Author: Recruitment Super

The Australian Taxation Office (ATO) defines your eligibility to access your super based on your preservation age. This age increases gradually and currently sits at 60 for those born after July 1st, 1964. Once you reach your preservation age, you have the freedom to withdraw your super as a lump sum, commence an income stream,…

The key factor determining your eligibility for a super lump sum is meeting the retirement condition of release. This typically involves reaching a specific age. As of July 1st, 2023, the eligibility age is 60. However, the Australian Government plans to gradually increase this age over coming years. It’s always best to check with the…

The Age Pension is a means-tested benefit administered by Centrelink. It provides regular fortnightly payments to eligible Australians who have reached the qualifying age (currently 66 for most people). The benefit amount is not static and can be partially or fully replaced by income from superannuation and other sources. The Impact of Super on Age…

The pension phase signifies a transition from accumulating your super savings to drawing them down as a regular income stream to support your retirement lifestyle. This phase kicks in when you meet a condition of release, typically reaching your preservation age (between 55 and 60 depending on your birth year) and choosing to retire. There’s…

Factors Affecting Retirement Income from Super Several factors influence how much retirement income you can generate from your super. Here’s a breakdown of the key ones: Estimating Your Retirement Income While predicting the exact amount of retirement income you’ll receive is impossible due to market fluctuations and individual circumstances, you can estimate it using a…

Reaching the Threshold: Preservation Age The Australian government dictates a minimum age, known as the preservation age, before you can access your super for retirement purposes. This age varies depending on your date of birth: Unlocking Your Super: Lump Sum or Income Stream? Once you’ve reached your preservation age, you have two primary choices for…

Building the Nest Egg: Contributions and Investment Super contributions come from two main sources: your employer and yourself (voluntary contributions). Your employer is legally obligated to contribute a minimum percentage of your salary (currently 9.5%, rising to 12% by 2025) into your nominated super fund. These contributions are tax-deductible for your employer, making super a…

The Regulatory Landscape: A Shared Responsibility Superannuation regulation in Australia is a two-pronged approach, with the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) sharing primary responsibilities. Key Areas of Government Regulation Recent Regulatory Reforms The superannuation regulatory landscape is constantly evolving. In response to inquiries like the Financial Services…

MySuper is an Australian government initiative designed to streamline and simplify how Australians choose their superannuation (super) fund. It is a digital service that allows individuals to compare different super funds, make informed decisions about their super, and easily switch funds if desired. Key features of a MySuper account: Feature Description Comparison tool MySuper provides…

Your superannuation fund plays a crucial role in your long-term financial security. It’s essential to ensure your personal details within the fund are accurate and up-to-date. This includes information like your name, address, phone number, and email address. Outdated information can lead to missed communications, contribution disruptions, and even difficulties accessing your super upon retirement.…