Ask an adviser - lump sum withdrawals when you retire
May 1, 2019
If I’m receiving a retirement income stream when I retire, can I make lump sum withdrawals?
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.