Super just got a whole lot better for over 67s

What does this mean?

In Australia, by the time we turn 67 we may be eligible to receive the Age Pension** and will have reached the age where we can start accessing our super. Contributing to super throughout our careers is one of the main ways we can set ourselves up to be financially secure for retirement, and now, you are able to contribute to super regardless of whether you plan to work after reaching age 67 right up until you turn 75*.

It’s a real window of opportunity to get more into your super, however if you are wanting to make personal deductible contributions, the work test will still apply

What is the work test?

The work test requires you to provide evidence of gainful employment, which is defined as working a minimum of 40 hours as an employee or self-employed person in 30 consecutive days during the financial year in which a contribution is made. This work can be full-time, part-time, casual, or self-employed.

How much can you contribute?

$110,000 per year for non-concessional (after-tax) contributions, with an opportunity to bring forward 3 years for a total contribution of $330,000, and $27,500 per year for concessional (pre-tax, such as through salary sacrifice) contributions apply, in some cases you may be able to access unused portions of your concessional contribution caps that have carried forward from previous years.

Need help understanding the requirements?

Getting the right support and information can make all the difference. Whether you're just starting to learn about super, or you’re a seasoned investor, we're here to help. And there's no additional cost for this service.

Book a time to have a chat to one of our super specialists today.

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*Your contribution must be received by the fund no later than 28 days after the month you turn 75.

** Please consider your own circumstances and refer to Services Australia website for more information on Age Pension.