SuperGuide

Superannuation and retirement planning information

July 2024 Retirement planner newsletter

How a transition-to-retirement (TTR) pension works
If you are looking to wind back working hours or boost your super in the lead-up to retirement, a transition-to-retirement (TTR) pension may be the answer. Read more.
How a transition-to-retirement (TTR) pension works
If you are looking to wind back working hours or boost your super in the lead-up to retirement, a transition-to-retirement (TTR) pension may be the answer. Read more.
Planning to retire before turning 60? What you need to consider
If you want to retire early you will need sources of income other than super now that the super preservation age has increased to age 60. Read more.
Planning to retire before turning 60? What you need to consider
If you want to retire early you will need sources of income other than super now that the super preservation age has increased to age 60. Read more.
Planning to retire at 60? What you need to consider
Once you turn 60 it is easier to access your super provided certain conditions are met. Read more.
Planning to retire at 60? What you need to consider
Once you turn 60 it is easier to access your super provided certain conditions are met. Read more.
Planning to retire at 65? What you need to consider
While the Age Pension age has crept up to 67, the average age of retirement in Australia is closer to 65. Filling the income gap with super will require careful planning. Read more.
Planning to retire at 65? What you need to consider
While the Age Pension age has crept up to 67, the average age of retirement in Australia is closer to 65. Filling the income gap with super will require careful planning. Read more.
Quiz: Planning for retirement
Take the following 10-question quiz to test your knowledge on how to plan for your retirement. Read more.
Quiz: Planning for retirement
Take the following 10-question quiz to test your knowledge on how to plan for your retirement. Read more.

Transition to retirement pensions: The BOOM is coming

Thursday 25 July 2024 at 11:00 am AEST

With recent changes to both superannuation and tax laws, there is likely to be a huge uptake in the use of transition to retirement pensions. This webinar will highlight the benefits of using a transition to retirement pension and how they can be used to manage regulatory change.

Q. If I’m a director in a number of Pty Ltd companies, would winding down a company thus terminating my position as a director be considered as “ceasing employment after my 60th birthday” for the purposes of accessing super under the retirement condition of release? Would that be the case regardless of fees / incomes received for example even if I did NOT receive director fees / other remuneration in the current / previous year?

A. To access super by leaving employment after your 60th birthday, you must be ceasing a gainful employment arrangement. This is defined as leaving a paid job of at least 10 hours a week – leaving employment that is not paid or that comprises less than 10 hours a week is not sufficient.

Alternatively, full access to super is available if you can declare that you have permanently retired from gainful employment. This means you do not intend to return to paid work of 10 hours a week or more in future (and are not presently conducting such work) and have left gainful employment at some time in the past (not necessarily after your 60th birthday).

If you cannot satisfy either of these conditions, you have the option to commence a transition to retirement pension.

Super is fully accessible at age 65 regardless of employment status.

With so many variables, planning how to reach your retirement income goal is a challenge. TelstraSuper’s Retirement lifestyle planner can help, with options that can be adjusted for almost any situation, built in budget planning, and the inclusion of simulated variable investment returns to estimate the probability you will reach your goals.

Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.