SuperGuide

Superannuation and retirement planning information

August 2024 Retiree newsletter

Pension fund performance to December 2024
Pension fund returns exceeded minimum withdrawal rates for most retirees in 2024, providing a buffer against volatile times ahead. Read more.
Pension fund performance to December 2024
Pension fund returns exceeded minimum withdrawal rates for most retirees in 2024, providing a buffer against volatile times ahead. Read more.

UPDATED BEST PERFORMING PENSION FUNDS

See the top pension funds by investment category over 1 year and 10 years. Now updated to 30 June 2024.

Making super contributions after age 60: Even in retirement
Modernised laws allow contributions up to age 75 and beyond. Discover smart options to get more cash into your super. Read more.
Making super contributions after age 60: Even in retirement
Modernised laws allow contributions up to age 75 and beyond. Discover smart options to get more cash into your super. Read more.
In your 70s? The super rules that apply to you
If you’re still adding to your retirement savings in your 70s, it’s important to know the super rules, as making contributions becomes tougher after age 75. Read more.
In your 70s? The super rules that apply to you
If you’re still adding to your retirement savings in your 70s, it’s important to know the super rules, as making contributions becomes tougher after age 75. Read more.

SuperGuide members Q&A: September 2024

Tuesday 24 September 2024 at 11:00 am AEST

In this webinar super expert Garth McNally answers recent questions from SuperGuide members.

Q: I will be applying for the Age Pension shortly and have an outstanding home loan balance. Can you tell me how money in a mortgage offset account will be assessed by Centrelink? Does it make a difference if I make an early repayment instead of keeping the offset? 

A: Money in an offset account is an asset (and generates deemed income) for the purposes of Centrelink means tests. As a result, money in an offset account could reduce your Age Pension.

However, money that has been repaid into the loan is not assessed (even if it is available to for redraw). This is because the repaid funds are not in a bank account but have instead reduced the balance of the loan.

Repaying debt on your home is one method of improving Age Pension entitlements because the value of the home is not assessed in Centrelink’s means tests.

Convinced you’ve missed the boat to contribute to super and boost your retirement income because you’re over 75? Think again. The downsizer super contribution could help.

Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.