pros and cons of leaving it in accumulation phase versus commencing an income stream.

#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).

Before acting on any information, you should seek professional advice and verify our interpretation/s before relying on the content or calculators within this website or on the videos, while also considering its appropriateness in relation to your personal situation.

[barra]

I've reached 65 and even after talking to my accounted I was still unsure as to what to do with my super . You explained the different options very clearly . Thanking you muchly .

[yvestrembleau]

My mother retired 30 years ago on a defined benefit scheme and she receives an indexed pension.
Her friends who retired about the same time where she worked all took lump sums or the normal superannuation accumulation. They are all now on the aged pension and need help from family whereas my mum can help her family.
Unfortunately defined benefit schemes dont really exist anymore for people starting work so be careful with your money 😊

[ForgotMyOrange]

The only important thing missed, to my mind, is "preservation age" for me is age 57, but there are some severe issues if I try to withdraw super at that age. Everything that I withdraw is considered income and I will be taxed on it - meaning I would lose a considerable amount of it. So the important point is waiting until the "real age" (not sure the correct term but is age 60) not just "preservation age"

[sujitshetty]

Thnk you instead of calling contact centre you made it so easy to understand

[jackiewisbey]

Fantastic clear information. I am learning so much! Thank you : )

[ralphbyles]

My wife and I have been learning as we go.
For example I believe you can’t normally add to your pension account but an exception is a “downsizer” payment when you sell your house and move into a retirement complex.
There is however a really complex process to make it happen. One we are in the midst of at the moment

[rishashah]

So helpful! I'm 30 and trying to set myself up for the future. Most of the info I see is so US focused, so thank you!

[plowestory]

Great explanation made out of what should be easy but is a very confusing subject. Thank you for this great video.

[keepdafaith]

Very good
Gains made in accumulation (Super) accounts are taxed 15% while gains made in pension accounts are tax free.

[nelumpiyasena]

Thanks, I am 65 Thinking of Retiring But need to find something to do before retiring. You gave a good explanation. I liked that no tax bit for Retirement account. The thing is have to take at least the defined percentage out.

[mitchellreardon]

Excellent video. Easy to understand when you explain this.

[jennybourke]

If you plan to work part time or have other income you can have two super account, one for retirement income with zero tax and the other still in accumulation so you can still use to reduce tax from other income

[Mick_]

I'll be 70 this year and still working
And have not done anything about retirement due to the fact that I don't trust anyone

[ADSCoachSimonB]

Thank you, my parents sold their family farm and put the entire amount back into their super and moved into a retirement village with aged care facilities. Is the limit still 300K for housing sales before the government can start asking for money 💰

[malwalker]

Thank you for the talk, I really found it useful. ( have just subscribed.)

[theresa]

I flew Emirates Business back in 2016, had full car service at all destination which is now not offered. Still my favourite to date!

[MS-byry]

@SuperGuy great video - thank you for explaining this so clearly and concisely.

[brettknowles]

Thanks for this will followup on the other videos really helpful

[johncosta]

Very well explained and easy to understand!

[chharlessweeney]

Thanks for the explanation ... much appreciated.