Will you benefit from this? And if so what does this mean for your entitlements?
Today we have a handy facts sheet on rules about income limits including employment earnings. The way the means test works can be a little confusing; it’s a two-step process when you add on the Work Bonus. Here’s a plain-English explainer.
The summer break presents a great time to slow down, think and catch up on many things we’re too busy with during the year. One of them is our finances. We know from our members that many find superannuation too confusing for words. So today we’re taking the time to share a step-by-step super explainer. One that you can read as many times as you choose. One that you can share with friends or family who also struggle to understand all the details.
Part of the difficulty seems to arise in the spending phase. It’s relatively easy to remain passive when your employer is handling the main contributions. But come retirement it’s you who is in charge and responsible for the financial outcome. That said, we believe the earlier you engage with your super the better. That’s because understanding this significant pool of savings means you increase the likelihood of growing it faster. And ending up with more retirement income as a result.
So why not commit now to making 2024 the year that you embrace the challenge of understanding your super and making it work super hard on your behalf?
We call Steven our Retirement Essentials’ Guru for many reasons. We recently interviewed him so you can understand why he got this name. It’s the first of four interviews with our advisers Megan, Nicole and Sharon and Steven, who is Head of Customer Services. They all work ‘at the coalface’ so to speak. This means that each and every day they are helping our members in video meetings, phone calls or replies to website questions and feedback. We asked Steven five quick questions about the work he does and how it helps customers maximise their Age Pension income.