Should I start a pension before EOFY to maximise my strategies?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 17 May 2024. This show considers when the best time to start a pension from super is. With the end of financial year just around the corner, should you start a pension from super before 30 June? Most people look forward to their retirement, but many don’t start their retirement planning until they’re ready to retire. The danger with that is you might miss out on some strategic financial planning opportunities that can better help you get set up for life after work. So start sooner! Thank you for joining us live on 2CC or your favourite podcast streaming service.
Key topics covered include:
- If you decide to start a pension before 30 June, do it sooner than later, some funds only process pension payments twice a month.
- One reason to start a pension is to reduce your hours at work and top up your income from your super (transition to retirement).
- If you have multiple jobs, you can give up one and trigger access to your super (ceased a form a gainful employment over age of 60).
- Contributing back to super might offer you a tax deduction, concessional contributions, catch up contributions might be considered.
- You might use pension payments to fund a tax deductible super contribution This could offset tax on a capital gain caused by the sale of an asset.
- You might also use a pension to lower your super balance in order to contribute more to super.
- What are the pros and cons of starting a pension before June 30?
- Luke shares his top tips about starting a pension before June 30.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
Luke will return to 2CC to talk about other ‘Money Matters’ next week. You can catch up with ‘The Strategy Stacker - Luke Talks Money’ podcast at a time that suits you.
We look forward to your company again and Luke’s book Smart Money Strategy is out now. For more information visit: thestrategystacker.com.au/
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