Step Five: Turn your super into an income
You’ve reached the end of your Pathway journey - so it’s time for a big CONGRATULATIONS !!!
That means you’ve already set your retirement income goals and made plans for a great life after work. You’ve also reached your preservation age and are ready to take action.
Whether you’re planning to cut back your working days or retire altogether, accessing your super and turning it into a regular, tax-free income is simple.
Your options – a recap
Once you’ve reached your preservation age (Age 60), you have the option to access your super as a regular payment through an Account Based Pension, like our iQ Retirement account.
If you’re retiring from work altogether, you can use iQ Retirement to start a full pension.
If your plan is to continue working, either full or part-time, you can use iQ Retirement to set up a Transition to Retirement (TTR) strategy and access your super while you’re still working.
With iQ Retirement, your super savings stay invested even while you’re drawing an income, which means that your super can continue to earn returns. Plus, any investment earnings are tax-free if you are over age 65 (or fully retire before 65).
So, you’ll have the opportunity to grow your money at the same time as you’re using it to fund your retirement lifestyle.
A range of benefits with iQ Retirement
- An award-winning product with competitive fees
- Flexibility to build your super and still receive an income
- A range of investment options to suit your needs
- The ability to link your account with another family member’s, so you both receive reduced fees
- Includes a contribution account that allows you to receive contributions and rollovers
- Different payment options and at-call access to your pension
Easy to use
Like your current super account, you can view, transact and manage your iQ Retirement account online, anywhere, anytime.
You can change the amount and frequency of your regular pension payments, request an ad-hoc amount be paid from your account, request to switch your investment options, change your nominated bank account and update your personal details—all via your online account.
Transition to retirement with iQ Retirement
Once you’ve reached preservation age, you can use iQ Retirement to set up a Transition to Retirement (TTR) strategy that lets you access your super while you're still working.
iQ Retirement combines a contribution account with a pension account, so you can contribute to your super and draw a pension at the same time.
Setting up an iQ Retirement account for your TTR strategy is easy. Simply complete the callback request and we’ll help you complete the application over the phone.
Ready to retire with iQ Retirement
When you’re ready to totally stop working, you can use iQ Retirement to pay yourself a regular, flexible and tax-effective income from your super savings.
iQ Retirement comes with a contribution account so you can roll your other super accounts over, and a pension account to pay you a regular income.
Transferring your super to an iQ Retirement account is easy. Simply complete the callback request and we’ll help you complete the application over the phone.
It’s never too late for help and advice
Even after you retire, we’re still here for you with advice and support to help you make better decisions about your super.
Good support can help set you up for success – but it’s worth noting that not all guidance and advice is the same. You have access to a wide range of support and advice options, often at no cost, and we’re here to help work out which one is right for you.
Simply request a callback for a time that suits you and we’ll talk you through your options.
Request a callbackA one-on-one meeting with a Retirement Consultant to give you general information on your retirement options and things to consider regarding your super as you approach retirement
Targeted, personalised advice on how to maximise your super – over the phone with an expert
Help on topics specific to your super like investment strategy, contributions, insurance, pension and transition to retirement
For members within 12 months of retirement
Covers a broad range of topics like estate planning, debt management, Age Pension and strategic advice for your partner, plus more
A cost-effective alternative to comprehensive advice delivered over the phone
Personal financial planning advice that takes your full financial picture, including assets outside super, into account
Tailored advice from a financial adviser we have partnered with on our panel
*A Retire Ready meeting includes General Advice and doesn’t take into account your goals, personal/financial circumstances or retirement needs.
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Retirement now