Superannuation...Coming up to maturity age, withdrawal information

[Kenny202]

Coming up to maturity age and just wondering if I should leave it in there and draw down on it as required or should I pull it out and invest it elsewhere. I am hopeless with stock market etc and from past investigations don't have a lot of faith in financial advisers.

I can invest it 100% safely for 4% though this is sliding but unlikely to fall much based on past experience. The downside of investing it for me is it will be taxable. Mind you my Supr company hasnt had a great track record at all (cfs) although seem to be on a roll atm

 

My specific questions are 

 

1)  If I leave my super in the super account to gain interest and just draw down chunks of say $10-20k AUD, will I be taxed on the interest my super account earns in the future after my first draw down? I was kinda under the impression as long as you leave it in the original account the super matured in, any future interest etc is non taxable? 

 

2) Without setting up a formal pension / monthly payment type thing, is it usually possible to draw down amounts as required? Is there any minimum limits you can      withdraw? or limits on how often you can withdraw?

 

Any help appreciated 

 

Edited November 29, 2022 by Kenny202

[Fat is a type of crazy]

I am no expert either but the basic fact is if you are 60 you can get the lump sum tax free

 

If you're 60 years old or older and your only source of income is super benefits from a taxed source, which yours is likely to be, you won't pay tax or need to lodge a tax return. There's lots of stuff on google if you use key words like tax at 60 if retired. I still find it a bit complicated and I have a defined benefit which is taxed differently with a little bit of tax. 

 

Withdrawing your super and paying tax | Australian Taxation Office (ato.gov.au)

Accessing your super to retire | Australian Taxation Office (ato.gov.au)

 

This might be helpful for your specific issues.

 

How to use your retirement savings once you’re retired (bt.com.au)

Edited November 29, 2022 by Fat is a type of crazy

[Kenny202]

15 minutes ago, Fat is a type of crazy said:

I am no expert either but the basic fact is if you are 60 you can get the lump sum tax free

 

If you're 60 years old or older and your only source of income is super benefits from a taxed source, which yours is likely to be, you won't pay tax or need to lodge a tax return. There's lots of stuff on google if you use key words like tax at 60 if retired. I still find it a bit complicated and I have a defined benefit which is taxed differently with a little bit of tax. 

 

Withdrawing your super and paying tax | Australian Taxation Office (ato.gov.au)

Accessing your super to retire | Australian Taxation Office (ato.gov.au)

 

This might be helpful for your specific issues.

 

How to use your retirement savings once you’re retired (bt.com.au)

Thanks so much for the effort you went to there. I am actually 59yo but based on my maturity age I believe I can withdraw up to $200k before I turn 60yo if I declare I will not be working again. I am hoping this will also be tax free (my super very basic PAYG account, never paid extra or salary sacrifice etc)

[gearbox]

Once you declare yourself retired, you can set up a pension (income stream). Withdrawals have to be no minimum than the percent set for the specific age groups (the minimum is 4% per year).

Myself I would keep my super invested in Australia,  in retirement phase the taxes on super earnings are zero, hard to beat this anywhere else.

[Kenny202]

4 hours ago, gearbox said:

Once you declare yourself retired, you can set up a pension (income stream). Withdrawals have to be no minimum than the percent set for the specific age groups (the minimum is 4% per year).

Myself I would keep my super invested in Australia,  in retirement phase the taxes on super earnings are zero, hard to beat this anywhere else.

Does setting up a pension stream mean you need to set regular per month withdrawals? I just want to be able to draw as required and however much I need