The current (20 September 2019 to 19 March 2020) maximum rates of Age Pension are as follows:Single: $933.40 per fortnight (approximately $24,268 per year) Couple (each): $703.50 per fortnight (approximately $18,291 per year)Note: Includes base pension + supplements. Learn more about Age Pension rates. But not ... Read more
Planning for retirement
A Super Guide
People often don’t start thinking about retirement until they are about to stop work or have the decision forced on them. And that’s a wasted opportunity.
Now that we are living longer, retirement may last three decades or more. That’s a long time to regret not doing more to plan and save for a personally fulfilling, financially secure retirement.
With a little planning, you can make a big difference to your retirement outcome.
In our article How to plan for your retirement we outline how to start planning for retirement in seven easy steps. These include thinking about your dream retirement, how long it might last, what it will cost, how much you need to fund it, how much you have now, whether your savings are on track and what you can do to close the gap.
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
- Am I eligible for the Age Pension?
- Obtaining financial advice
Set out below are key SuperGuide articles on Planning for retirement:
Set out below are all SuperGuide articles that relate to Planning for retirement.
What are lifecycle super funds, and how do they perform?
Click here to jump to the latest returns for lifecycle super funds. Close to 70% of Australians with super in one of the major funds are invested in their fund’s MySuper option, the default option for employees who don’t choose a super fund. If you are a member of a retail fund, this is most likely a lifecycle product ... Read more
Financial advice: We want it, but we don’t trust it
Do you feel you could do with some financial advice but don’t know where to turn or who to trust? You’re not alone. A recent ASIC report titled Financial Advice: What consumers really think found that many people are put off seeking financial advice because of factors such as, cost (35%), a perception that they’re not ... Read more
Super fund performance: Monthly returns to August 2019
In this article you can discover the latest monthly performance for super funds over 5 investment options. We’re grateful to Chant West for providing the statistics in this article. For annual and long-term super fund performance see the following SuperGuide articles:Super fund performance over 27 financial years (to ... Read more
How to maximise your Age Pension
Australia has a means tested social security system, which is designed to work like a safety net. The more in assets or income you have, the less Age Pension you may be entitled to. If your assets or income exceed the cut off limits, you will not be eligible to a pension at all. The current maximum rates of Age Pension ... Read more
Australian Age Pension rates (September 2019 to March 2020)
The rates for a full Age Pension for Australian residents for the period 20 September 2019 to 19 March 2020 are listed below:Single: $933.40 per fortnight (approximately $24,268 per year) - an increase of $7.20 per fortnight Couple (each): $703.50 per fortnight (approximately $18,291 per year) - an increase of $5.40 ... Read more
Age Pension calculator: How much could you be eligible for?
Welcome to the SuperGuide Age Pension calculator. Using the calculator is easy. Enter your details in the calculator below (in the yellow blocks) and you will see an estimate of amount of Age Pension you may be eligible for. You can skip any question that doesn't apply to you. Help information is available on ... Read more
Am I eligible for the Australian Age Pension?
Your eligibility for the Australian Age Pension depends upon your age, residency and whether you pass what is known as the “means test”. The Age Pension is one of the ‘three pillars of retirement income’ in Australia – along with superannuation and private savings. It plays a critical role in retirement income for ... Read more
Age Pension income test rules (September 2019 to March 2020)
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”. This article details the rules of the Age Pension income test (how much you earn) which is a half of the means test (along with the assets test) that determines how much Age Pension you could be ... Read more
Age Pension assets test rules (September 2019 to March 2020)
A common question for those nearing or in retirement is “How much money can I have before it affects my pension?”. This article details the rules of the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test (along with the income test) that determines how much ... Read more
Find an Australian independent financial adviser
Note: You can learn more about the importance of independent financial advice in the SuperGuide article: Independent financial advice: Why it’s important, and how to find it. SuperGuide has been tracking Australia’s independent financial advisers since 2010. We have always recognised that financial advice can add ... Read more
9 investment risks and how they can affect your super
The reality is, when you’re saving for your retirement, you’re exposed to a range of different risks that can affect your investment returns and how much money you end up having in your super account when you decide to finish working. We look at 9 investment risks and the impact they can have on your retirement nest ... Read more
Quiz: Age Pension rules
Take the following 10 question quiz to test your knowledge on the Age Pension rules.Don't worry if you don’t know the answer to a question. Have a go anyway and we’ll let you know the correct answer, as well as providing you with a link to a relevant article.Note: When you pick an answer the correct answer is ... Read more
Super strategies after losing your spouse: What are the rules?
Most retired couples plan to leave the bulk of their estate to their surviving spouse, which sounds straightforward. But where super is concerned, nothing is ever simple. If you’re both retired and drawing a pension from your super, inheriting your partner’s super could have complex tax implications if you’re not ... Read more
3 very different types of retirement
Once upon a time, you worked until you could go on the pension and then shuffled off into the sunset. These days, there’s no such thing as a typical retirement. Whether it’s down to baby boomers reinventing retirement, older Australians being forced to work longer, or a bit of both, is a moot point. While our ... Read more