Category: Superannuation

Unlike employees, self-employed individuals, including sole traders and partners, are not mandated to contribute to their super under the Superannuation Guarantee (SG). This translates to greater control over how much and when you contribute. However, this flexibility comes with the onus of ensuring sufficient savings for retirement. Voluntary Super Contributions: Building Your Savings The beauty…

For Australians moving abroad, navigating superannuation (super) can be confusing. One common question is: can you transfer your super to an overseas fund? The answer, in most cases, is no. Here’s a breakdown of the rules and some important considerations for managing your super while you’re an expat. Australian Super Stays in Australia Australian law…

Superannuation funds play a crucial role in securing your financial future. However, disagreements or issues can arise. If you’re unhappy with your super fund’s service or actions, here’s a comprehensive guide on making a complaint effectively. Understanding the Process The Australian financial system prioritizes fair complaint resolution. Your super fund, by law, must have an…

The first step in any financial advisor-client relationship is understanding your individual needs and goals. A good advisor will ask you questions about your: By understanding these factors, the advisor can tailor a superannuation strategy that aligns with your unique circumstances. Choosing the Right Super Fund Australia boasts a diverse superannuation landscape with numerous industry,…

Australia boasts a two-pronged approach to retirement income security: superannuation (super) – a compulsory savings scheme – and the Age Pension, a means-tested social security benefit administered by Centrelink. While these systems work in tandem, understanding how your super affects your Age Pension entitlement is crucial for retirement planning. The Age Pension and the Income…

The retirement savings gap is a global phenomenon, with estimates suggesting a shortfall in the trillions of dollars. Factors like increasing life expectancy, rising healthcare costs, and a shift away from traditional defined-benefit pension plans contribute to this issue. In the United States, for example, research by the Employee Benefit Research Institute indicates a median…

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…