Super & Retirement

Allocated Pension

Allocated pensions are by far the most popular product around for retirees looking to live off their super savings in retirement. So why are allocated pensions so popular? Why don’t retirees just withdraw their funds out of super and dump the lot into a term deposit or savings account, or even use their super to…

Transition to Retirement Pension

Many individuals nearing retirement are looking for ways to boost their super savings. With the introduction of government’s simpler super reforms in July 2006, it is now possible to do exactly this by making the most of transition to retirement (TTR) rules. You can take advantage of the transition to retirement rules by salary sacrificing…

Work Test

While anyone can make contributions to their super fund up to age 65, regardless of whether they are working or not, persons over 65 must pass the work test to continue contributing. According to the Australian Taxation office, people aged between 65 and 74 must be able to show that they have completed at least…

Pension Phase

Once retired, you have the choice of retaining your funds in super (in the accumulation phase) or converting your funds to a pension, such as an allocated pension. Taxation payments will be higher if you leave your assets in a super fund compared to a pension. In the accumulation phase, earnings on a super funds…

Pensioner Concession Card

The Pensioner Concession Card (PCC) entitles those receiving government pension payments to reduced cost medicines under the Pharmaceutical Benefit Scheme (PBS). Other benefits, which vary according to state and local government authorities, can include reductions in property or water rates, discounts on energy bills, a telephone allowance, free or reduced fares on public transport, and…

Self Managed Super Fund

SMSFs are popular with investors who want greater control over their super investments. There are many more investment strategies and products available through an SMSF than a public offer fund. No two SMSFs are ever the same in the way they invest. It is critical that SMSF trustees ensure that the nature of the fund…

Pension

Since the introduction of the Government’s “simple super” regime on 1 July this year, it is no longer a mandatory requirement for retirees to convert their superannuation assets to a pension arrangement. This means, in effect, that if you don’t need the regular income a pension provides to pay the bills, you can leave your…