Can I set up a pension fund for my retirement? I am getting a voluntary redundancy payment and would like to know if putting it in a pension fund or adding it to my super fund is best for tax purposes. I am 58 and I don't plan to fully retire after I am made redundant.
Andrew - Keilor, Vic
Top answer provided by:
purely based on your age and if you are not in need of an income stream from your super, then it would make sense to contribute your voluntary redundancy payment into your super. If you are an in need of an income stream, then it would make sense to contribute the payment into super then convert the super to an income stream – note, limits of how much income you may drawdown will apply.
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