Superannuation

Transition to retirement income streams TRIS

Transition to retirement income streams (TRIS)

Retirement can mean different things to different people, however, when it comes to retirement and retirement intentions, there can be common threads. For example, according to 2018-2019 ATO data*: 1. The average age of retirement was 55.4 years. 2. The top three reasons retirees left their last job included: they reached retirement age or became eligible for super;…
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Super engaged well informed Annual statements

Super engaged & well-informed: Annual statements

For many of us, our super will play a vital part in our financial lifecycle journey—helping us with our move (over time) from financial dependence to independence, in terms of wealth accumulation and income-generation. Although, the extent our super is optimally leveraged, and the beneficial result of doing so, can often be affected by our level of…
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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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