Your income in retirement

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Your income in retirement

Rather than the old notion of one day 'hanging up your hat', you now have the option to 'transition into retirement'. New superannuation rules combined with the fact of increasing life spans, means adequately financing these 'retiring' times – which could last up to 25 years or more – can take some astute organisation and understanding. Feel you'd like some assistance? Contact a Westpac Retirement Specialist today.

Retirement income products allow access to your accumulated superannuation savings generally through a lump sum payment or a retirement income stream (annuity or a pension).

Lump sum

If you take your super as a lump sum, there may be various tax issues that need to be taken into account. You'll need the right investment strategy to ensure your money lasts, and you achieve your desired retirement lifestyle. Speak to a Westpac Retirement Specialist about strategies that could make a difference to your retirement lifestyle options?

Retirement income streams

Pensions – These are the most flexible forms of pension. They give you the option of choosing where you invest, drawing down on your capital or even exiting altogether if you want.
Pension and Term Allocated Pensions - like allocated pensions, TAPs pay you a regular income, but, as they're for a fixed term, you won't be able to access your capital until the term expires. They do give you the flexibility of choosing where you invest.
Term Certain Income Streams - Like TAPs, Term Certain Income Streams are for a fixed term, except you don't necessarily need super money to commence this type of pension. They provide you with a certain minimum income, year in year out; however, you have no choice in where your money is invested.
Lifetime Income Streams - are very similar to Term Certain Income Streams, except that they will pay an income until you, or in some cases your partner, dies. That means you have certainty that your income stream will last your whole life. Because they comply with certain government rules, they may also help you become eligible for social security.

How a Westpac Retirement Specialist can help

Each type of retirement income option differs from the next. What you choose will be dependent on many factors specific to your situation including taxation implications, social security eligibility, investment preferences, lifestyle choices and more.

Therefore, given the potential complexity in planning for your retirement, speak a Westpac Retirement Specialist can help tailor strategies that make the most of your retirement income.

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General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Consider our disclosure documents, which include Product Disclosure Statements (PDS) for some products. The PDS is relevant when deciding whether to acquire or hold a product. View our Australian Prudential Regulation Authority Registrable Superannuation Entity (RSE) Licence & Registration numbers.

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Investments in this product are not investments, deposits or other liabilities of Westpac Banking Corporation or member companies of the Westpac Group. The repayment of capital and investment performance are not guaranteed except as stated in the product's offer document. Investments are subject to investment and other risks, including possible delays in payment of withdrawal proceeds in some circumstances, and loss of income and principal invested.
This information is general in nature and is not intended to constitute a securities recommendation, financial or taxation advice. Before making any investment decisions, we recommend you consult a financial adviser and an independent taxation adviser to take into account your particular investment needs, objectives and financial circumstances.
The taxation position described is a general statement only and is based on the continuance of present tax laws and their interpretation. Your individual situation may differ and you should seek professional advice.
Westpac Financial Advisers are authorised representatives of Westpac Banking Corporation, a licensed securities dealer.