Australian Government providing support for retirees

MAR 2020
26

The Government is helping retirees to manage the impact of volatility in financial markets on their retirement savings by temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50 per cent for the 2019-20 and 2020-21 financial years.


This measure will benefit retirees with account-based pensions and similar products by reducing the need to sell investment assets to fund minimum drawdown requirements.


For retirees that wish to only withdraw the required minimum amount, you can cease any further payments for the remainder of the 2019-20 financial year (provided you have already reached the new minimum amount).


Please note that if you have already withdrawn more than your new minimum amount, you cannot put this amount back into your superannuation fund.

 

The Australian Government has reduced minimum draw down rates by fifty per cent.