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.

Can I access my super early due to financial hardship?

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Q: I am in financial hardship. Can I withdraw my super to pay my expenses? A: I’m sorry to read about your circumstances. Yes, in certain circumstances individuals suffering ‘severe financial hardship’ may be able to access a portion of their super benefits. You must apply to your super fund … [Read more...]

Accessing super early: Unemployed and in financial hardship

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Q: I have been unemployed for 10 months now and I am still having problems finding work. I’ve got bills to pay off and I’m finding it hard to do that with the tiny amount I get from Centrelink each fortnight. Is there any way I can use my superannuation towards my bills, due to my financial … [Read more...]

Accessing super early: Can I withdraw my super to pay off my debts?

Q: I have a large amount of debts totalling $25,000, and I have no assets. My income is average and my super balance is above $50,000. I would like to withdraw half of my super to pay off my debts. I’m 36 and my debt is crippling me and my future. Can this be done and how? I’m sorry to read about … [Read more...]

The short story on super contributions limits (2015/2016)

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You can make two types of superannuation contributions – concessional and non-concessional – and each type of contribution has a separate limit. Concessional contributions Before-tax contributions, such as compulsory Superannuation Guarantee contributions, salary sacrificed contributions and … [Read more...]

THE SOAPBOX: Ban unhedged international shares in default investment options

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Long-term readers of this SuperGuide website may recall my strong support for hedging international investments within default investment options. Alternatively, you can see my position as strong opposition to super funds punting on currency movements when their authority is to invest in … [Read more...]

Unrestricted access to super, sometimes

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Q: I have been part of a super fund from about 1993. I see from your 14 legal reasons to cash your super article, that I may be able to access my restricted benefit. You write: “If you’ve been a member of a super fund since before 1 July 1999, you can cash your ‘restricted non-preserved benefit’ … [Read more...]

Super for beginners, part 17: Four must-knows about super’s tax rules

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Q: I am trying to understand how my super is taxed and it seems that it is taxed at every turn. Can you please explain when, and how, a super benefit is taxed? A: If it were not for tax, superannuation wouldn’t exist. You would simply invest in your own name. Superannuation is taxed at lower … [Read more...]

Accessing super: Turning 55 (or 56) is not enough

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Q: I am 50 years old, born September 1964. I thought I could access my super funds from age 55 but I have been told I can’t access my funds until age 60. Is this correct? And, when I withdraw my super benefits, is there any tax payable? A: The general rule is that you must have reached your … [Read more...]

Accessing super: What is my preservation age?

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We receive hundreds of questions each year asking when you can retire under the superannuation rules, and any special conditions you need to meet before you can take your super benefits. The key concept that every Australian needs to be aware of in terms of superannuation, and accessing super … [Read more...]

Accessing super: Preservation age now 56 years (since July 2015)

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Turning 55, retiring and accessing your super is now a retirement planning strategy from the past. Since 1 July 2015, Australians turning 55 will have to wait at least another year before they can access super benefits. Anyone born on or after 1 July 1960 needs to push from their mind that the age … [Read more...]