Alongside stimulus packages for pensioners and low-income Australians, the secondary support package announced by the Federal Government provides relief for self-funded retirees.

Minimum drawdown rates for account-based pensions and similar products will be halved for the 2020 and 2021 financial years. This means retirees will be under less pressure to sell shares or other pension assets in a falling market to meet the minimum payments they are required to withdraw each financial year.

The new rates are in the table below:

Coronavirus & self-funded retirees
The table shows the impact that withdrawing $10,000 from your super could have on your retirement balance as self-funded retirees.

For more information on how these changes might affect your personal situation, contact us

Information in this article has been sourced from the Treasury website: