Note: This article is the second in a series of special articles that SuperGuide will be publishing, designed to help SuperGuide readers more easily access the hundreds of questions and articles that we have published on the SuperGuide website. The first article in the series is Super Checklist: … [Read more...]
Q: Can you please tell me whether I can withdraw my super benefits when I retire at age 58? A: This answer assumes that your super benefits are preserved, and the answer to your question depends on your date of birth. Under normal circumstances, access to superannuation benefits requires certain … [Read more...]
Q: I’m an expat Australian, and I have been living in Singapore for quite a few years. I am 57 and I want to access my superannuation to buy a property. Is that possible? I have no idea if I will retire back in Australia or stay here, but my view is that if I do retire back in Australia, I will … [Read more...]
Q: My husband turns 57 in January. We have a SMSF and he is going to commence pension phase. He is essentially retired and only worked 4 hours this financial year. But what if he decides to work again in six months’ time? The account-based pension allows for lump sum withdrawals which is very … [Read more...]
Q: I am going to be 67 years-old during 2013 and I am still working as a gardener. I would like to continue in employment for as long as possible. I have about $84,000 in super savings. Can I access $80,000 to put on the mortgage of our house and still continue working? Please let me know if this is … [Read more...]
Question: Your site says: “By starting a TRIP, you don’t have to retire to withdraw your super benefits. You can work part-time or full-time or even casually.” But on the TRIP form I have from my super fund it says I have to be permanently retired or be working part time. Which is correct? I … [Read more...]
Note: Since the concessional contributions cap was halved to $25,000 for over-50s (announced in May 2012, and effective from July 2012), anyone using the popular transition-to-retirement pension/salary sacrifice strategy, or considering using such a strategy, will need to review this strategy, … [Read more...]
Note: Since the concessional contributions cap was halved to $25,000 for over-50s (announced in May 2012, and effective from July 2012), anyone using the popular transition-to-retirement pension/salary sacrifice strategy, or considering using such a strategy, will need to review this strategy, … [Read more...]
It seems that many Australians nearing retirement don’t like the terms ‘retirement’ or ‘pension’. Some advisers who are recommending ‘transition-to-retirement pensions’ are experiencing client resistance because clients are adamant that they’re not retiring (at least not for a few … [Read more...]
We have good news for New Zealanders who have settled in Australia, or for Australians who have settled in New Zealand. Effective from 1 July 2013, Aussies will be able to transfer superannuation benefits to KiwiSaver schemes and New Zealanders will be able to transfer retirement savings to an … [Read more...]
Q: I retired, sold my large house, downgraded, invested spare money into my super believing I would be making $25,000 per year until age 65. One month after I invested, I lost $50,000 just like that. I would like to know what the chances are, of the government increasing the cut off for this Super … [Read more...]
Q: I’m 30 years old. Last year I claimed $5,000 of my super due to financial hardship – I suffered illness, and was not able to work. I only received $3,950. Will I get the balance back, since I haven’t worked since then? Unfortunately, when you access your super benefits before the age of … [Read more...]
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? A: The question that you ask is in the top 10 questions that we receive at SuperGuide. The term … [Read more...]
Q: I have tried to phone the ATO re this query but can’t get through! Could you tell me the answer to this question? I turn 55 soon and I am eligible for a super payout of $165,554 next month of which only the $554 is taxable at 16.5%. However I still intend to keep working at my $58,000 a year … [Read more...]
Q: I am 57, approaching 58. If I decided to retire before 60 when can I access my super? If you have reached your preservation age and retire, then you can access your super benefits. You can learn more about preservation age here, but I assume your preservation age is 55. Note that if you … [Read more...]
