Super Conversations - Paying Yourself An Income In Retirement

Listen to Marg and Bill’s super conversation to discover how you could make your super last in retirement.

  • Transcript
    • Margaret: Bill with your milestone birthday coming up we should all go on a cruise!
    • Bill: I haven’t got the money for that! Neither do you – or so I thought. When did you win TattsLotto?
    • Margaret: I haven’t won tats, my super has just been going really well so I’ve got a bit of extra money.
    • Bill: But Marg you’re retired… how’s your super going so well?
    • Margaret: Well Ray and I spoke to a TelstraSuper Financial Planning adviser who helped us open income stream accounts that pay us money every other week – just like when we used to get our pay cheques. And since I’m over 60 I don’t pay any tax on the income it pays me. Plus our money can still earn investment returns, meaning it could even keep growing!
    • Bill: Wow I thought you’d just take it out as a lump sum and put it in your bank account.
    • Margaret: Do you think I’m crazy? I might make more money on it if it stays in super than in a bank account. Plus, I don’t have to worry about it. Someone else is doing it for me. This way my money is working hard – even now that I’m not!
    • Bill: Maybe I should look into that…
    • Margaret: Absolutely, deciding how you take your super is a huge decision and could be the difference between thousands of dollars. I didn’t make any decisions until I spoke to my super fund.
    • Bill: Bet they charged an arm and leg to help though
    • Margaret: Nope, with TelstraSuper you can speak to someone over the phone for basic help as part of your membership so you don’t pay anything extra. But then we did sit down with an Adviser and she helped set up our income streams so that we have enough to meet our expenses and hopefully my super will outlast me. That didn’t cost us much and I paid for it out of my super.
    • Bill: Wow, that’s fantastic I will call them then. Maybe I will be able to afford joining you on that cruise after all …

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