James Coyle

Step-by-step guide to starting and stopping an Account-Based Pension

How and when should you commence an income stream from your super as you move towards retirement?
Starting an Account-Based Pension (ABP) is a major step in anyone’s retirement journey. Getting the timing right is very important. So too is judging the appropriate amount of money you will withdraw. Knowing that this process is not set in stone comes as a great relief to many retirees. Hence today’s explainer on the four key questions to consider when starting an ABP. And the four key things that you will need to know if you wish to reverse this action at any time.

How do I get started? is a very common question. And the answer, of course, will vary based upon an individual’s situation. To help you understand the process, here are the four key steps when you move from accumulating super to drawing it down.

Four ways to release your home equity

by James Coyle | Retirement Advice

Most retirees own their own homes. A growing number (13%) of those aged 67 and over still have a mortgage. But of those approaching retirement, aged 55-64, a staggering 54% are still paying off a home loan.

In early August we discussed the option of downsizing to a more suitable property. There are lots of financial incentives for older Australians to do so. But research tells us that, as we age, most of us wish to stay exactly where we are, in our neighbourhood, with friends and favourite haunts nearby.

What are the options, then, for those who wish to stay in their current home, but need more income for maintenance or other living expenses?

This is where home equity enters the picture.

Today we explain how accessing home equity can work, the three main types of home equity access and some pros and cons of each one.

A health shock for Pamela: Is early retirement her only option?

by James Coyle | Retirement Advice

One popular misconception about retirement is that it is a choice that we can all make when we feel like having more spare time. This is not what always happens, however, with most recent ABS statistics on Retirement and Retirement Intentions (2023) revealing that not quite a third of Australians choose to retire because they have reached Age Pension age or are eligible for superannuation (28%). Many people retire far earlier than they intended with 13% doing so due to their own sickness, injury or disability and 7% retire because they were retrenched, dismissed or there is no available work.