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Frequently Asked Questions

When will I be eligible to withdraw funds from my superannuation?

You can unlock access to your superannuation when you reach your preservation age and retire. Additionally, you have the option to access your super when you turn 65 or, if eligible, under the transition to retirement rules while still working. It’s important to note that reaching a specific age doesn’t automatically require you to withdraw your super, as the rules of your particular super fund may vary. Preservation age, distinct from pension age, determines when you can access your super and varies based on your birthdate.

The taxation of super benefits is influenced by factors such as your age, the payment amount, whether it’s received as an income stream or lump sum, and whether your super comes from a taxed or untaxed source. Super benefits often consist of a tax-free component, encompassing contributions not claimed as a tax deduction and certain other tax-free amounts rolled into the fund.

What is the financial target for retirement?

ASFA estimates that the lump sum needed at retirement to support a comfortable lifestyle is $640,000 for a couple and $545,000 for a single person (adjusted with inflation). This assumes a partial Age Pension.

ASFA estimates that a modest lifestyle, which covers the basics, is mostly met by the Age Pension. They estimate the lump sum needed to support a modest lifestyle for a single or couple is $70,000.

However, this might not be enough for you, it is important to seek advice on this with a Financial Planner, the team at OakView Financial can sit down with you and work out your required balance to meet your retirement needs.

What is the procedure for a voluntary tax contribution?

Non-concessional contributions offer the benefit of tax-free deposits into your super, with earnings taxed at a 15% rate within your superannuation. Upon retirement, these earnings become tax-free. Annual contribution caps apply, and a bring-forward arrangement is available. The bring-forward amounts are:

  • $330,000 over three years (three times the annual cap) if your total super balance is less than $1.48 million.
  • $220,000 over two years (two times the annual cap) if your total super balance is above $1.48 million and less than $1.59 million.
  • Nil ($0) if your total super balance is $1.59 million or above.

These limits are influenced by the $110,000 non-concessional contribution cap and the $1.7 million general transfer balance cap.

How much will I receive for my age pension?

To qualify for the full or partial-age pension, you must adhere to the Income and Asset test limits:

Income Test – Your income, along with your partner’s, from all sources, including financial assets like superannuation, is assessed. Deeming is used to calculate the income produced by your financial assets. Pensions are subject to income and asset limits, and exceeding these limits results in a reduced pension.

Asset Test – All types of assets are considered in the assets test. The amount you receive depends on the value of your assets and your relationship status. The Department of Social Services reviews these limits twice a year.

Assets include any property or possessions you fully or partially own or have an interest in, both within and outside Australia, and debts owed to you.

When will I be eligible for my age pension?

To qualify for the Age Pension, you must have reached the Age Pension age and fulfill certain criteria.

As of 1 July 2021, the Age Pension age is 66 years and 6 months for individuals born between 1 July 1955 and 31 December 1956, inclusive.

If your birthdate falls on or after 1 January 1957, you will need to wait until you turn 67. This adjustment will take effect as the Age Pension age from 1 July 2023.


What is the allowable amount of money held in the bank while still qualifying for the pension in Australia?

The eligibility for the Age Pension is annually reviewed by the Department of Social Services, with upper limits adjusted to align with inflation. Additionally, potential policy changes introduced by the Australian Parliament could impact these limits. It is advisable to consult with your Financial Planner each year to assess and optimize your retirement strategy for the best outcomes.