Ask an Adviser: 65 and still working

August 7, 2024

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We asked Antony Wojcik from TelstraSuper Financial Planning: I’m 65 and still working. Is it worth me starting a retirement income stream?

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Once you turn 65, there can be tax benefits in setting up a retirement income stream, even if you are still working and contributing to super.  

In the accumulation phase of super, earnings are taxed at up to 15%, but once you set up a retirement income stream, you’ll pay no tax on the earnings or the payments. You may also qualify for a TelstraSuper retirement bonus of up to $8000. 

LEARN ABOUT THE RETIREMENT BONUS

There are limits to how much you can transfer into what we call the “retirement phase”.

LEARN MORE

If you need a hand you can connect with us on live chat or give us a call on 1300 033 166. 

Past performance is not a reliable indicator of future performance. Any general advice has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any decision, you should obtain and read the relevant Product Disclosure Statement and Target Market Determination or call us on 1300 033 166 for copies of these documents. You may wish to consult an adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.