Maximise Your Income

As you near retirement, early planning will benefit your future lifestyle

- Vita Palestrant

Age matters when it comes to super. By the time you hit 60, you need to start thinking about your retirement strategies. It’s a highly complex area with many age- and work-based rules, so the earlier you start planning, the less likely you are to get it wrong.

Generally, you can access super when you turn 60 if you cease a work arrangement. At 65, even if you are working, you can take it as a lump sum or pension.

“If people want to maximise the chances of their retirement assets outliving them, and they’ve got more than just a little bit in super and they’ve got other investments outside, they really should go and see a fee-for-service adviser – the earlier the better,” says Max Newnham, a chartered accountant and certified financial planner at TaxBiz.