You’ve worked long and hard and want to enjoy a comfortable retirement. Whether you would like to transition slowly into retirement, or finish work the day you turn 65, you need to be prepared. The good news is you have options.
Your personal assets, your superannuation nest egg and when you want to retire all affect what you may be entitled to from the Government and when you can start to draw down money for retirement. Make sure you know what options are available.
Accessing your super
To help us save as much as possible for retirement, you can’t just withdraw money from your super account when you want it…you must first be eligible. Find out how and when.
The Government Pension
How much are you likely to be paid by the Government as a single or couple pension as well as what other benefits are available to you, will depend on your assets. Even if you’re a self-funded retiree, you might be eligible for some entitlements.
The age that you qualify for the pension is slowly changing. Take a look to find out when you’ll be eligible, based on when you were born.
Transition to retirement (TTR)
There are options when it comes to retiring – you can transition over time or finish work one day and be retired the next…but you have options and they’re worth exploring.
There are tax implications for anyone who is a permanent resident and doesn’t transfer their overseas pension to their Australian superannuation fund. If you’re not aware, it could cost you thousands.
Converting your superannuation from the saving (accumulation) to the spending (pension) phase … what you need to know.
Contributing to Super when 65 and over
As our population ages and there is a risk of outliving retirement savings, more and more Australians over the age of 65 will be contributing to super in the future. So what are the rules?
Gifting and the Pension
Gifting is when you or your partner give away assets or transfer them for less than their market value. If you gift within certain government limits you could increase the amount of benefit your receive, BUT If you exceed the government’s allowable gifting amount, your rate of pension or allowance will be negatively affected.