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
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
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
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
Australia not ready for Age Pension age of 70 years
Russia has just raised the pension age for men to 65 years (from 60 years) and for women to 60 years (from 55 years). The original plan was to raise pension age for women to 63 years, but after national uproar, Vladimir Putin relented and only increased pension age for women to 60 years but still raised male pension ... Read more
Retirement Age Reckoner: Discover your preservation age and Age Pension age
Your superannuation benefit and your Age Pension entitlements are likely to be very important for your retirement plans. Did you know your right to access your super, or claim the Age Pension, is based on the date you were born? Use the Retirement Age Reckoner below to discover: your preservation age (the ... Read more
Age Pension age increasing to 67 years (not 70 years)
Note: This article explains the current Age Pension age. If you are seeking information on the retirement age for accessing superannuation benefits see SuperGuide article Accessing super: What is my preservation age? Your Age Pension age, that is the age at which you are eligible to apply for the Age Pension, ... Read more
Are you eligible for a Commonwealth Seniors Health Card?
IMPORTANT: Effective from 20 September 2018, the government has again indexed the income test thresholds for the CSHC (see this article for latest thresholds). The next indexation of the CSHC income thresholds takes place on 20 September 2019. Note that since 1 January 2015, new applicants for CSHC need to include ... Read more
Age Pension changes: More Australians entitled to payments from September 2018
Effective from 20 September 2018, Age Pension rates increase, and the assets test and income test thresholds change for assessing Age Pension entitlements. In March, July and September of each year, the federal government changes the rules for claiming the Age Pension… usually for the better! Currently, the Age ... Read more
Age Pension: Income test thresholds applicable from September 2018
Note: This article explains the latest Age Pension income test thresholds for FULL Age Pension (applicable from 1 July 2018 until 30 June 2019) and for PART Age Pension (applicable from 20 September 2018 until 19 March 2019). This article also lists the thresholds applicable from 1 July 2018 until 19 September 2018, ... Read more
