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Planning for retirement isn’t just about saving — it’s about knowing where your income will come from once you’ve stopped working. At MLS Financial, we specialise in retirement planning in Penrith, helping clients understand and maximise their income streams to enjoy a comfortable, secure retirement.
In this article, we break down the common sources of retirement income and how a financial planner can help structure these to suit your lifestyle and long-term needs.
Superannuation – Your Primary Retirement Asset
For most Australians, superannuation will be the main source of retirement income. You’ve likely been contributing to your super throughout your working life via employer contributions and possibly salary sacrifice or personal contributions.
There are multiple ways to access your super when you retire, including:
- Account-based pensions (drawing regular income from your super)
- Lump sum withdrawals
- Annuities
A retirement planner can help you determine how much you can safely draw from super each year, while ensuring your funds last the distance your ongoing tax obligations, build wealth, and help to employ the right strategies for your situation.
Age Pension – Government Support You May Be Entitled To
Many retirees in Penrith and across Australia rely on some level of Age Pension from Centrelink. Your eligibility will depend on your:
- Age
- Residency status
- Income and assets
We regularly help clients structure their assets and income to maximise Age Pension entitlements without compromising their financial goals.
Investment Income – Building Passive Income Streams
If you have assets outside of super, such as:
- Shares
- Managed funds
- Investment properties
… these can provide dividends, interest, and rental income during retirement.
As part of your retirement plan, we’ll assess the best way to draw income from these investments in a tax-effective and sustainable way.
Downsizing or Releasing Equity from Your Home
Some retirees choose to:
- Downsize their home to free up capital
- Consider the Home Equity Access Scheme (formerly known as the Pension Loans Scheme)
These strategies can supplement income later in retirement, but they need to be carefully considered. A local adviser can guide you through the pros and cons.
Personal Savings and Term Deposits
Cash savings, bank accounts, and term deposits still play a role in retirement. While they may not offer high returns, they provide liquidity and peace of mind for short-term expenses or emergencies.
We help clients strike the right balance between cash holdings and longer-term investments to maintain both security and growth.
Why Work With a Retirement Planner in Penrith?
Whether you’re a few years out from retirement or already retired, having a clear income strategy makes a big difference. At MLS Financial, we:
- Tailor retirement income strategies to your lifestyle and goals
- Maximise Centrelink entitlements and tax efficiency
- Ensure your money lasts by planning for longevity and inflation
- Provide local, ongoing support when things change
Let’s Talk About Your Retirement Income Plan
If you’re thinking about retirement, already retired, or just want to understand your income options, we’re here to help. Based in Penrith, our experienced team offers retirement planning advice tailored to your situation.
Get in touch with MLS Financial today to book a no-obligation chat and start planning the retirement you deserve.
If you want to discuss any Retirement Planning strategies, including generating income from your assets, or if you are able to retire, contact MLS Financial today through our online contact form or on 1300 791 800.
Disclosures:
- This information has been compiled from sources considered to be reliable, but is not guaranteed.
- The information contained on this website is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. MLS Financial and Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances.
