James Coyle

James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Concession and health care cards update

Concession and health care cards update

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Most of us love a discount. And when the cost of living is persistently high, concession cards are worth their weight in gold. There are a range of discount and concession cards available to older Australians. But the rules change all too frequently. Here’s a comprehensive update of which cards you may be entitled to, how to get them and how to use them.

Not all cards are the same. There are many different organisation which issue cards for seniors and retirees. Some offer discounts or concessions, some are free and some require you to join an organisation to receive one. Let’s start with the cards issued by the Federal Government.

Loans in retirement: Is repayment really the best choice?

Loans in retirement: Is repayment really the best choice?

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One of the best things about writing articles and explainers for Retirement Essentials is the quality of the comments we receive in return. A recent article on the ‘classic dilemma’ of paying off debt or retaining a mortgage (but earning more in other ways) is an example. We received some great feedback from members on this topic. They pointed out that this option does not have to be an ‘all-in’ decision. Which has encouraged us to share their thoughts as well as a brief overview of the main decision-making points.

Our view is that there is rarely one right or one wrong approach to most things financial. The main reason is that at the heart of most financial decisions are emotional needs or concerns and lifestage needs which may often involve wrangling two different sets of priorities, should you happen to live as a couple. 

There really is no  one size fits all approach to debt management, hence our suggestions that you explore your options and if you are unsure, you seek further explanations, income projections or support from one of our experienced advisers. 

Here are some of the great comments we received on this topic, followed by an overview of ways to view your options.

Want to contribute more to super? Then why aren’t you allowed?

Want to contribute more to super? Then why aren’t you allowed?

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Q. Help, I’m 76 and want to contribute more to my super, but I’ve been told I can’t!

This was the cry for help we received from Albert last week. He had just won $45,000 in a lottery and doesn’t want to spend it. Instead, he would like to put it into his super. A friend told him that once you turn 75 you can no longer make any contributions. Is this right?

Says James:

I think super is a terrific way to save for retirement.  You start a job and your employer is legally obliged to contribute into your superannuation account – currently 11.5% of your ordinary time earnings and increasing to 12% on 1 July 2025.  It’s a tax-effective environment, it compounds over your lifetime and there are even bigger tax advantages if you turn these savings into an income stream in retirement.  

However many people who have already retired won’t have had the advantage of super all their lives.  They are often playing catch-up.   And getting money into super isn’t quite as simple once you have retired. But it’s not impossible if you understand the rules.   

Because of the tax advantages of super there are limits to how much you can put in both when you are working and also after you have retired.  And the rules change as you pass different age milestones, so here’s a brief summary of the main rules: