If you are still working, then you should leave your remaining superannuation savings in the accumulation account so it continues to grow. There is a small amount of tax payable on the earnings while in accumulation phase, but if you don\u2019t need the income (because you\u2019re still working), in my experience it\u2019s usually best to just leave it to continue to grow.<\/p>\n
If, however, you\u2019ve retired, then you would convert your superannuation savings into an income stream. The most popular form is known as an account-based pension, but annuities are also an option.<\/p>\n
These income streams will give you income on at least a monthly basis. Given the information you\u2019ve provided, I would expect the income paid out to you to be tax-free.<\/p>\n
As a 65-year-old, the minimum drawing requirement will be 5 per cent of the balance. Therefore, you would receive $3333 a month (based on an $800,000 income stream). You can draw more if you wish, but you just need to be careful that you don\u2019t run down the balance too quickly.<\/p>\n
Paul Benson is a certified financial planner at Guidance Financial Services<\/a>. He hosts the Financial Autonomy podcast. Questions to: paul@financialautonomy.com.au<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"If you are still working, then you should leave your remaining superannuation savings in the accumulation account so…\n","protected":false},"author":2,"featured_media":159608,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,184,185],"class_list":{"0":"post-159607","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/159607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=159607"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/159607\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/159608"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=159607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=159607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=159607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}