We are here to empower you to live your best possible life through comprehensive financial advice. We do this by getting to know you and what is most important to you and developing a strategy tailored to your unique situation.
Invest Blue has a number of offices conveniently located in rural, coastal and city locations across QLD, NSW, ACT, TAS and VIC. All of our offices are supported by an operations team of technical advice, research, client experience, compliance and IT specialists.
Explore a range of topics to broaden your financial knowledge and access useful tools and resources to help you get a better understanding of your financial position and where you have the opportunity to make improvements.
There are now more options and flexibility available within superannuation and retirement planning with recent changes to the superannuation work test age as set in the 2019 Federal Budget. From July 1st 2020 the superannuation work test age will be moved from 65 to 67 years of age, allowing more time for Australians to save for retirement.
Changes to work age test
Previously those aged over the age of 65 were required to meet a work test to be able to make personal contributions to their superannuation funds. As of July 1st, 2020, those aged 65 and 66 are no longer required to meet this requirement.
i.e. People who are aged 65 and 66, who are retired, can make personal contributions to their superannuation up to $125,000 utilising both concessional and non-concessional caps.
If you have recently acquired a lump sum of money or have recently sold an investment asset, it may be advantageous to make additional contributions to your superannuation.
Example:
A client who retired last year turned 65 on the 20th of June. They received a lump sum from an inheritance of $50,000 on 25 June 2020. In the past, they would have been unable to contribute that $50,000 to super unless they met the work test. Now as a result of the change, they can contribute this into their super and get it into a tax-effective environment.
These changes may create new available strategies within your retirement plan. We recommend you make contact with your adviser if you think this is something you may benefit from.
If you’re needing an extra helping hand and are ready to speak with a financial planner, please get in touch.
What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
