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Retirement Planning

Retirement planning is the accumulation of wealth to provide income and financial security in retirement. Good retirement planning is both tax efficient and investment effective.

It's never too early to start planning for retirement. It is important to ensure your retirement income is structured to suit your needs and objectives.

With a dedicated technical research team, and regular development opportunities, Morgans' advisers are kept up to date with legislation changes, the latest strategies, and ways to help you make the most of your retirement.

Income in retirement

The three main sources of income in retirement are:

  • Superannuation – pension income stream and/or lump sum withdrawals
  • Non-superannuation assets – returns from shares, property, cash and fixed interest
  • Centrelink – age pension benefits

How to structure your retirement income stream will depend on your individual situation, so it's important you get professional advice.

What is an account-based pension?

Account-based income streams replace allocated pensions, and are defined by the following:

  • The pensioner has an individual account whereby payments are made at least annually.
  • Minimum annual pension payment requirements must be met, based on the person's age each year.
  • There is no maximum amount that can be paid out apart from whatever the account balance is at that time.
  • The minimum payment is calculated by multiplying the account balance by the percentage factor based on the pensioner's age at that time (see table below).
  • From 1 July, 2017 a $1.6m Transfer Balance Cap will apply.

Table showing minimum percentage factors for pension payments

For more information on account-based pensions speak to your Morgans adviser

Specialist advice

If you are planning your retirement, or just reducing your working hours, you should seek advice. Download our Retirement and Estate Planning Brochure, and contact your Morgans adviser or your nearest office to discuss your needs.

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