Topping up your spouse’s retirement savings account with some of your own super contributions can be a great way to help them save for life after work – and possibly save yourself some tax in the process. Splitting your super contributions with your spouse can be sensible if your spouse is only working part-time or ... Read more
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Women and super: How to beat the odds
It’s no secret that women retire with less super on average than men, due to three strikes that hit women for six. Women earn less on average than men so receive lower compulsory employer contributions and they are more likely to take time out of the paid workforce to care for family. They also live longer than men, ... Read more
Financial advice: Only 129 independent financial advisers in Australia
Note: This article is updated regularly when new financial advisers join the independence club (latest update March 2019). 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 have ... Read more
Age Pension: Is it alleviating poverty?
It’s been the foundation of Australia’s retirement system for more than one hundred years, and the Age Pension has undergone major policy reforms over the years to provide an income for retirees. The Age Pension was introduced in Australia in 1909 and it paid $1 per week, equivalent to $65 today, to men over 65 and ... Read more
Retiring before the age of 60: the tax deal
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. If you’re willing to wait until you turn 60 before you retire, you can ... Read more
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Gender inequality in retirement income
Most people will have heard of the term ‘gender pay gap’ and be familiar with what that means but fewer will realise that this is a major cause of what’s known as the ‘gender super gap’. The gender super gap directly affects retirement income and while that gap between men and women is narrowing, policymakers have ... Read more
How super works: A beginners guide to superannuation
Simply put, superannuation (or super) is money you put in a super fund while you are working to provide income later in life when you retire. Given the average Australian can expect around 20 years of retirement, and the Age Pension is designed to provide only the most basic needs, the more you can save now the more ... Read more
Retirement planning case study: Single woman, aged 52
Deb (52), is divorced and single She earns $60,000 per year and has just $85,000 in super after taking time out of the workforce to raise her two children who are now independent She is on track to own her home outright within a few years but has no other investments outside super She won’t be eligible for the ... Read more
Learn to love LISTO: Low income earners get their super tax refunded
It’s getting harder to pocket a tax refund these days, so when the Government is offering one for your super contributions, it’s worthwhile knowing just how you much you are likely to get. And best of all with the Low Income Superannuation Tax Offset – or LISTO for short – the tax man and your super fund do all the ... Read more
Understanding your life expectancy
Ever wondered how long you might live, and what the current projections are for Australians? These are natural considerations as you plan for retirement and older age. Common thinking has it that we are living longer, with healthier lifestyles and advances in medical science. After all, knowing how to spend your ... Read more
SMSF basics: Trish’s 10 commandments of DIY super
If you’re running a self-managed super fund (SMSF), then you’re obviously aware that being an SMSF trustee/member is a very different experience compared with belonging to a large super fund. In a large super fund, someone else looks after your superannuation benefits. As an SMSF trustee, you make all of the C-A-R-T ... Read more
Accessing super: Turning 55 (or 56 or 57 or 58 or 59) is not enough
Q: I am 53 years old, born September 1964. I thought I could access my super funds from age 55 but I have been told I can’t access my funds until age 60. Is this correct? And, when I withdraw my super benefits, is there any tax payable? A: The general rule is that you must have reached your preservation age AND ... Read more
Case study: I’m 58 with $250,000 in super. Will my super be taxed?
Q: I turned 58 in July 2018, and I’m thinking of retiring before I turn 60. I would like to know whether I would have to pay tax on my superannuation. I know that after I turn 60, it’s tax-free, so my inquiry is regarding the period until I turn 60. My super money consists of compulsory employer contributions, and ... Read more
What is the retirement age in Australia?
In Australia, there is no official retirement age but there are special rules that apply, which determine the age when you can withdraw your superannuation benefits (preservation age), and the age when you can claim the Age Pension (Age Pension age). You can discover your preservation age (for accessing your super ... 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, ... Read more