More than 1.6m in super. I am confused about the rules which apply when I retire next year.

Discussion in 'Superannuation, SMSF & Personal Insurance' started by John Smith, 28th Jul, 2018.

Join Australia's most dynamic and respected property investment community
Tags:
  1. John Smith

    John Smith Well-Known Member

    Joined:
    9th Apr, 2017
    Posts:
    114
    Location:
    VIC
    I am fortunate to have a healthy sum in my super. When I turn 60 next year, should 1.6m of my total super will go into pension phase or should it be less to take into account the increase in value from the investment earnings even though money will be withdrawn? I understand that any amount in pension phase that takes my account over 1.6 will be taxed highly. And what happens to the left over money in accumulation? Am I allowed to access it? What rules govern this money? You can see why I am a bit confused. Finally, is there a good resource I can read to learn more about it? Look forward to replies and thanks in anticipation.
     
    2 people like this.
  2. Rickwood

    Rickwood Member

    Joined:
    22nd Aug, 2015
    Posts:
    23
    Location:
    Melbourne
    2 people like this.