This allows income splitting for tax purposes. You can use savings to buy an annuity in joint names. You must also meet a condition of release, such as permanently retiring. If you are using super money to buy an annuity, you must have reached preservation age (between 55 and 60). When you buy an annuity, you choose whether you want the payments to last for: You can use your super or savings to buy an annuity from a super fund or life insurance company. Or the rest of your life.Īn annuity is less flexible than an account-based pension, but you can be sure about your future income. An annuity, also known as a lifetime or fixed-term pension, gives you a guaranteed income for a number of years.
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