The Retirement Series: longevity

The Retirement Series: longevity Australians are living longer, with men and women alike enjoying a life expectancy beyond their eightieth birthday1. According to the United Nations, we now have the third highest male and female combined life expectancy in the world, behind only Japan and Switzerland2. It’s great news for all of us hoping to enjoy life’s pleasures and passions during a long and healthy retirement. Provided we’re prepared for it, because we’re not …

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Should I take my super as a lump sum?

Should I take my super as a lump sum? Taking your super as a lump sum might be tempting, but it won’t be the best option for everyone. You’ve probably spent much of your working life accumulating super. So, when the time comes and you’re able to access it, you might be wondering whether you’d be better off taking the money as a lump sum, income stream, or even a bit of both. To help you make …

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How much super should I have at my age?

How much super should I have at my age? We look at the average super balances for different age groups in Australia so you can see how your super savings compare. A healthy super balance can be a key ingredient in being able to live the life we want in retirement. But for many people, retirement is a long way off, and it can be hard to know if your super is on track. If you’ve …

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New legislation aims to benefit first home buyers

New legislation aims to benefit first home buyers Changes aimed at improving housing affordability have passed through parliament. See what the new rules could mean for you. Government proposals around improving housing affordability in Australia were passed through parliament on 7 December 20171. As part of the changes, first-home buyers will be given a tax concession through the ability to save for a home deposit inside of super, while Australians aged 65 and over will be able to contribute …

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See how you can cash in on government co-contributions

See how you can cash in on government co-contributions If you’ve made an after-tax contribution to your super fund, you might be eligible for a co-contribution of up to $500 from the government. Did you know the government may add up to $500 to your super fund, if you’re a low to middle-income earner who has made an after-tax contribution to your super? If you’d like to know more, we explain how government co-contributions work, …

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7 ways to boost your super

7 ways to boost your super Investing in your super now may help you live the life you desire in retirement. By the time you retire, your super will likely represent one of your biggest assets. It’s real money and it’s your money, so putting some thought into making contributions today may help you achieve the lifestyle you want in retirement. But remember that the money you contribute into super will be subject to preservation …

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Self-employed? There’s still time to grow your super

Self-employed? There’s still time to grow your super While approximately 1.3 million Aussies run their own show, one in five has no superannuation at all. Many Australians see self-employment as a goal worth aiming for. But running your own show can mean retiring with very little in super savings – one in five self-employed people have no super at all compared to just 8% of employees. Self-employed women are especially hard hit. Among women aged …

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Investment bonds – a possible alternative to superannuation

Investment bonds – a possible alternative to superannuation Because many people can no longer put as much money into super, an investment bond may provide another way to save for retirement. On 1 July last year, the amount of money many Australians could put into superannuation was reduced as a result of the introduction of more restrictive contribution caps. Consequently, some people were left asking the question – I have money or I expect to …

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Can I put money into super when I’m 65 or over?

Can I put money into super when I’m 65 or over? If it’s a voluntary contribution, you’ll need to have worked for at least 40 hours within a 30-day period under work test requirements. If you’re 65 or over, you can continue to build your superannuation with compulsory employer contributions (such as Super Guarantee contributions your employer pays where you are eligible). However, if you’re making voluntary contributions, which you may do through salary sacrifice (which is …

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Why it pays to contribute to your partner’s super

Why it pays to contribute to your partner’s super If your other half is a stay-at-home parent, working part-time or out of work, adding to their super could benefit you both financially. If your spouse (husband, wife, de facto or same-sex partner) is a low-income earner or not working at the moment, chances are they’re accumulating little or no super at all to fund their retirement. The good news is, if you want to help …

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