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Super Guide for your 60s

If you are under the age of 65, you can make superannuation contributions whether you are working or not. If you’re planning to make non-concessional (after-tax) contributions, special rules apply if you are aged 63 or 64.

If you’re in your 60s, milestone ages to consider include 60 (tax-free super), and turning 65 (work test for making contributions, unlimited access to super benefits, pension payment factors).

When you turn 65, the rules for accessing super are relaxed. The rules for making super contributions however, become stricter. If you’re 65-plus, you must satisfy a work test if you want to make super contributions.

When you turn 70, your employer no longer has to make Superannuation Guarantee contributions on your behalf (although this rule is set to change from July 2013).

When you turn 75, you can no longer make super contributions. When taking a pension, different pension payment factors apply depending on your age.

Note that the Age Pension age is currently 65 but gradually increasing to age 67.

Set out below are all SuperGuide articles explaining Super Guide for your 60s.

Super health check for beginners: 10 tips for your 2016/2017 retirement planning

Note: This article is current for the 2016/2017 financial year.Near the start of each financial year, SuperGuide publishes an updated super checklist for beginner readers. More advanced checklists will follow in coming months. Use this list as a kick-start for your 2016/2017 super resolutions. … [Read more...]

The short story on super contributions limits (2016/2017 year)

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

After-tax super contributions: Beef up using a bring forward

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the proposed $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual … [Read more...]

Accessing super early: 14 legal ways to withdraw your super benefits

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 our 2 … [Read more...]

Non-concessional contributions: Tread carefully when aged 63 or 64 or 65 (3 Q & As)

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual cap … [Read more...]

Super contributions caps for the 2016/2017 year

The superannuation contributions caps for concessional (before tax) and non-concessional (after tax) contributions have not increased for the 2016/2017 year. The contributions caps applicable for the 2016/2017 year, are the same limits that were in place for the 2015/2016 year. Continue reading to … [Read more...]

Super contributions: Turning 65 part-way through the year

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual cap … [Read more...]

For over-65s: Ten tips when making super contributions (for 2016/2017 year)

You can make voluntary superannuation contributions up to the age of 74 (that is, before you turn 75), and these can be concessional (before-tax) or non-concessional (after-tax) contributions. If you’re aged 65 or over, then you must satisfy a work test, if you intend to make super contributions. … [Read more...]

Making super contributions: Aged 65 years or older

Q: From reading SuperGuide articles, I can see that for people between 50 and 74 years, the concessional contribution cap is $35,000 a year, and that for non-concessional contribution, the cap is $180,000. Is this $180,000 cap for NON-concessional contribution the same regardless of the age of the … [Read more...]

Temporary concessional contributions cap for over-50s, ends 30 June 2017

In July 2013, the federal government introduced a temporary concessional contributions cap of $35,000 for over-60s, which was then expanded to 50-somethings from July 2014. The over-50s cap of $35,000 will no longer apply beyond the 2016/2017 year (subject to legislation).A concessional … [Read more...]

Super contributions beyond the age of 75

Q: If employers must now make Superannuation Guarantee contributions for over-70s, does this mean that additional concessional or non-concessional contributions can also be made by those aged over 75?A: The short answer is ‘no’. Although employers are now required to make SG contributions for … [Read more...]

Over-65s work test: How does it operate again?

Does 40 hours in any 30-day period include weekends or is it 6 x 5-day weeks? I read in a bank’s booklet on superannuation that it must be “at least 40 hours in a period of not more than 30 consecutive days during the financial year ….”. This seems to imply working beyond 30 days is not permitted. … [Read more...]