HEN it comes to deciding what to do with your super, the most popular option now is to have your cake and eat it too by having an account-based pension.
This option leaves your super money invested and provides an income while still allowing the flexibility to withdraw money.
A pension through your super can also allow for regular income from your super even if you're still working and these payments can be on top of the Government Age Pension if you receive it.
You can end up with more savings, because the money in your account stays invested and is taxed at a concessional rate.
You may also want to consider a transition to retirement plan.
With transition to retirement, you can use an income account as an extra source of income and cut back on your working hours, or you can take advantage of the tax-saving opportunities to speed up your super savings. You can also open an account if you change jobs on, or after, turning 60 or once you turn 65, even if you're still working.
Of course, there are some specific benefits to taking a lump sum, the most notable being that it usually makes sense for retirees to pay off any remaining mortgage or other higher interest rate debts when they stop working. But everybody's situation is different so you should consider seeking independent financial advice.