It comes as retirees ramp up one-off withdrawals from their super funds to cover living costs or pay down debt amid climbing interest rates.
The drawdown rate is the minimum amount that retirees must take out of their superannuation every year, and ranges from 4 per cent to 14 per cent depending on the retiree’s age.
“I’d expect that to revert [on July 1] and the number of members drawing out the minimum rate to increase because ... when it dropped, not everyone could afford to take advantage of that,” said Jacki Ellis, the fund’s head of retirement. “What we would say to that is, it’s worth reaching out to your super fund and getting that bit of guidance or advice to understand how much you can afford and make sure that you’re making the most out of your savings and living your best life in retirement.”
“What you see in the income stage is too many members drawing the minimum ... but they should be drawing around 6 or 7 per cent so that’s our job to get it back up there.”He said it was “an informed decision” from most members to opt for the minimum, however, as they “thought that the minimum was the right amount to draw down, and they knew they could then access more if that was required”.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What you need to know before topping up super ahead of June 30If you want to make a last-minute contribution to get a bigger deduction and tax saving, you’d better snap to it. This is what to do.
Read more »
Are you making any of these common password mistakes? Here's how to protect yourselfThere are many common mistakes Australians make when it comes to creating and storing their passwords.
Read more »
'Egg boy' and a pie in the face: Why do people keep throwing food at public figures?Australia's long history of throwing food at public figures comes down to people being so angry about something that they're willing to waste food.
Read more »
Live: Women's State of Origin series set for epic finale in TownsvilleThe two-game Women's State of Origin series comes to its conclusion tonight in Townsville, with Queensland coming off a win in Game I. Follow live.
Read more »
Philip Lowe raises hand to continue on as RBA GovenorPhilip Lowe has “put his hand up” to continue as RBA Governor, according to Sky News Business Editor Ross Greenwood. “After a significant review of the Reserve Bank and its culture, that is a question which really comes back down to the government,” Mr Greenwood told Sky News Australia.
Read more »
In his 60s and sporting a bushy beard, pole dancer Allan has made it to international televisionWhen you picture a pole dancer, 62-year-old Allan Reinikka might not be the first person that comes to mind. But his skill has seen him appear on American reality television, and he's hoping the coverage encourages others to take up the sport.
Read more »