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Once you reach age 70, your ability to make contributions into your super account is limited, so it’s important to ensure you know all the rules governing when you can make contributions and withdraw money.
In retirement
A Super Guide
Retirement is meant to be a reward for hard work, a time to kick back and do a bit of what you fancy. It’s all that, but it is also a time when many decisions and choices need to be made.
SuperGuide’s retirement articles cover everything from taking your super as a lump sum or an income stream (also called a super pension) to what happens to your super when you die. We even have a handy calculator to help you estimate how long you can expect to live.
Along the way, we also examine working in retirement, a guide to the Age Pension eligibility and payment rates and eligibility for concession cards for seniors and pensioners.
And if the very thought of all these decisions makes your head spin, we have a guide to seeking independent financial advice.
Set out below are key SuperGuide links explaining important super and retirement rules you need to think about before, and In retirement:
- Retirement Calculators and Reckoners
- Retirement phase (formerly called Pension phase)
- Obtaining financial advice
- Taking a super lump sum
- Taking a super pension
- Age Pension rules
- Commonwealth Seniors Health Card
- Working in retirement
- Life expectancy and super
- Superannuation death benefits
See the following key SuperGuide articles that relate to being in retirement:
Set out below are all SuperGuide articles that relate to In retirement.
Learn more about the super rules in the following SuperGuide articles:
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In your 60s? The super rules that apply to you
Once you reach age 60, the rules of the super system change, so it’s important to know all the rules governing when you can make contributions and withdraw money from your account.
In your 50s? The super rules that apply to you
When you get to your 50s, you should be paying a lot more attention to your super savings. So you need to know all the rules about making contributions and withdrawing money from your account.
Learn more about the super rules in the following SuperGuide articles:
In your 20s, 30s or 40s? The super rules that apply to you
In the early to mid stages of your working life you need to pay attention to your super to ensure it’s growing steadily. But you also need to know the rules about making contributions and withdrawals.
In your teens? The super rules that apply to you
When you’re in your teens you are new to the super system, so it’s important to learn how much and when you can contribute and when you can get your hands on your savings.
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Taking your super early due to ill health? 7 tips to help
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.
Consider these two risks before you start a super pension
Today’s retirees are being given a masterclass in risk, thanks to the brutal impact of the coronavirus on global markets.
Learn more about risk in the following SuperGuide articles:
Learn more about taking a super pension in the following SuperGuide articles:
Sequencing risk and pension income: A tale of two market journeys
A major market fall is always bad news for investors, especially retirees who have limited time and opportunity to recoup losses. But the impact of losses on your pension income is all in the timing.
Keep a healthy perspective on the virus
Our community is being economically hit ‘to save the oldies’ – especially with existing health conditions. Should we older people be grateful? How and why could we contribute?
Advance care plans: Why everyone should have one
Old age isn’t the only time you may need to rely on someone you trust to make decisions concerning your medical treatment. As highlighted by the rapid onset of COVID-19, people of any age can become critically unwell. Ensure your decisions are adhered to with an advance care directive.
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Video: What are some key factors that help us in later life?
In this video interview David Williams from My Longevity talks about some of the insights he found when researching what benefits us in later life.
Worried about your post-virus finances? 10 tips to help stretch your retirement dollars
With sharemarkets swooning, interest rates being cut and super balances dropping, many retirees are starting to worry about their finances. Here’s our 10 suggestions to stretch your retirement income.
What strategies can I consider to reduce tax on my super pension?
One of the benefits of retirement is that you can start to withdraw your superannuation tax-free. That doesn’t mean it’s a rule-free zone.
Learn more about retirement strategies in the following SuperGuide articles:
What is the Medicare Safety Net?
The Medicare Safety Net is a Department of Human Services benefit that provides a higher subsidy for the cost of out-of-hospital doctor’s visits than the standard Medicare rebate.
How much can I afford to spend in retirement?
An Institute of Actuaries working group has devised a simple rule of thumb for spending in retirement, based on your age and assets.
Learn more about spending in retirement in the following SuperGuide articles: