Want to know how you can still receive a regular income after you’ve stopped work? It’s all about investing your super savings so they fund your lifestyle.
Let’s see what a CareSuper Pension has to offer.
Advantages of a CareSuper Pension
- Investment earnings are tax free
- No tax on your income payments once you reach 60
- Choose how much and how often you receive income payments (within government-set limits)
Who can invest
- Over preservation age and permanently retired
- Over 60 and changed employer
- 65 or over (even if working)
If you’re between your preservation age and 65 but you haven’t met the other criteria for a full CareSuper Pension, you might be able to start accessing some of your super with a transition to retirement strategy. Find out more about transitioning to retirement.
You can open a CareSuper Pension with a minimum of $10,000. The government has set a limit on how much you can invest in one or more retirement accounts (called the Transfer Balance Cap – currently $1.6 million).
You can choose to be paid twice monthly, monthly, quarterly, half-yearly or yearly. The money goes straight into your bank account and you can change the frequency any time you like.
There’s no maximum annual payment, but by law you must withdraw a minimum percentage each year, depending on your age.
With easy access to your money, you can make a withdrawal at any time on top of your regular pension payments. Just what you need for that special trip or to renovate the kitchen (minimum of $1000 applies).