Deciding what to do with your superannuation savings
For some people it may be just around the corner – for others, quite a few years down the track – but as you get closer to the age where you can access your super savings, one of the key decisions is what to do with it?
While a lump sum withdrawal may sound tempting, accessing your super savings through a regular income payment may also have its benefits.
Nationwide Super offers two pension account options to pre-retirees and retirees –the Pre-Retirement Pension, and the Nationwide Super Pension.
The Pre-Retirement Pension is designed for people aged between 55* and 64 who are still working, but want to access their super savings to boost their income or to make their money work harder by implementing tax-effective contribution strategies to grow their retirement ‘pot’ even further.
The Nationwide Super Pension is designed for people who have fully retired and want to access their super savings as a regular income payment in a tax and Centrelink friendly manner. You pay no tax on the investment earnings, and if you’re 60 or over, your pension payments and any lump-sums you withdraw are tax-free.
*or your relevant preservation age if you were born after 30 June 1960.More about our Pensions here
Need some help? We’ll call in the experts
To help our members work out which options would best suit their needs – the best place to start may be a ‘Retirement Health Check’ with your very own Super Adviser.
This over-the-phone service from the experts at Link Advice will give you the opportunity to:
- Ask questions about super and retirement planning to understand your current situation and how you are tracking towards retirement
- Explore ways to save money and maximise your retirement ‘nest egg’ to enjoy the lifestyle you want
- Receive an action plan prioritising the steps you can take to feel confident and in control of your super
As a special service to our valued members, we will currently pay the fees involved for the ‘Health Check’.
Simply call us on 1800 025 241 to get started, and we will generally connect you directly through to a Super Adviser. We can also arrange for face to face appointments for more complex matters.