Retirement

Retirement is a big term that covers retirement planning, taking a pension, working in retirement, how much money is enough and more. The term ‘retirement’ also has a special meaning for when you can access your superannuation benefits.

Set out below are all SuperGuide articles explaining Retirement.

Co-contributions: Can I claim the tax-free bonus for the financial year that I retire?

Q: I’m aged 69 and I will retire in June 2016. Am I entitled to make a deposit into my super fund and receive the Government co-contribution for the 2015/2016 year?A: If an individual satisfies the age test, the work test and the income test relating to the co-contribution, then the individual … [Read more...]

Does changing to part-time at 60 years, count as ‘retiring’?

Q: I am 60. I am interested in the condition of release relating to turning 60 and resigning. Is it sufficient to satisfy the ’60 and resign’ condition of release by changing my employment arrangement from full-time to part-time, with the same employer?A: Most super benefits are preserved until … [Read more...]

Retirement: 3 ways of taking super benefits before the age of 60

When you retire early, you’re going to have to make a few decisions. The tax implications of your retiring before the age of 60 can depend on whether you take your super as a lump sum and/or pension.Are you taking your super as a lump sum, a super pension (also known as a super income stream) or … [Read more...]

Retiring before the age of 60: the tax deal

If you retire before the age of 60, your super benefits are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax.If you’re willing to wait until you turn 60 before you retire, you can … [Read more...]

Turning 60 means tax-free super

Q: I turned 60 this year and I have been sick since late last year. I can’t get back to work and need to retire. I am wondering if you can tell me what kind of tax I have to pay if I take my super payment. I didn’t tell them I was retired because I kept hoping I’d soon be better. I seem to be … [Read more...]

Tax-free super for over-60s, except for some

If you withdraw your super benefits after you turn 60 years of age, you can expect to pay NO tax on those super benefits, unless you are a member of certain public sector super funds (see summary table at the end of this article).Due to the large number of emails I receive on this topic, I’ll … [Read more...]

Remember! Retirement unlocks your super cash

In the hype and hoopla surrounding the rules relating to super – in particular, tax-free super benefits for over-60s, many of the websites in the super space forget to mention the magic words ‘preservation rules’.The rules surrounding when and how you can access your super have not changed for … [Read more...]

Accessing super: Turning 55 or 56 (or 57) is not enough

Q: I am 50 years old, born September 1964. I thought I could access my super funds from age 55 but I have been told I can’t access my funds until age 60. Is this correct? And, when I withdraw my super benefits, is there any tax payable?A: The general rule is that you must have reached your … [Read more...]

Age Pension age increasing to 67 years (not 70 years)

Note: This article explains the current Age Pension age. If you are seeking information on the retirement age for accessing superannuation benefits see SuperGuide article Accessing super: What is my preservation age?If you are seeking information on the changes to the Age Pension asset test … [Read more...]

Transition-to-retirement pension: Can I work full-time and what form do I fill in?

Q: Your website 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 can’t see … [Read more...]