When you’re in the pension phase of retirement, you can choose how to access your super: either as a lump sum payment or regular income payments.
Lump sum payments
-
You withdraw a single large amount from your super.
-
Provides flexibility to use the money as you wish.
-
May impact your eligibility for certain government benefits or tax considerations.
Regular income payments
-
Also called pension or drawdown payments.
-
Provide steady income over time, similar to a salary.
-
Can help with budgeting and ensuring your super lasts throughout retirement.
Choosing the right option depends on your financial needs, lifestyle, and tax situation. Speaking with a financial adviser can help you decide what works best for your retirement goals.
