John And Garry Podcast

If you are between 60 and 65 years of age you should be looking at starting a Transition To Retirement – and potentially adding the monies you draw down back into super and claiming a tax deduction. If you are working between 60-65 – you can certainly start a Transition Income Stream from your super.For a Transition Income Stream - there is a minimum you are required to drawdown – it’s 4% of the value of the Super Transition monies. So, if you have $300,00 in super – you need to draw 4% of $300,000 – being $12,000.You simply draw the monies down in say May or June.The good news is that there is no tax when you draw down the Transition monies.Now that you have received the monies – then you look to make a personal concessional contribution of the monies back to super.Your employer 9.5% contributions and your personal concessional contributions cannot exceed $25,000 in a year.Say your employer has put in $15,000 – then you are limited to a personal concessional co