Superannuation

Tips for reviewing annual super statements

Tips for reviewing annual super statements

When it comes to retirement, many of us may receive retirement income from various sources. For example, investments (inside and outside super) and social security entitlements, such as the Age Pension. Importantly, if we desire to have a retirement lifestyle greater than what can be provided by sole reliance on the Age Pension and the benefits of Super…
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Contribution eligibility Age work test conditions

Contribution eligibility: Age & work test conditions

Financial success can hold a different meaning for all of us. Despite this, financial success is often linked to something we all tend to have in common, financial goals—our vision for the future. This vision can often centre on retirement (and our desired retirement lifestyle) and the accumulated wealth needed to support it. Notably, the financial…
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Building super together Spouse contributions

Building super together: Spouse contributions

When it comes to retirement, ASFA estimates that the lump sum savings needed to support a comfortable lifestyle in retirement is $640,000 for a couple. Please note: This assumes a partial Age Pension entitlement. While this can be a helpful guide, its relevance to you will depend on your own ideas and expectations around retirement. Namely, what is your…
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Age Pension entitlement Eligibility tests

Age Pension entitlement: Eligibility tests

When it comes to maintaining your financial wellbeing in retirement, it’s important to understand that as you enter this phase of your financial lifecycle a certain shift in economic resources often occurs. Namely, a shift from predominantly employment income* to income derived from a combination of your retirement savings (investments inside and outside of super) and any potential social security entitlements. *However,…
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Growing your super Government super contributions

Growing your super: Government super contributions

One of the risks retirees can face is the potential to run out of retirement savings by living longer than expected—commonly referred to as longevity risk. For many of us, super will form an integral part of our retirement savings. However, our ability to grow our super to a sufficient level during our working years can, at times,…
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Mistake Government mulls major change to your retirement money

‘Mistake’: Government mulls major change to your retirement money

Wouldn’t it be fabulous if all Australians reached retirement with a saving pool sufficiently large that it gave them complete financial security? By that, it means retirees having the financial independence to live off those accumulated savings and never having to draw on the age pension. For individuals, it would be liberating. The benefits to…
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Super re contribution strategy explained

Super re-contribution strategy explained

In our animation, ‘Super lump sum withdrawals’, we discussed that super benefits may comprise of two components: a tax-free and taxable* (taxed element) component. *A taxable (untaxed element) component can exist in certain circumstances, such as in an untaxed scheme (e.g. government super fund). The tax-free component generally consists of non-concessional contributions. Whereas, the taxable (taxed element)…
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The Budget is making changes to your super Heres what they are

The Budget is making changes to your super: Here’s what they are

Most of the Federal Budget measures were about getting people into jobs and helping Aussies keep more of their money. And while you might have heard all about the business and income tax cuts by now, you may have missed a little detail: a handful of changes to your superannuation. It was wrapped up in a package called ‘Your Future, Your…
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Recession 2020 What does the coronavirus recession mean for my super

Recession 2020: What does the coronavirus recession mean for my super?

Share markets around the global are volatile thanks to the coronavirus pandemic and the cloud of uncertainty it brings with it is scaring Aussies, particularly those approaching or very recently retired. In times of crisis such as this, it’s typical for central banks, such as the Reserve Bank of Australia, to cut interest rates in…
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