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Check your super statement, compare costs and investment returns, and consolidate accounts if possible. A super calculator will help you identify the exact benefits.

#superannuation Calculator

We’re known as one of Australia’s best super funds for our history of long-term investment performance and low fees. Compare us now.

Whether you’re a fresh professional who has entered the workforce or is ready to leave it, you must take your superannuation comparison decisions with financial acuity.

#superannuation pension

Schemes to Help Make Your Post-Retirement Work Beneficial

If you prefer to work over the age of eligibility for the age pension assets test, there are initiatives in place that may make this financially advantageous.

Bonuses at Work

The Work Bonus was introduced in 2009 to encourage people over the age of 65 to work and to make it more financially advantageous for them to do so. On July 1, 2019, its benefits were raised even more.

Any pensioner over the age of 65 can earn up to $300 per fortnight without it being counted as income for the purposes of the pension income test.

This multiplies for couples who both work: the first $300 per fortnight of each party's personal job income is not counted. Unused portions of the Work Bonus can be banked up to a maximum of $7,800 at any given time for persons with irregular or seasonal income.

Work Bonuses should not be confused with Pension Bonuses. If you signed up for the Pension Bonus Scheme before July 1, 2014, you may be entitled to a lump-sum payment when you retire. You can go for a pension asset test to not confuse bonuses with assets.

Cards for concessions

Because there are various different sorts of concession cards, it's important to understand what you're entitled to. The sort of card you receive is decided on the benefits you receive from Centrelink or DVA.

The following are the available concession cards:

Concession Card for Pensioners (PCC)

Centrelink issues PCCs to people who receive the Age Pension. As a PCC holder, you are eligible for low-cost pharmaceuticals under the Pharmaceutical Benefits Scheme (PBS) as well as a variety of state and territory government concessions, such as reduced property and water rates, energy bills, motor vehicle registration, and public transportation. Different discounts are offered by state and territory governments as well as local governments.

Card for Low-Income Patients (LIHCC)

If you don't qualify for the Age Pension and hence don't get a PCC, you may be eligible for a LIHCC if your assessable income falls below specific limits. A LIHCC allows you the same medicinal benefits as a PCC, however, there may be some differences in other concessions.

#age pension

Find out what’s considered an asset in the Age Pension assets test, how your assets will be valued, and how it all relates to your super.

Know more about the Age Pension assets test and if you need a pension asset test to claim your age pension as per official guidelines by the Australian government.

Calculate your super using our super calculator

Need to calculate your super? Use our super calculator to know how much super you’d have in a given period of time. Access more super tools now at Unisuper.

#superannuation pension

How and When to use a Superannuation Calculator?

It’s a well-known fact that your superannuation or the money you’ll receive as per your super investments when you retire depends upon multiple factors. When you actually sit down to calculate the total super you expect to receive, it can get tricky.

This is where a superannuation Calculator comes into play. It absorbs information from your end under various likely scenarios and helps you understand what your net super balance looks like. You’ll easily find one on your superfund site such as Unisuper, Australian Super, Virgin Money, etc.

How does the Superannuation Calculator work?

Just like a car loan EMI calculator or a tax calculator, the super contributions calculator asks you a few questions to calculate your super.

You enter a few data points such as your income, super contributions, fees, etc, and at the end you get an estimate of your total super.

Under the hood, the calculator performs mathematical functions to arrive at the right value of your super.

How to use the super calculator?

It’s fairly simple to use the calculator. All you need to do it to enter your specifics such as your net income, fees and a few other factors. You’ll receive a result when you’ve supplied the right information.

Some rules that apply to calculators are as follows.

These calculators may adjust 2.5% for inflation

Self-employed professionals have to enter 0% as employer super contributions

In case your employer doesn’t contribute 10% to your super, you should explicitly enter the right value

When to use the calculator?

In case you’re unsure how much super you’ll end up with, it’s wise to use a calculator as these are designed to do the complex math accurately.

It’s also recommendable to use the calculator when you’re checking how your super contributions affect your grand total. A lot of professionals who want to optimize their investments may use the tool.

As you can change the various factors in the calculator to check your final result, the calculator comes quite handy in planning things ahead.

Conclusion

Be smart with your superannuation fund management and use a superannuation calculator to know the exact numbers. Many superfunds such as Unisuper, Hesta, and First Super also offer guidance for the same.

#superannuation pension #super contributions

The age pension asset test takes into account all of your sources of income, including your job, pension, annuity, and investment profits, as well as any money you get from sources outside of Australia.

#pension plan #pension asset

Age Pension Asset Test

The age pension asset test takes into account all of your sources of income, including your job, pension, annuity, and investment profits, as well as any money you get from sources outside of Australia.

#Pension Scheme

Superannuation Pension

With its advocacy activities, Unisuper is able to ensure the greatest outcomes for the community, the Superannuation Pension system, and retirees.

#super contributions #superannuation #superannuation pension

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