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The New Daily
The New Daily
Business
Craig Sankey

Ask the Expert: Early retirement? What to consider when it comes to your income

Tony
Annuities could deliver you a bit of extra cash in retirement. Photo: TND

Question 1

  • I am 60 years of age and have worked for the same government department for 39 years. I have accepted an early retirement package of approximately $180k. My wife is 57 and works 1.5 days a week. We owe about 100k on our home loan. We plan to pay off the home loan when I receive the payout. I’m in a defined super fund and have two options when I retire; take a lump sum payment of $930k, or receive a pension of $1400 per fortnight for life (CPI adjusted twice a year) and $465k lump sum payment. What do you think is the best option for us; full lump sum payout or part lump sum with pension? My current planning is to reinvest either of the lump sum payouts into a pension plan. I may continue to work part-time for a few years. Regards, Tony.
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