Once you reach age 65 or permanently retire, you can use your super savings to set up a retirement income stream.
A retirement income stream is a type of super account that pays you regular income in retirement. One of the main benefits is that your money stays in the super system so you continue to receive certain tax advantages.
You 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+).
Start an income stream
To open an income stream, you need $20,000 or more in super. Just complete the application form at the back of the Member Booklet (PDS) Retirement Income Stream.
We can help you
If you want to know more about how a retirement income stream could work for you, a financial planner can help.Book an appointment