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.

The following articles are filed under Super Guide for your 60s

8 steps to super success

January 30, 2012

Merely thinking about your super means you’re straddling the first major hurdle that most Australians face when planning (or not) for their retirement and looking into your future. As an employee, you have your employer helping you with your retirement [...]

2012 checklist: 10 super tips for a financially healthy retirement

January 30, 2012

Use this list as a kick-start for your 2012 super resolutions. You may not keep all of your resolutions, but if you do just a handful of the tasks listed in the checklist below, you can strengthen the chances of a financially secure retirement.

Is super pension income considered ‘assessable income’ or ‘total income’?

January 29, 2012

Q: Can you clarify whether income from a pension (from a taxed and/or untaxed super fund) is considered ‘assessable income’ and/or part of ‘total income’? Is it considered self employment income or employer income?

Does Trish Power offer personal financial planning advice?

January 27, 2012

Q: I have met many financial planners including 3 independent ones, but they don’t seem to know much and all said different things. They don’t seem to show interest and care for my retirement.

I’m under 60. Does my super payout also affect my other income, and tax bill?

January 27, 2012

Q: I turn 55 soon and I am eligible for a super payout of $150,554 next month of which only the $554 is taxable at 16%. However I still intend to keep working and wondered how this will affect the tax payable on my super.

Does my superannuation pension income affect tax payable on other income?

January 27, 2012

Q: How does the income from an account-based pension affect taxation payable on other income received from salaries, dividends, capital gains and investments? Or, is there no affect whatsoever regardless of the amount of pension taken in any one year [...]