Note: This article is updated regularly when new financial advisers join the independence club (latest update June 2018). A financial adviser does not have to be a member of the IFAAA to join the SuperGuide list, provided they can declare that they satisfy the requirements of being an independent adviser (we now have 3 ... Read more
Super for Beginners
The Superannuation for Beginners section is a great starting point for anyone beginning their superannuation journey, or beginning their super education.
You can find the answers to questions that you may have been afraid to ask, or not known to ask.
Click on the key links directly below to access the following topics designed for Super for Beginners:
- Super for beginners: A starting guide
- Top 10 must-know super facts
- Super tips for beginners
- Age-based superannuation guide
- Super guide for women
- 8 steps to super success
- SMSFs for beginners
- Finding lost super
- Super for beginners (Q&As)
Below are some of our key Super for Beginners articles:
Set out below are all SuperGuide articles referring to Super for Beginners.
Spouse contributions tax offset: 10 facts you need to know
These days it’s rare for a government to be more generous about handing out benefits, but when it comes to helping boost your spouse’s super, that infrequent event is set to happen. Since 1 July 2017, the maximum income threshold for the spouse contributions tax offset jumped from the previous meagre upper limit of ... Read more
What is the retirement age in Australia?
In Australia, there is no official retirement age but there are special rules that apply, which determine the age when you can withdraw your superannuation benefits (preservation age), and the age when you can claim the Age Pension (Age Pension age). You can discover your preservation age (for accessing your super ... Read more
Accessing super early: 14 legal ways to withdraw your super benefits
Many Australians are facing hard times, especially with structural change transforming our economy. The harsh reality is that mortgage repayments and everyday living expenses continue even when you suffer redundancy, illness or other forms of misfortune. We receive hundreds of emails from our 3 million website users ... Read more
Super for beginners, part 12: I claimed my super due to hardship. Why do I have to pay tax?
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 $3,800. Will I get the balance back, since I haven’t worked since then? A: Unfortunately, when you access your super benefits before the age of 60, you can expect your ... Read more
Super for beginners, part 10: Can I access my super early to reduce my mortgage?
Q: I owe approximately $190,000 to the bank on my 2-bedroom unit, and I would like to know if I can invest my $60,000 of super into the unit to reduce my mortgage repayments to the bank? A: Superannuation is subject to special access rules called preservation. What this means is that you cannot access your super ... 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, perhaps to age 67 to help recoup my losses on my outside investments? A: I’m very sorry to read about your ... Read more
Super for beginners, part 9: If I retire and take my super, can I return to work?
Q: 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 a popular question, and we receive many queries on this topic. The term ‘retirement’ and ... Read more
Seeking advice? Financial Advisers Register is a starting point
The task of selecting a financial adviser is often the step that stops Australians from seeking advice. How do you know a financial adviser is licensed and has the proper qualifications? The task has become slightly easier now that the financial regulator has compiled a list of all licensed financial advisers. On 31 ... Read more
Financial advice for super: Is it worth the money?
You don’t have to get advice when choosing super funds, or when considering making extra super contributions, or for any other financial matters. If you do want advice however, do some research on reputable advisers. Advisers deserve to be paid for providing advice, but you have to decide how you want them to be ... Read more
Super for beginners, part 15: Super tax – as easy as 1-2-3
Superannuation only exists because of how super savings are taxed. Superannuation savings receive tax incentives to encourage Australians to choose super as a retirement savings option. Even so, superannuation is still taxed (for most Australians), but at a lower rate of tax than non-superannuation income and ... Read more
Superannuation investing: How does it all work?
One of the key advantages of superannuation is also seen as one of its key disadvantages. Many people complain that they can’t access their superannuation until they retire, but this rule also means that your super account’s investment earnings are reinvested regularly for a long time. Keeping your investment earnings ... Read more
