To legally access your super in Australia you must satisfy a condition of release. Different conditions of release have different payment conditions and tax implications.
On 22 March 2020 the Federal Government announced that the minimum pension drawdown rates would be halved for the 2019/2020 and 2020/2021 financial years.
There are a range of concession cards that Australian seniors and pensioners may be eligible for. Depending on the card, you may be entitled to cheaper medicines and discounts on services such as public transport, council rates and power bills.
Everyone loves a bargain, but once they turn 60 many people forget to grab one of the best deals on offer – their state government’s Seniors Card.
For some retirees, selling the family home can also be a great way to release built-up equity and make an extra contribution to their super account.
The Commonwealth Seniors Health Card is a valuable concession card that can help you with the cost of health care and other government services. Check if you’re eligible and the range of benefits it can offer.
Everyone likes to know how their financial position compares to others of the same age. It’s no different when it comes to your super account. But how can you find out how you compare with your peers and whether you are on track – or behind the pack?
Retiring due to ill health is much more common than you might think, and it can severely impact your super. We look at some tips that can help if the unexpected happens.
Spending during retirement changes the longer you’re retired. Find out about the three stages and how it can impact the amount of money you will need.
The key thing to understand about the work test for super contributions over the age of 65 is that you need to be ‘gainfully employed’ on at least a part-time basis to pass the work test.
The current Age Pension eligibility age is 66 years (for any person born between 1 January 1954 and 30 June 1955). If you were born before 1 January 1954 you have already reached Age Pension age, and if you were born after 30 June 1955 your Age Pension age may be 66 years and 6 months, or 67 years, depending on your date of birth.
If you retire before the age of 60, your super benefit payments are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax.
When it comes to the super system, reaching age 60 triggers an important change. It means you can withdraw you super benefits and most people pay no tax on their savings.
The decision about when to retire is rarely made overnight. It’s a major life event and deserves careful thought and planning. Finances play a big part, but so do your health, your partner’s circumstances and whether you still enjoy your work or are itching to leave.
Australia’s super system has lots of rules – many of which have significant penalties if you breach them – but not every rule applies to everybody at every age.