While your super savings are likely to be the principal source of income during retirement, you may also have income from other sources such as the Age Pension, personal savings, other investments and maybe even from work you choose to do while retired.
But what’s the best way to make the most of your super in retirement?
Get a regular tax-free income from your super with the Australian Food Super Pension.
Our Pension product is an account-based pension which allows you to draw a regular tax-free income. All you need to do is transfer some or all of your super savings into a pension account, then decide how much and how frequently you will receive payments. And you can change those payment arrangements at any time.
You can open an Australian Food Pension account regardless of whether you are working or not. Annual minimum and maximum payment amounts may apply to a pension.
If you are under 60, you will need to sign the declaration on the Application for Benefit Payment Form certifying that you have permanently retired from the workforce.
If you are over age 60 years and under age 65 years you can receive payment of your superannuation if you have ceased employment after reaching age 60 years, with an employer that was making payments to Australian Food Super on your behalf.
If you are under age 60, tax may apply. No tax is payable on super withdrawals once you are over age 60.