Compulsory superannuation contributions (Superannuation Guarantee) and voluntary superannuation contributions are an integral part of the federal government’s retirement income policy, along with the taxpayer-funded Age Pension. As an incentive for Australians to stash money away for 30 to 40 years (rather than ... 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.
Financial advice: Only 123 independent financial advisers in Australia
Note: This article is updated regularly when new financial advisers join the independence club (latest update November 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 ... Read more
Superannuation Guarantee: Step-by-step guide for employers
An employer has key responsibilities in terms of paying superannuation contributions on behalf of employees. An employer must pay Superannuation Guarantee contributions on behalf of eligible employees. If an employer fails to pay these compulsory super contributions, or pays the super contributions late, penalties ... Read more
Lifecycle investment options (returns to September 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
Investment performance: Latest super returns (to October 2018)
Note: For investment returns over 1 month, 3 months, 1 year, 3, 5, 7, 10 and 15 years to 31 October 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 nearly 5 years (58 months), for the 5 main investment options offered by super ... Read more
Super loophole still benefits politicians and senior public servants
Amid the confusion surrounding the $1.6 million transfer balance cap on super pensions, and the short timeframes available to comply with this change (which took effect from July 2017), a small but important loophole was missed by the super experts, and continues to be ignored by the superannuation lobby groups, and ... Read more
Superannuation Guarantee: Many Aussies miss out on SG increase
Now that we into our fifth financial year of a higher Superannuation Guarantee rate of 9.5%, you can expect some difficult conversations to continue between employers and employees as more salaried employees discover that the Superannuation Guarantee (SG) increase of 0.25%, which took the SG rate to 9.5%, does not ... Read more
Superannuation and employees: 10 facts about your super entitlements
If you work as an employee, and you satisfy certain minimum requirements, your employer must pay Superannuation Guarantee (SG) contributions on your behalf, to a super fund. Set out below are 10 of the most important SG facts that you need to know. Note: If you’re an employer, you can also refer to SuperGuide ... Read more
Super for beginners: A starting guide
When learning more about superannuation and retirement planning, a good place to start is trying to explain what superannuation actually means. Superannuation is an awkward word, but in plain English, when most people refer to superannuation, they are referring to a special long-term savings account with tax benefits. ... Read more
Super health check for beginners: 10 tips for your 2018/2019 retirement planning
Note: This article is current for the 2018/2019 financial year. SuperGuide regularly publishes an updated super checklist for beginner readers. More advanced checklists can be found elsewhere on the site. Use this list as a prompt for your 2018/2019 super resolutions. You may not keep all of your resolutions, but ... 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 ’turning 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 retirement, ... Read more
Tax-deductible super contributions: Timing start of pension is essential
Q: I put money into my SMSF in June 2018 from a capital gain. I wasn’t able to tell the fund at that time what it was because my accountant hadn’t completed the figures so that notice was sent to them in August 2018. As I understood the rules, so long as the money was in the fund at June 2018, I could then withdraw any ... Read more
