Ask an adviser - lump sum withdrawals when you retire 

If I’m receiving a retirement income stream when I retire, can I make lump sum withdrawals? 

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Yes you can make lump sum withdrawals in addition to the regular payments you receive from your retirement income stream, provided that you receive the minimum payment amount each year.  If you’re over 60, all payments from a retirement income stream are tax-free and there is no fee to make a lump sum withdrawal. 

However there may be implications for your income tax and any government income support payments you receive.  It’s best that you speak to a financial adviser to discuss the most appropriate options for you. 

If you want to discuss this further you can speak to a Financial Adviser from TelstraSuper Financial Planning over the phone at no additional cost by calling 1300 033 166 or filling out our online contact form

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.