Note: For investment returns over 1 month, 3 months, 1 year, 3, 5, 7, 10 and 15 years to 31 August 2018 for 5 main investment options offered by super funds, see Table 1 later in the article. For month-by-month performance data, going back more than 4 years (56 months), for the 5 main investment options offered by ... Read more
Planning for retirement
A Super Guide
Planning for retirement is a big topic that covers the key decisions you need to make when looking ahead to the lifestyle that you hope to have, after you finish working. One of the first steps in making a successful transition to retirement is to have a plan, or at least start thinking about a plan.
For those new to the topic, or for those readers needing a refresher, why not start with our ‘Retirement planning for beginners’ section (see link below). If you’re looking for more specific information on retirement planning, such as the age you can retire, or the magic amount of super you need for a worry-free retirement, or whether you will be able to claim the Age Pension, then this special SuperGuide section can help you.
Note: The term ‘retirement’ has a special meaning for when you can access your superannuation benefits (see Retirement definition).
Set out below are key SuperGuide links on Planning for retirement:
- Retirement planning for beginners
- What age can I retire?
- Age-based Super Guide
- How long will I live?
- How much super do I need?
- Retirement Calculators and Reckoners
- $1.6 million transfer balance cap
- Types of super benefits
- Will I get the Age Pension?
- Obtaining financial advice
Set out below are key SuperGuide articles on Planning for retirement:
Set out below are all SuperGuide articles referring to Planning for retirement.
Lifecycle investment options (returns to August 2018)
If you haven’t chosen your own super fund, or you haven’t actively selected an investment option, then you need to be aware that your super money may not be invested within a traditional default growth investment option (which has at least 60% of your super money invested in growth assets such as shares and listed ... Read more
Beyond the Royal Commission: 10 super strategies to protect your retirement
I am waiting for the final report of the Financial Services Royal Commission before I fully express what I think about the behaviour of the financial services industry as a whole, including the superannuation industry. Apart from the apparent incompetence and dishonesty of some players in the financial services sector, ... Read more
Age Pension: Dramatic changes over past 10 years
In the past decade we have experienced many changes to the Age Pension rules. The most important and dramatic Age Pension changes that have taken place over the past 10 years or so are set out below. The eligibility tests have become a lot tougher, although the Age Pension rate continues to increase. The changes ... Read more
Ten years on: Four lessons from the GFC (Grab-For-Cash)
Note: A version of this article was first published in 2009, in Trish Power’s book, DIY Super for Dummies (Wiley), and republished in 2015. I was holidaying in Europe when the Global Financial Crisis (GFC) officially hit in October 2008 (although investment markets had been falling dramatically since December 2007). ... Read more
I’m retired. Can I make super contributions?
Q: If I have retired from work and later on inherit a reasonable sum of cash, can I make a non-concessional contribution into my superannuation fund? OR is that only permitted while I am working, regardless of my age? A: For the benefit of other readers, I will first explain the meaning of a non-concessional ... Read more
Super contributions before and after age 65
Q: I have a three-part question. I turn 65 in January 2019 and would like to make a $325,000 contribution by way of off-market share transfers and cash to my SMSF before I turn 65 ($25K deductible super contributions and $300K non-deductible under the bring forward rules). Will I be able to take advantage of the ... Read more
For over-65s: Ten tips when making super contributions
Australians can make voluntary superannuation contributions up to the age of 74 (that is, before you turn 75), and these super contributions can be concessional (before-tax) or non-concessional (after-tax) contributions. If you’re aged 65 or over however, then you must satisfy a work test, if you intend to make super ... Read more
Concession cards: Am I eligible and what entitlements can I expect?
At SuperGuide, we receive many questions from readers asking about the concession cards available for older Australians, in particular, the Commonwealth Seniors Health Card, the Pensioner Concession Card, and sometimes the Low Income Health Care Card. If you’re entitled to hold one of these cards and depending on ... Read more
Super contributions beyond the age of 75
Q: If employers must now make Superannuation Guarantee contributions for over-70s, does this mean that additional concessional or non-concessional contributions can also be made by those aged over 75? A: The short answer is ‘no’. Although employers are now required to make Superannuation Guarantees for any eligible ... Read more
Australian Age Pension: Am I eligible and how do I apply?
Any Australian resident hoping to receive the Age Pension must actively apply for this government-funded benefit. You don’t automatically receive the Age Pension when you reach a certain age, or when you satisfy the other eligibility requirements. You must complete special Centrelink forms and submit those forms to ... Read more
CSHC income test: What is untaxed superannuation and taxed super?
Note: This article explains how superannuation pension benefits are counted towards the Commonwealth Seniors Health Card. If you are seeking more detailed information on the CSHC, including whether you’re eligible for a CHSC, see SuperGuide articles Are you eligible for a Commonwealth Seniors Health Card? and Great ... Read more
