5 ways to generate income in retirement (plus the mistakes to avoid)

In this Australian Retirement Podcast episode, your hosts Drew Meredith, from Wattle Partners, and James O'Reilly, from Northeast Wealth break down the complete landscape of retirement income in Australia. One of the most common questions financial advisers hear is: "Where will my income actually come from in retirement?" The answer isn't simple—and that's actually a good thing. The most successful retirees don't rely on a single income source; they strategically combine multiple streams to create flexibility, tax efficiency, and security. Drew and James walk through the five main sources of retirement income: allocated pensions from your super, the Age Pension, investment income from shares and property, term deposits and savings accounts, and annuities. They explain how each works, the pros and cons of different strategies, and why having multiple income sources is crucial for managing risk and maintaining lifestyle throughout retirement. They also tackle a big question: Is property really the right asset for retirement income? The answer might surprise you. If you like this Australian Retirement Podcast episode on retirement income strategies, you'll love the series. Don't forget to subscribe for weekly shows on Apple, Spotify, YouTube or wherever you get your podcasts. Topics covered today: - Allocated Pensions: Converting your super into regular income - Why starting an allocated pension is often a "no-brainer" decision - Understanding minimum drawdown requirements and tax benefits - The Age Pension: Why over 90% of retirees receive it - Investment income: Shares, dividends, and franking credits - Property income in retirement: Is it the right choice? - Annuities explained: Guaranteed income with trade-offs - Why combination is key: Asset allocation and opportunity cost - The importance of liquidity in retirement Resources for this episode Centrelink AP: https://www.servicesaustralia.gov.au/age-pension Annuities ep: https://www.raskmedia.com.au/2025/08/14/is-it-time-to-let-go-of-the-family-home-downsizing-explained-2/ Back to basics ep 2: https://youtu.be/Dr6NcUw5Tvg Age Pension w Justin Bott: https://www.raskmedia.com.au/2025/09/18/age-pension-eligibility-applications-exemptions-and-gifting/ AND https://www.raskmedia.com.au/2025/09/22/boost-your-pension-exempt-assets-market-volatility-work-bonuses/ Ask a question (select the Retirement podcast): https://bit.ly/R-quest Visit TermPlus to learn more https://termplus.com.au/?utm_source=rask&utm_medium=podcast&utm_campaign=retirement&utm_term=general&utm_content=video Rask Resources All services: https://bit.ly/R-services Financial Planning: https://bit.ly/R-plan Invest with us: https://bit.ly/R-invest Access Show Notes: https://bit.ly/R-notes Ask a question: https://bit.ly/R-quest We love feedback! https://raskau.typeform.com/to/ZbfHy6IP Follow us on social media: Instagram: https://www.instagram.com/rask.invest TikTok: https://www.tiktok.com/@rask.invest DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg