Transition into Retirement
Research shows that Australians are increasingly working to older ages, which makes a transition to retirement (TTR) strategy a key planning tool if you have reached age 60.
Work Test Rules
When making super contributions when over 67 years old, to make the contributions deductible, you will need to satisfy the “Work Test”.
Superannuation Contribution Limits Increase
The concessional and non-concessional contribution caps are set to increase from 1 July 2024. These changes present an opportunity to further enhance your retirement position.
Superannuaton Guarantee (SG) rate increase
The Superannuation Guarantee (SG) rate has increased from 10.5% to 11% as of 1st July 2023.
How much Super do I need to retire?
Working out how much you need to save for retirement is a question that keeps many pre-retirees awake at night. Recent market volatility and fluctuating superannuation balances have only added to the uncertainty.
Super Guarantee Increase to 10.5% on 1 July 2022
The Superannuation Guarantee (SG) rate is set to increase from 10% to 10.5% from 1st July 2022.
Changes to the Work Test
The Government announced recently that superannuation rules will no longer require an individual age 67 to 74 to meet the Work Test to be able to contribute to super.
Increase in the Super Guarantee
If you are an employee, the amount your employer contributes to your super fund has just increased to 10 per cent of your pre-tax ordinary time earnings from 1 July, up from 9.5 per cent.
Super Contribution limits to increase
From 1 July 2021, the concessional contribution cap is set to increase from $25,000 p.a. to $27,500 p.a. allowing more funds to be added into your retirement savings.
Work test to kick in at age 67
Under changes to the work test, if you are aged 65 or 66 you can now put money into super even if you aren’t working. This gives people flexibility to make voluntary catch-up contributions to your retirement savings.
Temporary Access to Super
As part of the measures taken by the government to support those impacted by COVID-19 some people will be able to access up to $10,000 of their super funds.
New super changes
From 1 July 2019, inactive super accounts with no contributions or rollovers received over 16 months will lose their insurances benefits.
Living comfortably in retirement
At FLP, we encourage our clients to live the life they want to live by developing a plan to enjoy their money.
New downsizing strategy
Downsizing the family home is often part of the longer-term financial plans for many. New legislation now allows for a new super strategy.
