Providing support for retirees 

The Government is helping retirees to manage the impact of volatility in financial markets on their retirement savings by temporarily reducing superannuation minimum drawdown requirements. The Government is also reducing social security deeming rates in recognition of the impact of the low-interest rates on savings. 

• Minimum pension requirements have been reduced by 50% for the 2019/20 and 2020/21 financial years. Here is a link to the minimum amounts needed to be withdrawn if you are in pension phase.

If you have already taken your minimum pension in the 2019/20 financial year, no action is required in the current year. If not, you can take 50% less than otherwise would have been required.

Phillips Wealth Partners. Contact us on 0420 460 483  or visit www.phillipswp.com.au

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