How super works

This section covers the most popular questions on how superannuation works, including how to find lost super, how super works, how much money is enough, and simple step-by-step superannuation guides.


Below are some of our key How super works articles:

Set out below are all SuperGuide articles explaining How super works.

Financial advice: Only 54 independent financial advisers in Australia

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Note: This article is updated regularly when new financial advisers join the independence club (latest update February 2015). A financial adviser does not have to be a member of the IFAAA to join the SuperGuide list, provided they can declare that they satisfy the requirements of being an … [Read more...]

Super funds deliver 7.2% over 7 months, and 2% for January 2015

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The median superannuation growth fund gained 2% for the month of January 2015, and 7.2% for the seven months to January 2015. For the 12 months to January 2015, growth super funds are sitting on a 11.5% return, according to rating company, Chant West. Performance tables to 31 January 2015, for … [Read more...]

Turning 55: Taking super, tax and timing

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Q: If at 55, I take up to $185,000 out of my super as a lump sum tax free, when I turn 60 will I be able to draw down as a lump sum the rest of my superannuation without having to pay tax as well? A: For an individual to access preserved super benefits they must satisfy a condition of release, … [Read more...]

Tax-free super for over-60s, except for some

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If you withdraw your super benefits after you turn 60 years of age, you can expect to pay no tax on those super benefits, unless you are a member of certain public sector super funds (see summary table at the end of this article). Due to the large number of emails I have received about this topic … [Read more...]

Accessing super: Preservation age jumps to 56 years from July 2015

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Turning 55, retiring and accessing your super will become a thing of the past from July 2015. Anyone born on or after 1 July 1960 needs to push from their mind that the age of 55 is the ticket to superannuation access. From 1 July 2015, Australians turning 55 will have to wait at least another year … [Read more...]

I’m 58 and I have $230,000 in super.
Will my super be taxed?

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Q: I’ve just turned 58, and I’m thinking of retiring before I turn 60. I would like to know whether I would have to pay tax on my superannuation. I know that after I turn 60, it’s tax-free, so my inquiry is regarding the period until I turn 60. My super money consists of compulsory employer … [Read more...]

I retired at 59. Do I pay tax on my superannuation lump sum?

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Q: I retired in September 2014. I’m now living on a tiny super pension of about $710 a fortnight. In September 2014, I also received a $15,000 superannuation lump sum. The tax free component of my total superannuation is 66% and the taxable component is 34%. I turned 60 in February 2015. Do I have … [Read more...]

SuperGuide checklist: 10 more ways to boost your super

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Note: This article is the second in a special two-part series that SuperGuide updates regularly, designed to help SuperGuide readers more easily access the hundreds of questions and articles that we have published on the SuperGuide website. This article, ’Super checklist: 10 more ways to boost your … [Read more...]

SuperGuide checklist: 10 ways to save your super

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SuperGuide receives hundreds of questions every week from Australians wanting to create a better life for themselves in retirement. The types of questions we receive include: how much super should my employer contribute each year, how much money is enough, how can I work out if I am in a good super … [Read more...]

Retirement: 3 ways of taking super benefits before the age of 60

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When you retire early, you’re going to have to make a few decisions. The tax implications of your retiring before the age of 60 can depend on whether you take your super as a lump sum and/or income stream. Are you taking your super as a lump sum, an income stream or a combination of … [Read more...]