Retirement planning

Retirement planning covers how much superannuation is enough, planning for retirement, starting an income stream, claiming the Age Pension, making contributions while receiving a pension from a super fund, estate planning and looking after your family.

Below are some of our key Retirement Planning articles:

Set out below are all SuperGuide articles explaining Retirement planning.

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...]

I’m under 60. Does my super payout also affect my other income, and tax bill?

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Q: I have tried to phone the ATO re this query. Could you tell me the answer to this question? I turn 55 soon and I am eligible for a super payout of $185,554 next month of which only the $554 is taxable at 17.0%. However I still intend to keep working at my $58,000 a year job and wondered how this … [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...]

Financial advice: Only 53 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...]

Age Pension: Deemed income falls again with lower rates

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If you own financial investments and receive the Age Pension, or you hope to claim the Age Pension, then you need to be aware of a recent change to the deeming rates applicable to financial investments, and the annual change (every July) to the deeming thresholds for the Age Pension income test. … [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...]