Your Wealth is a half-yearly publication produced by Morgans, that delves into key insights for Wealth Management, including the key spotlight article ‘Innovative retirement income streams.’
This latest publication will also cover giving an early inheritance to your children, an economic update addressing a slowdown in US economic growth, and SMSF trustee education, emphasising the significance of a written investment strategy.
Download your copy today to receive the latest insights.
Innovative Retirement Income Streams
In February 2022, legislation was enacted which inserted a new covenant into the Superannuation Act that requires trustees of superannuation entities to develop a retirement income strategy for Australians who are retired or are approaching retirement. This covenant is known as the Retirement Income Covenant and requires large (non-SMSF) super fund trustees to have a strategy to assist beneficiaries to achieve and balance the following three objectives:
- maximising expected retirement income;
- managing expected risks to the sustainability and stability of their expected retirement income; and
- having flexible access to expected funds during retirement.
Since then, a number of new innovative products have been developed and introduced to the market.
Morgans has reviewed a number of these innovative products, the details of which are summarised in the latest publication of Your Wealth.
