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: 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 a comprehensive guide on concessional contributions, see SuperGuide article Super concessional (before-tax) contributions: 2015/2016 survival … [Read more...]

Super contributions caps for the 2015/2016 year

The superannuation contributions caps for concessional (before tax) and non-concessional (after tax) contributions will not increase for the 2015/2016 year. The contributions caps applicable for the 2015/2016 year, will be the same limits in place for the 2014/2015 year. Concessional … [Read more...]

Repay debts with super: then claim Age Pension

Q: I have read about the changes to the Age Pension assets test taking effect from January 2017. My question is, can I pay my superannuation into my mortgage, live off my private savings and then receive the Age Pension when I turn 65? My age pension age is 65, because I was born in June 1952.A: … [Read more...]

Women and super: A worry-free financial future is possible

Before I wrote Super Freedom: A woman’s guide to superannuation, I had often discussed the need for a practical non-technical book for women on superannuation. The first question I was asked when I told some female friends that I was writing a book for women on superannuation and retirement was: … [Read more...]

Financial freedom: Retirement planning in six steps

How much money do you need in retirement to live a lifestyle free of everyday money worries? For many Australians, this means a lifestyle where you can pay your bills without financial stress, you can enjoy an occasional holiday (or many!), you can maintain your car and house, and you can buy gifts … [Read more...]

What are the super and retirement rules for over-65s?

Q: My wife (age 63) and myself (age 65) were told by a financial organisation that at 65 or over I could put money into super, pay 15% tax on the way in, and then draw it out when I wished and pay no tax. In fact I have been told to pay myself $30,000 or less and source the rest of my income through … [Read more...]

Age Pension: Does my superannuation lump sum count for income test?

Q: I’m over 65 and a member of a super fund, from which I receive an account-based pension. I need to withdraw a lump sum of $40,000 from my super, as my super is not enough to live on. I will have to apply for a part pension (Age) from Centrelink. Will my lump sum be counted as income in the … [Read more...]

Age Pension: March 2016 rates now apply (until September 2016)

Note: This article explains the latest Age Pension rates, applicable until 19 September 2016. The Age Pension rates are indexed twice-yearly, with the next adjustment taking effect from 20 September 2016. If you are seeking information on the changes to the Age Pension assets test rules taking … [Read more...]