Show Notes
In this Australian Retirement Podcast episode, your hosts Drew Meredith, from Wattle Partners, and James O'Reilly, from Northeast Wealth continue their summer miniseries by tackling the complex world of getting money OUT of your super.
They break down the critical concepts of taxable vs tax-free components, preservation age, and the various conditions of release that allow you to access your super. Drew and James explain the difference between lump sum withdrawals and pension payments, and dive into the tax implications - including the infamous 20+ different tax rates that can apply to super (check out their dedicated video for the full breakdown).
They also cover the more sensitive topics of death benefits, invalidity payments, and compassionate release provisions including terminal medical conditions.
If you like this Australian Retirement Podcast episode on accessing your super, you'll love the series. Don't forget to subscribe for weekly shows on Apple, Spotify, YouTube or wherever you get your podcasts.
Topics covered today:
- Understanding taxable vs tax-free components in your super
- What is preservation and when does it end?
- Conditions of release - when you can legally access your super
- Lump sum withdrawals vs pension payments - what's the difference?
- Tax implications of super withdrawals (and why there are 20+ different rates!)
- Death benefits and how super is distributed when you die
- Invalidity and compassionate release provisions
- Terminal medical condition payments - accessing super tax-free in your final months
Resources for this episode
- ATO Preservation Age
- ATO Conditions of Release
- ATO Death Benefits
- Ask a question (select the Retirement podcast): https://bit.ly/R-quest
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This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG):
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