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 contributions: What’s going on with the over-50s concessional cap?

SUPER ALERT! In the May 2016 Federal Budget, Treasurer Scott Morrison announced the end of the over-50s concessional (before-tax) contributions cap, taking effect from 1 July 2017. For the 2016/2017 year, the over-50s cap continues to apply. Continue reading for more information on the over-50s … [Read more...]

Super contributions: Over-50s concessional cap (10 Q&As)

In this article, you can find the answers to 10 popular questions received by readers on the concessional (before-tax) contributions cap for over-50s. For information on the proposed cut to the concessional contributions cap from July 2017, see SuperGuide article Concessional contributions caps to … [Read more...]

Concession cards: Am I eligible and what entitlements can I expect?

At SuperGuide, we receive many questions from readers asking about the concession cards available for older Australians, in particular, the Commonwealth Seniors Health Card, the Pensioner Concession Card, and sometimes the Low Income Health Care Card.If you’re entitled to hold one of these cards … [Read more...]

Over 60: Want to save some cash? Get a state Seniors Card

Note: This article explains the benefits of state Seniors Cards, and how to apply for a card in your state. If you’re seeking information on the Commonwealth Seniors Health Card (CSHC), then check out SuperGuide article Are you eligible for a Commonwealth Seniors Health Card?Everyone loves a … [Read more...]

SMSF pension payments: A little bit under may be OK

SuperGuide often receives questions from readers asking what happens if they don’t withdraw the minimum pension amount required to be paid each year from their pension account, especially when the underpayment is due to an honest mistake, or due to circumstances beyond their control.Before … [Read more...]

Non-concessional contributions: Re-contribution strategy still applies

Q: My wife turns 60 this financial year and it has always been my intention to cash out her portion of our small self-managed super fund (SMSF) and re-contribute it straight back in, so as to ensure that when she and I pass away, our children are not hit by tax. Is that still a valid strategy and if … [Read more...]

SMSF pension: Can I still make super contributions?

Q: I am 62 years of age and retired. I have recently commenced an account-based pension from my SMSF. Can I still make non-concessional contributions to that fund?A: I have divided your question into three parts.Can someone who is 62 years of age and retired, continue to make super … [Read more...]

Retirement and tax: What are the minimum pension payment rules?

Q: I am 63. I want to retire next year but I am not sure if I want to access my super benefits yet. I have heard that when I retire, I must withdraw some super benefits each year, otherwise I won’t receive tax-free super benefits. Can you please clarify the rules for me?A: Your question is … [Read more...]

Minimum pension payment: At what date do you determine the age for payment calculation?

Q: I am drawing on an account-based pension from my SMSF. I turn 65 in June 2017. Will I need to draw a minimum of 4% or 5% for the 2016/2017 year, and does the minimum pension factors change for the 2017/2018 year? Or, in other words, what is the determining age, the one at the start of the … [Read more...]

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

SUPER ALERT! On 3 May 2016 (in the 2016 Federal Budget), the Coalition government announced that, from 1 July 2017, it intends to remove the tax exemption on pension fund earnings financing a transition-to-retirement pension (TRIP). This change, confirmed after the Coalition won the July 2016 … [Read more...]

Does changing to part-time at 60 years, count as ‘retiring’?

Q: I am 60. I am interested in the condition of release relating to turning 60 and resigning. Is it sufficient to satisfy the ’turning 60 and resign’ condition of release by changing my employment arrangement from full-time to part-time, with the same employer?A: Most super benefits are … [Read more...]

Minimum pension payments for 2016/2017 year

Note: This article explains the superannuation minimum pension payment factors for the 2016/2017 year. The article also lists the minimum pension factors for the 2015/2016, 2014/2015, 2013/2014, 2012/2013, 2011/2012 and 2010/2011 years. Alternatively, if you are looking for the latest Age Pension … [Read more...]