Boost your super in retirement!

The overarching purpose of super is to save for and provide an income in retirement, so it’s not surprising that once you retire there are very limited options to contribute to super. However, over the past couple of years some opportunities to contribute after retirement have been introduced to allow those already retired to add to their super. Let’s take a look at those options. 

Downsizer contributions

The new rule: If you’re aged 65 or over, you may be able to make a downsizer contribution of up to $300,000 from the proceeds of the sale of your home. You don’t need to meet a work test to make a downsizer contribution.

The catch: There are eligibility requirements that you need to meet and, depending on your other assets and income, making a downsizer contribution may affect your Age Pension entitlement.     

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Voluntary contributions

The new rule: From 1 July 2019 if you’re aged 65 to 74 you can make both concessional and non-concessional voluntary super contributions without meeting the work test. The normal contribution caps and bring forward rules apply. It’s called the work test exemption.

The catch: You must have met the work test in the previous financial year, your super balance must be less than $300,000 at the previous 30 June and you must not have used the work test exemption in the past i.e. it’s a one-off exemption.

Spouse contributions

The proposed new rule: At the time of writing this article, this rule was proposed and scheduled to become effective from 1 July 2020. If this legislation is passed, the new rule would mean you can make voluntary contributions for a spouse aged up to age 74. This would be an increase from a maximum age of 69 years.

The catch: If put in place as planned, if you’re the spouse receiving the contribution and you’re over age 65 you would need to meet the work test or use the one-off work test exemption to be able to receive the contribution.

Contributing after you retire can be tricky

An EISS Super Financial Planner can help you identify your options and the best solution for you. To make an appointment, call us on 1300 369 901 (and select option 2) or visit