Starting an income stream gives you regular access to your super savings and allows you to keep your savings in a tax-friendly environment.
You can start a retirement income stream when you reach your preservation age and permanently retire, meet a condition of releaseThis may include: leaving an employer once you turn 60 or you have ceased gainful employment and do not plan to work more than 10 hours a week again, after reaching your preservation age., or when you turn 65 (even if you’re still working). You can also withdraw your super as a lump sum payment, or keep it in a super account.
Whatever you choose, you have more flexibility to use your super, your way.
Click here for the full assumptions used in the example.
An income stream pays you income in retirement
When you set up a retirement income stream, you can receive regular payments from your account and your money stays invested in a tax-free environment.
You can choose how often payments will be made to your nominated bank account; the options are fortnightly, monthly, quarterly, half-yearly or yearly.
There is no cap on how much you can withdraw, but you must withdraw a minimum percentage of your account balance every year. This percentage varies from 4% (under age 65) up to 14% (age 95+).
Choose how you invest your money
You can invest your income stream account in one or more of our investment options, which include a choice of pre-mixed options or single asset class options you can mix yourself.Show me how the income stream options are performing
Start an income stream
To open an income stream, you need $20,000 or more in super.I want to apply for an income stream
$1.6 million transfer balance cap
From 1 July 2017, a $1.6 million cap applies to the total amount of super that can be transferred into a tax-free retirement income account. If you exceed your transfer balance cap, you may have to remove the excess from one or more of your income stream accounts and pay tax on the notional earnings related to that excess.
The cap is indexed in $100,000 increments in line with the Consumer Price Index.
Note: If you have more than one retirement income stream, the cap applies to the combined amount in all your retirement income stream accounts (investment growth is excluded).