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Retirement
What are retirement income products? |
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| Retirement is a time in your life when you no longer have a regular income from employment and you have to rely on your savings, the Age Pension and/or returns from your investments to cover day to day living expenses. | |
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In recent years, the government has introduced legislation designed to alter the way in which Australians invest their retirement savings. By providing incentives such as tax concessions and social security benefits, the government aims to make investments that offer regular long-term income streams more attractive to retirees. Commencing 1 July 2007, benefits paid from a superannuation source as a pension or annuity will be tax free when paid to people aged 60 or over.
To meet these incentives, AXA offers two allocated pension plans designed to provide you with regular income during your retirement years. These are:
- Allocated pensions; and
- Non-commutable allocated pensions.
Each product has independent features and benefits.
A financial adviser can help you make the most of your retirement savings by developing a plan that could enable you to maintain a regular income in retirement, generate competitive investment returns and take advantage of the tax and social security benefits available.
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