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.

Super alert: Have you counted your super contributions lately?

Note: This article outlines the super contribution rules, and also provides a list of helpful articles that explain how the two types of contributions caps work, and the general contribution rules.You can make two types of super contributions: concessional (before-tax) contributions and … [Read more...]

Super concessional contributions: 2015/2016 survival guide

This article explains all of the important rules that apply to concessional (before-tax) super contributions.Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap. … [Read more...]

Cashing in on the co-contribution rules (2015/2016 year)

Note: This article explains the co-contribution rules for the 2015/2016 year (and later in the article, also for the 2014/2015, 2013/2014, 2012/2013 and 2011/2012 years).The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super … [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...]

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...]

Your 2015/2016 guide to non-concessional (after-tax) contributions

Non-concessional superannuation contributions are more popularly known as after-tax contributions. You may even hear them called ‘undeducted’ contributions. Such super contributions are subject to a contributions cap, which sets a limit on the amount of non-concessional (after-tax) contributions … [Read more...]

Why a $11,000 contributions cap is a silly idea

The federal government, various think tanks and business groups are obsessed with superannuation tax concessions and the need to fix the budget by cutting those super tax concessions. While the tax tango continues, we also need the government and the super industry to become obsessed with the bigger … [Read more...]

Why women have to save more super, and why pollies should care

When we first launched SuperGuide seven years ago, I wrote an article explaining why tax-free super in retirement was a non-issue for most women. The reason for making this statement, and which unfortunately remains valid seven years later, was that many women, on average, have such low super … [Read more...]

TRIPs: 10 interesting facts about transition-to-retirement pensions

Note: The special $35,000 cap for over-50s continues to apply for the 2015/2016 year (or more specifically, applies to anyone who is aged 49 years or over on 30 June 2015). If you’re considering a transition-to-retirement pension, while continuing to make super contributions, then seek taxation … [Read more...]