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.
The following articles refer to Retirement planning and superannuation.
Q: I turned 64 in January 2010. My understanding is that because I am under 65 for part of the 2010/2011 financial year then I can exercise the bring forward provisions and make non-concessional contributions up to $450,000 before I turn 65. Is this correct?
Q: If an individual turns 50 years of age during the financial year, could the increased concessional contributions cap for over-50s apply, or would that individual need to be 50 for the full financial year? According to the legislation, the transitional over-50s cap applies…
Q: I’m 59 years of age and in March I lost my job. I have since been trying to find work but due to my age I’m finding it excessively hard. After much discussion with my wife we have decided that the best option would be for me to retire. As she earns a decent wage, I am unable to receive government assistance…
Q: My SMSF super is % in account based pension began in 2009 and part % in accumulation. I am considering changing all back to accumulation and I think this is called an internal rollover? I have conflicting advice on the meaning of commutation, some sources saying it is only if you receive a lump sum payment in cash from pension.
At the time of writing this article, four days before the 2010 Federal Election, we are still waiting for the Liberal/Coalition policy on superannuation and retirement. Perhaps they don’t have one.
Q: I’ve just turned 59, 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 till I turn 60.
It seems that many Australians nearing retirement don’t like the terms ‘retirement’ or ‘pension’. Some advisers who are recommending transition-to-retirement pensions (TRIPs) are experiencing client resistance because clients are adamant that they’re not retiring (at least not for a few more years), and they don’t want to be embarking on any strategies involving ‘retirement’.
Q: I am an Australian citizen living in the UK and I have an Australian super fund accumulated from 1986-1992 and now growing with investment earnings over time. Additionally, I continue to hold bank accounts in Australia. I am 52 and I intend retiring at age 60. When I do retire can I withdraw the entire super fund as a lump sum and deposit it in to my Australian bank?
Q: I am attempting to work out when the 30% tax rate applies to both my wife and my own incomes for the 2010/2011 year. We are both 67 and operate a SMSF to which we can make concessional contributions, and I would like to reduce personal income to the point below which 30% tax rate applies.
The superannuation tax rules are not the only tax benefits that you can take advantage of in retirement. If you are aged 60 or over, your superannuation benefit from a taxed source is not included as part of your assessable income. Most Australians receive super benefits from a taxed source, unless you’re a member of one of the older public sector super funds.
Q: My wife and I have a small business. I was told by an organisation that at 65 I could put money into super, pay 15% tax on the way in and then draw it out when I wished and pay no tax.
If you plan to leave your super to your adult children when you die, your death benefit may be hit with tax, even though you would have received that benefit tax-free (if aged 60 or over) while you were alive.
Hi - I'm Trish Power, author of Superannuation For Dummies and many other books on super and investing.
And guess what! This site is the only INDEPENDENT website for consumers on superannuation in Australia. Learn more
