I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Public Servants at Age 60 or Over May Still Pay Tax on Superannuation

If your superannuation benefits are paid from untaxed sources (a few public sector funds), on the other hand, then your super benefits could still be contingent on income tax after turning 60. However, you are taxed less than if you were getting your superannuation benefits if you're under 60 years.

Turning 60, as well as turning 65, are important

Long ago, 65, the retirement age, was the main center in retirement planning since that was the approved age of superannuation for numerous companies. Additionally, it was just a couple of years ago that you were not allowed to work if you were aged beyond 65 years if you were a worker. At present, the focus (for tax purposes) is 60.

Turning 65 is still vital in superannuation terms for Australians who desire to continue being employed but gain access to all of their superannuation benefits, either as a super pension or a lump sum. Turning 65 is a milestone considered as a condition of release, plus, you can gain access to your superannuation benefits without leaving work or qualifying for another condition of release.

Note: More essentially, 65 is the age for Age Pension for Australians close to retirement, although age requirements for Age Pension progressively increase to the age of 67 from 2023, as well as increases in the age of 65.5 from July 2017. Next election, if the Liberal government succeeds, having a majority in both houses, the age requirement for Age Pension is likely to increase to 70 for anybody born in the year 1964, unless they change this suggested policy.

The Age Pension is an extremely vital aspect of retirement planning for the majority of Australians since around 80% of retired Australians of this age now receive a part or full-Age Pension. Bear in mind that from January 1, 2017, the assets test for Age Pension will become stricter for part-Age Pensioners, and from January 1, 2016, became more rigid for retirees that have defined super benefit pensions

More information about how you can deal with your age pension can be found on our site at www.australiansuperfinder.com.au

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