Suggestions

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Withdrawal Strategy Specific % changes over time - Australian Super Pension funds

Australian superannuation funds in Pension phase have specific % drawn down requirements as you get older. It would great to be able to specify % amounts across a time span, similar to how you can set Advanced Growth / Inflation etc targets in other areas. Auxiliary note: It shouldn’t perfectly match the % per age brackets as they stand, it would be easy enough to manually enter these if that capability existed. This would reflect the fact the % per age group actually changes depending on when you were born, and does get tweaked by the Government year on year. Noted on Table 11 of the link.

Related: www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/

11 votes

Tagged as Suggestion

Suggested 27 July 2023 by user Daniel Quinn

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  • 27 July 2023 Daniel Quinn suggested this task

  • 27 July 2023 Kyle Nolan approved this task

  • avatar
    Gabriel Moreira

    Yeah the fact this is a mandatory minimum drawdown once retired, and that someone can opt into larger drawdown %s, does lean towards needing some flexibility in how this forced income in retirement needs to be articulated per superannuation account.

    Without this capability, Australian projections won’t really be accurate because if someone has enough investment income outside super, the superannuation income never shows up on the plan. When in fact, in this situation, an Australian would want to reduce withdrawals from taxable investments because the income from super is tax-free.

    23 October 2024
  • avatar
    Wayne Y

    Also need to model the transition stage from “Accumulation to Pension stages” in Australia as due to the tax differences between these 2 stages this could greatly change the modelling project Accumulation stage 15% & 30% tax pending parameters Pension stage - 0% tax on earnings and withdraws.

    https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/super-withdrawal-options

    27 January
  • avatar
    Clay Macfarquhar

    Adding in functionality for the Australian Superannuation minimum drawdown requirements would be very helpful and assist with the accuracy of planning. Thanks.

    16 October