Superannuation

Super review checklist Your annual super statement

Super review checklist: Your annual super statement

Whilst the recent implementation of the ‘Protecting Your Super Package’ has received a somewhat mixed reception, it has provided some people with a much-needed prompt to review their super details. Another opportunity to do so occurs with the release of annual super statements. As a super fund member, you will be receiving your annual statement soon,…
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Revealed Aussies spend early access super on gambling beauty products

Revealed: Aussies spend early access super on gambling, beauty products

Women who are accessing their super early are more likely to spend it on essential purchases for the family, whereas men are more likely to spend it on nice-to-haves, with gambling skyrocketing, new data has revealed. According to data by illion and AlphaBeta, women are spending more than men on food, clothing, and household bills,…
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What to do with your superannuation if youre 25 years or younger

What to do with your superannuation if you’re 25 years or younger

If you’re 25 you’ve probably got 40 years ahead of you building your career. During that time you’re going to face life decisions – cars, travel, life partners, careers, houses, and family. There’s one big ticket item that’s likely to be left to last, and that’s thinking about your retirement. Most Australians save for their…
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Reversionary beneficiary nominations

Reversionary beneficiary nominations

Ensuring your affairs are in order before your passing is an integral part of estate planning. Given this, it’s vital to understand that your super death benefit isn’t necessarily distributed via your will. For example, your super death benefit may be paid to your legal personal representative (the executor or administrator of your estate) when: 1. You elect your…
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Coronavirus Why withdrawing superannuation early is a mistake

Coronavirus: Why withdrawing superannuation early is a mistake

Australians who have taken a hit due to the COVID-19 pandemic will be able to apply for the early release of their super within days – but experts warn the result could be disastrous. The Federal Government recently announced retirement funds would be made available to those experiencing financial hardship because of the coronavirus crisis.…
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Retirement and the transfer balance cap TBC

Retirement and the transfer balance cap (TBC)

When looking to partially or fully fund your retirement lifestyle from your super benefits, there are several options available. Depending on your personal circumstances, you can choose to take your super benefits as: 1. a lump sum, 2. a retirement income stream, or 3. a combination of both.   Most of us choose the third option; we take our super…
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Age Pension entitlements Gifting and deprivation rules

 The Government’s Age Pension remains a vital source of income for many older Australians in retirement. For example, in June 2018, 2,477,861 million people aged 65 and over received at least a partial Age Pension; this represented 64.15% of the total number of older Australians (3,862,591 million)*^. Importantly, there are specific eligibility tests (age, residency, assets and income) that need to…
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Accessing Superannuation When Affected by the Bushfires

 Shartru – access to superannuation   With the devastating impacts, the Australian bushfires are wreaking on our physical environment thought must be given to those individuals and families who face the potential loss of regular income through employment or self-employment and those businesses which may face extended periods of closure, minimal trading and significant loss…
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Australia’s three-pillar retirement income system

 Depending on your personal circumstances, your retirement income may come from a variety of sources. For example, investments (inside and/or outside super) and social security entitlements, such as the Age Pension. These sources of retirement income are important to understand; especially if, for example, you envision yourself enjoying a particular type of lifestyle in retirement. Given this, in…
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