The magical age of 65 is very important in the superannuation and retirement world for three main reasons – you can access your super at 65 without having to retire, you must satisfy a work test to continue making super contributions when you’re 65, and Australian males are eligible for the Age Pension at age 65 (although moving to 67 for all Australians in the future).
The following articles refer to Age 65 and superannuation.
Q: Hi I am 58 years old. Apparently you can get a lump sum of super before 60 if you have permanently retired. Can you still later look for work again? How do you prove you have permanently retired?
The question that you ask is in the top 10 questions that [...]
Q: If you turn 65 and retire after 1 July 2009, can you still make the $450,000 bring-forward non-concessional contribution as long as it’s before June 30th 2010? Or do you have to satisfy the work test to do so?
Trish’s response: For the benefit of other readers, I’ll first explain [...]
Q: If I have retired from work and later on inherit a reasonable sum of cash, can I make a non-concessional contribution into my superannuation fund? OR is that only permitted while I am working, regardless of my age?
Trish’s response: For the benefit of other readers, I will first explain the meaning of a non-concessional [...]
Q: My wife (age 63) and myself (age 65) have a small business. I was told by an 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 [...]
Answer: The answer is no if you’re under the age of 65. Anyone under the age of 65 can make super contributions whether they are working, rearing children, looking after a sick partner, recovering from illness or on an extended holiday.
If you are aged 65 or over then you must [...]
Q: I read your article ‘The short story on super contribution limits’. I can see that for people between 50 and 74, the concessional contribution cap is $50,000 / year and that for non-concessional contribution, the cap is $150,000.
In a surprise Budget announcement, the Federal Government has flagged that the Age Pension age is set to increase to 67 years of age from 2023.
Currently, Australians can access the Age Pension at age 65 (for men) and from 63.5 years (for women, although the Age Pension age was moving to 65 for women from [...]
Millions of words have been written about the Global Financial Crisis, but very few practical words have been devoted to the plight of retirees, soon-to-be-retirees and those Australians planning ahead for their retirement.
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more
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