Super Guide for your 20s 30s and 40s

If you are under the age of 50, you are subject to a lower contributions cap when making concessional (before-tax) contributions. In addition, anyone under the age of 50 cannot access super benefits except in limited special circumstances, such as, suffering severe financial hardship or permanent disability.

Set out below are all SuperGuide articles explaining Super Guide for your 20s 30s and 40s.

Super for beginners, part 15: Super tax – as easy as 1-2-3


Superannuation only exists because of how super savings are taxed. Superannuation savings receive tax incentives to encourage Australians to choose super as a retirement savings option. Even so, superannuation is still taxed (for most Australians) at a lower rate of tax than non-superannuation … [Read more...]

Accessing super early: 14 legal reasons to cash your super


Many Australians are facing hard times, especially with structural change transforming our economy. The harsh reality is that mortgage repayments and everyday living expenses continue even when you suffer redundancy, illness or other forms of misfortune. We receive hundreds of emails from readers … [Read more...]

TRIPs: 10 interesting facts about transition-to-retirement pensions


Note: The general concessional contributions cap is increasing to $30,000 (from $25,000), effective from 1 July 2014. The special $35,000 cap for over-60s will also apply to over-50s from 1 July 2014 (or more specifically, to anyone who is aged 49 years or over on 30 June 2014). An increase in the … [Read more...]

Super! Jump in contributions caps for 2014/2015 year


As previously flagged in SuperGuide, the contributions caps for concessional (before tax) and non-concessional (after tax) contributions will increase for the 2014/2015 year, as a result of indexation. Concessional contributions Concessional contributions include your employer’s compulsory … [Read more...]

Super challenge: At what age should I retire?


Selecting a retirement age, even if you plan to continue some form of work during retirement, can be a difficult decision. In some cases, individuals don’t get a choice about when to retire due to health issues, or due to redundancy in later years and then difficulty finding another job. Although … [Read more...]

Working is the new ‘retirement’ for baby boomers


Just under a quarter of the 5.5 million baby boomers in Australia believe that they will need to work into their eighties because they don’t have enough money to finance a work-free retirement, according to research conducted by Suncorp Superannuation. The Suncorp Superannuation’s research … [Read more...]

Do you fit the profile of a ‘typical’ SMSF trustee?


Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) issued by the Australian Taxation Office. This article contains the latest data available as at January 2014 (for data up to September 2013). The latest ATO statistics on SMSFs (representing … [Read more...]