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Re: converting super to an income stream

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Newbie

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hello not really a self managed super question, but i will be retiring from my job shortly , perhaps towards the end of the year, Iam about to turn 60 (in 2 weeks time).

When I officially give my notice to work that I will be retiring, ( may give work 6 to 8 weeks notice), what are the mechanics with the conversion of my lump sum super into an income stream?.  Presently I have not withdrawn any super funds as they are still preserved until I leave work completely.

 

I envisioage keeping the same fund that iam using for my current super contributions.

Do I wait till I notify work? and let payroll handle for me? and if i say give 6 weeks notice will this be ample time to have the income stream turned on when pay salary ceases?

thanks

 

Tony Conroy

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Devotee

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This is something that your superfund would handle not your employer.

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Best answer

Devotee

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This is something that your superfund would handle not your employer.

Newbie

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thank you

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ATO Certified

TaxTime Support

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Hi @tonyconroy

 

Welcome to our Community.

 

@macfanboy is correct. You will need to get in touch with your super provider.

 

You can check out the withdrawing and using your super page on our website for more information.

 

If you want your super income stream to start as soon as you have retired, get in touch with your fund to find out how long the application process will take. That way you can ensure that there will be no delays.

 

Hope this helps.

 

Thanks,

 

ChrisR

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