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.

Accessing super early: 14 legal reasons to cash your super

Pixmac000083333457_access

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 when suffer redundancy, illness or other forms of misfortune. We receive hundreds of emails from … [Read more...]

Accessing super: What is my preservation age?

PreservationAge_1294046_c

We receive hundreds of questions each year asking when you can retire under the super 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 benefits, is … [Read more...]

CSHC income test: What is untaxed superannuation and taxed super?

Taxed_4354843_c

Note: This article explains how super benefits are counted towards the Commonwealth Seniors Health Card. If you are seeking more detailed information on the CSHC changes announced in the 2014 Budget, or whether you’re eligible for a CHSC, see SuperGuide articles Seniors Health Card (CSHC) changes to … [Read more...]

Accessing super early: Terminally ill receive tax break

Pixmac000042738319_terminally_ill

Individuals with a terminal medical condition are able to access their super lump sum payments tax-free, regardless of age. A super fund can release super benefits to a member if they have a terminal medical condition. According to the legislation, a terminal medical condition exists if two … [Read more...]

Are you eligible for a Commonwealth Seniors Health Card?

retired_couple_12485974_c

IMPORTANT: The government has announced that the income thresholds for singles ($50,000) and couples ($80,000) will be indexed in September 2014; the first time since 2001. From 1 January 2015, new applicants for CSHC will need to include superannuation pension income when assessing CSHC … [Read more...]

Can I access super early due to ‘severe financial hardship’?

Creditcards_1940410_c

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 financial hardship may be able to access a portion of their super benefits. You must apply to your super fund to claim … [Read more...]

Accessing super early: Not for business debts

broke

Q: I am in partnership in a franchise business. We have been struggling since the beginning of the recent financial crisis, and have fallen behind on rent and we are just managing to keep up with service providers. I would like to withdraw my superannuation to invest into the business. I only have … [Read more...]