Super Tuesday - Retire at 75
The Australian parliament passed through both houses on Tuesday 27th February, legislation to implement changes to allowable contributions and taxation of superannuation lump sums and pensions. You can find details at http://simplersuper.treasury.gov.au/fact_sheets/ A few regulations are yet to be finalised and some details of how Age Pension means test will change are yet to be released.
A subtle undertone is that we should be willing to work to age 75 with the extension to this age, the age to which superannuation contributions can be made while still working at least 40 hours in a 30 day period (that's about 30% of full time). As argued in the FinDem Factsheet on Age Pensions, the age pension should really be paid from around age 75 for able bodied Aussies (compared to 65 where it has been from the beginning in 1909) to allow for better health and longer life times. Stay tuned for the first moves to shift the Age Pension age up a bit.
Posted Saturday, 3 March 2007
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