Nearing retirement? You may have more options than you think. Our flexible income stream options can pay you a regular income before and during your retirement.
Why choose a HESTA Income Stream?
A HESTA Income Stream account keeps your super invested with HESTA, and pays you a regular income throughout the year. You can:
Preparing for retirement?
Consider a Transition to Retirement (TTR) income stream.
This is where you can transfer part, or all of your super balance to a TTR income stream account and, if you're over 60, access tax free income. This is a tax effective way to build your savings until you retire completely.
Or you can use it to draw an income, and keep making contributions to your super account at the same time.
Keep in mind:
Once you retire completely, the TTR rules no longer apply to your income stream. You can then either start a second income stream with any additional super, or close your first income stream and open a new retirement income stream with the combined funds.
Ready to retire?
Consider a retirement income stream to provide you with a regular income while your savings are still invested. This is how it works:
Keep in mind:
The minimum drawdown is the percentage of your income stream account balance that you must ‘draw down’ (withdraw) each financial year.
The maximum drawdown amount applies to Transition to Retirement (TTR)
members only and is the maximum allowable amount TTR members can draw
down each financial year.
Minimum and maximum drawdown amounts are set by the Federal Government at the beginning of each financial year.
For the 2016/17 financial year, minimum/maximum drawdown amounts are as follows:
|Under 65||4%||10% (TTR only)|
For more information see the HESTA Income Stream Product Disclosure Statement.