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

Retirement Planning: When is the best Time to Access Your Super?

You might be close to retirement planning or perhaps still in an early stage where youíre scraping along on whatís available to you.

Option with Super and Income Streams

Many of you probably already have a Super fund and are probably interested to know on when you can first access your Super. And youíre probably asking how itís going to be taxed. Hereís how it works:

Aged 55-59
• First $180,000 tax-free (taxable component)
• >$180,000 16.5% tax (including Medicare Levy)

Aged 60+
• Tax-free lump sum withdrawals

All age groups
• Earnings taxed at up to 15% within the fund

As you can see from the requirements, you can first access your $180,000 at the age of 55 tax free up until the age of 60. This is not just $180,000 Super fund and is actually an accumulated total. Itís amazing that the ATO knows which one you get out of your Superfunds in order to track it. Once you get above that $180,000 amount, you will then be taxed at 16.5%.

If you are aged sixteen an over, then you are standing at the threshold of Super because it will then be tax-free. And you might have often heard that super is concessionally taxed. What this refers to is that you tend to pay a lower tax rate within your Super than you would holding an investment outside of super. So when we talk about a concessional tax rate we are talking about 15% is the most you pay on earnings within your super fund. And so any capital gains you may have held longer than six months will have a maximum 10% in tax rate.

So itís much lower than your marginal tax rate which could be varying but for most of us itís within a tax bracket of around 30% or 45% if youíre earning more than $80,000.

Based on the following options, it is best to access your super at an age where the tax rates are much lower and that is at the age of 60+. For more strategies on how to take advantage of superannuation, go to www.australiansuperfinder.com.au

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