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Working in retirement

'Working in retirement' covers the different scenarios that prospective Australian retirees may face when considering retirement.

An increasing number of retirees are combining part-time work and taking a superannuation pension, and possibly also receiving a part Age pension. Retirement is a fluid concept that may or may not involve ceasing full-time work.

If you're under the age of 65 and wanting to access super benefits, then 'retirement' generally involves ceasing full-time employment and making a retirement declaration, unless you intend to start a transition-to-retirement pension or you have unrestricted non-preserved super benefits. If you're under 65 and you decide to retire, then you can still return to work if your circumstances change, or you genuinely change your mind. If you're under the age of 65, then you can make super contributions whether you're fully retired, working part-time or working full-time.

If you're aged 65 or over, then you don't have to retire to access your super benefits (in nearly all cases). If you're aged 65 or over, then you must satisfy a work test if you wish to contribute to a super fund.

Set out below are all SuperGuide articles explaining Working in retirement.

After-tax super contributions: Beef up using a bring forward

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the proposed $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual … [Read more...]

Non-concessional contributions: Tread carefully when aged 63 or 64 or 65 (3 Q & As)

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual cap … [Read more...]

Super contributions: Turning 65 part-way through the year

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual cap … [Read more...]

For over-65s: Ten tips when making super contributions (for 2016/2017 year)

You can make voluntary superannuation contributions up to the age of 74 (that is, before you turn 75), and these can be concessional (before-tax) or non-concessional (after-tax) contributions. If you’re aged 65 or over, then you must satisfy a work test, if you intend to make super contributions. … [Read more...]

Over-65s work test: How does it operate again?

Does 40 hours in any 30-day period include weekends or is it 6 x 5-day weeks? I read in a bank’s booklet on superannuation that it must be “at least 40 hours in a period of not more than 30 consecutive days during the financial year ….”. This seems to imply working beyond 30 days is not permitted. … [Read more...]

Bring-forward rule: 10 super facts you should know

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual cap … [Read more...]

Turning 65: Maxing out the after-tax contributions cap

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual cap … [Read more...]

Your 2016/2017 guide to non-concessional (after-tax) contributions

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual $100,000 … [Read more...]

Super for Beginners (25 Q&As)

One of SuperGuide’s more popular initiatives has been the development of a ‘Super for Beginners’ section that answers some of the many questions that we receive from those readers who are new to superannuation and new to super’s terminology.The series currently consists of several lead articles, … [Read more...]

Super for beginners, part 24: Do I have to withdraw my super when I turn 65?

Q: I retired, sold my large house, downgraded, invested spare money and one month after I invested, I lost $50,000 just like that. I would like to know whether I can keep my super going beyond age 65, maybe to age 67 to help recoup my losses on my outside investments?A: I’m very sorry to read … [Read more...]

Super for beginners, Part 9: If I retire and take my super, can I return to work?

Q: I am 57 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...]

Less tax, more super? A transition-to-retirement pension may no longer be the answer

On 3 May 2016, in the 2016 Federal Budget, the Coalition (Liberal/Nationals) government announced that, from 1 July 2017, it intends to remove the tax exemption on pension fund earnings financing a transition-to-retirement pension (TRIP). The removal of the tax exemption, subject to legislation, … [Read more...]