March 2023 Retirement planner newsletter

Welcome to our first ever Retirement planner newsletter. If you missed our announcement last week, we are splitting our monthly newsletter into four topic-based newsletters – Super booster, Retirement planner, Retiree and SMSFs.

Learn more about the changes to SuperGuide newsletters and subscription plans here.

What is the cost of living in retirement in Australia?

If retirement beckons, it’s time to work out how much income you think you will need to fund your desired retirement lifestyle. Here’s what you need to consider. Read more.

What is the cost of living in retirement in Australia?

If retirement beckons, it’s time to work out how much income you think you will need to fund your desired retirement lifestyle. Here’s what you need to consider. Read more.

Super or mortgage: Where should I put my extra savings?

Whether it’s better to tip savings into super or the mortgage is a common question and even more pertinent now that mortgage interest rates are on the rise and returns… Read more.

Super or mortgage: Where should I put my extra savings?

Whether it’s better to tip savings into super or the mortgage is a common question and even more pertinent now that mortgage interest rates are on the rise and returns… Read more.

How long you can expect to live and what it means for your super

Estimating how long you might live is a key part of planning your retirement, as you need an idea of how many years you may need a source of retirement… Read more.

How long you can expect to live and what it means for your super

Estimating how long you might live is a key part of planning your retirement, as you need an idea of how many years you may need a source of retirement… Read more.

How sequencing risk affects your retirement

Sequencing risk can ruin even the most carefully planned retirement, with losses and low returns as you move into retirement reducing how much you can spend. Read more.

How sequencing risk affects your retirement

Sequencing risk can ruin even the most carefully planned retirement, with losses and low returns as you move into retirement reducing how much you can spend. Read more.

What is the retirement age in Australia?

When (and if) you retire is up to you, but there are rules around when you can access your super and the Age Pension. Read more.

What is the retirement age in Australia?

When (and if) you retire is up to you, but there are rules around when you can access your super and the Age Pension. Read more.

Tip of the Month

Are you thinking of reducing your work hours, but don’t know if you can afford it?  Or maybe you’re happy at work but want to boost your super contributions and save tax without compromising your take-home pay.

A transition to retirement pension might be just the solution. Read more here.

Q&A of the Month

Q: If you move to an Account-based Pension and continue with an accumulation fund, how much are you able to have in an Account-Based Pension at any one point in time?

For example, say you moved $1,500,000 to an Account-Based Pension, then draw down say $100,000, such that the total value of the Account-Based Pension is now only $1,400,000.

Can you start another Account-Based Pension with $200,000 or $300,000? Is the total cap on the initial cap of $1,700,000 or the new draw down level?

A: The Transfer Balance Cap (TBC) for the 2022/23 financial year is $1,700,000.  If you move $1,500,000 into an Account-Based Pension during the year, you will have $200,000 of your TBC remaining, irrespective of what the balance of your Account-Based Pension subsequently moves to.

To learn how the TBC rules operate, we suggest this article:  Transfer balance cap (TBC) for super pensions: How it works (superguide.com.au)   (Note that the TBC for 2023/24 is scheduled to increase to $1,900,000 with indexation)

Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.