Posted in Retirement

A “comfortable retirement” has a different meaning depending on your lifestyle but as a guide the Association of Superannuation Funds of Australia (“ASFA”) provides some benchmarks which may be helpful. Each Financial Year Quarter ASFA produce a report including expenses likely to be incurred in retirement The March 2024 Quarter costs for a “comfortable retirement” increased 0.70% to $72,663 for couples and $51,630 for singles The ASFA website has some...

How much superannuation savings you need for a 'comfortable retirement' depends on how much you want to spend, but if you're not sure the Association of Superannuation Funds of Australia ('AFSA') produce regular reports that provide basic data regarding retirement expenditure. AFSA also provide an indication of how much super savings you'll need to meet the expenses of a 'comfortable retirement'. A 'comfortable retirement' is subjective and it is...

Presently, if you are aged between 67 and 74 you are required to satisfy the 'work test' before making certain superannuation contributions.  But from 1 July, 2022 the laws have changed and under certain circumstances you will be able to make some types of superannuation contributions without having to satisfy the 'work test'.

To meet the 'work test', depending on your age, the person must be gainfully employed for at least 40 hours during a consecutive 30-day pe...

If you are aged 65 to 67 you may be able to contribute an additional $200,000 to your super from 1 July 2020. The federal government is currently in the process of making changes to super contribution laws and from 1 July 2020 the "Work Test" requirements for super contributions are likely to be amended. Effectively this will mean from 1 July 2020 if you are aged between 65 and 66 you will be able to make voluntary contributions to your super (concessional and non-concessional...

Changes to the Age Pension Assets Test commenced 1 January 2017, and may reduce your Age Pension payment. Following is a summary of the main points of the changes: Only the Assets Tests has been changed - there are no changes to the Income Test. Be aware that your Age Pension payment is determined by completing the Assets Test and the Income Test for your particular financial circumstances, and which ever Test provides the lowest payment w...