At what age can I access my super?

  • You can access your superannuation when you reach preservation age and retire – preservation age is age 57 years for those born post 1 July 1961 and age 60 for those born after 1 July 1964
  • When you reach preservation age and choose to begin a transition to retirement income stream whilst working
  • Reach age 60 and have a change of employment status
  • You are 65 years of age even if you have not retired from the work force

How much super do I need when I retire?

The amount you need depends on :

  • How long you live
  • What type of lifestyle you want
  • Future medical expenses

Couple modest lifestyle: $34,855pa
Couple comfortable Lifestyle: $59,971pa
Single modest lifestyle: $24,250pa
Single comfortable lifestyle: $43,665pa

Modest lifestyle can almost be met by the full age pension, however to enjoy a comfortable lifestyle additional savings at retirement will improve lifestyle in retirement. The more you contribute at a younger age the greater the effect of compound interest.

Can I include insurance in my super?

Superannuation can include and typically does include insurance. It can be Life Insurance, Total and Permanent Insurance and Income Insurance. Due to the restrictive nature of superannuation the covers can be limited and or have exclusions.

What happens if I don’t nominate a beneficiary on my super?

If you don’t nominate a beneficiary on your superannuation, the trustees of the fund will make a determination to whom the funds get paid to. Typically, it will be paid to the members spouse and/or children depending on their needs. If no eligible dependants then the benefit will be paid to the members estate.

Can I add extra contributions into my super account?

Provided you are under the age of 65 years you are able to make additional contributions into superannuation. You can make concessional contributions up to $25,000. These are contributions for which you can claim a tax deduction on. Your super guarantee contributions from your employer form part of these contributions. You can also make non-concessional contributions up to $100,000 in any one year. If you are under the age of 65 years you have the ability to bring forward future years contributions and contribute up to $300,000 in one lump sum.

I have multiple super policies; how do I consolidate?

If you wish to consolidate your superannuation you need to decide on which will be your preferred fund. You need to understand all the policies that you have including superannuation arrangements. You need to decide on the appropriate level of cover if applicable and ensure your new fund has that in place prior to transferring your other super funds. You need to know what the exit fees will be and if you will be charged any entry fee in to your new fund. Once you have reviewed all your super and decided on the most appropriate fund that meets your needs, contact that fund or your advisor to assist. You will need to advise your employer to contribute to the preferred fund.