On Saturday, 29th May 2021, the Government announced that it would be further extending the temporary 50% reduction to the minimum income drawdown requirement from superannuation pensions until 30th June 2022.
Watch my update below on this topic and how it may affect your income starting in July 2021 (next month).
Please note, this is not law yet and when I hear more I will give you another update which is expected in the coming weeks.
Direct link: https://www.youtube.com/watch?v=Tu0TPVgY4Ic
Once the enabling regulations are tabled, this measure will allow those whose circumstances permit to reduce income payments from their superannuation-based income streams, to minimise the need to sell down assets in depressed markets.
In its media release the Government recognises that;
“for many retirees, the significant losses in financial markets as a result of the COVID-19 crisis are still having a negative effect on the account balance of their superannuation pension”.
As mentioned, once I hear more I will let you all know so we can make changes to your pension income if required.
Stay Safe & Happy Investing,
EK Financial Group