Best Way to Collect Superannuation Funds during Retirement

If you work in Australia, then you are likely to have at least one superannuation account set up to help you out financially during your retirement. All employers in the country are required to contribute a set amount out of each employee’s pay cheque to their super account. You are also able to make contributions to the account throughout your working life.

These funds will sit in your super account until you reach at least 60-years old. If you are over 60-years old and you are no longer working, you may be eligible to start receiving funds for your super account. Otherwise, you will need to wait until you are 65-years old to receive these funds.

Super Fund Options

Once you are eligible to start receiving your superannuation funds, you will have three disbursement options. You can select to leave your super funds remain in the account untouched until later, you can invest these funds in a retirement income stream, or receive a lump-sum or regular instalments of your funds. Below is a closer look at these three options.


  • Leave Super Funds in Account. If you have reached the age where you can start withdrawing funds from your super account, but do not really need them just yet, it may be a good idea to just let them sit in  your account. This will provide more money for you later on down the road when you may be in need of additional funds. The downside is any investment portions of this money may be taxed at a higher rate than other methods.


  • Invest These Funds. You can also select to transfer some of these funds to a pension investment stream. This can provide a great investment opportunity for those who can afford to transfer a portion of their funds. This investment is taxed at a lower rate and can increase your savings. However, there is always a risk involved in any type of investment, and the government sets minimum amounts that you must transfer to these funds.


  • Start Withdrawing Funds. Your third option is to start withdrawing funds from your super account. You can request a one lump-sum payment for the total amount of funds in your account, or receive regular payments for years to come, or a combination of both. It is not advisable to withdraw your entire super account funds unless you have a clear plan for how to utilise these funds.

[Read more...]

Hobbies Cost Money

Ever since I was a little kid I always had a hobby or pastime that interested me. That being said, I’ve seen my interests and hobbies evolve quite a bit over the years. As a child I used to love racing miniature stock cars, and would even sink my meager allowance into buying tiny little parts for them every week. Eventually this transitioned in sports cards and sports memorabilia. I was becoming more of a football and baseball fan, and I wanted all the big name rookie cards and action figures I could find. This proved to be even more costly than miniature stock cars, and thankfully by this point I was working and making decent money. Now as an adult I find myself tinkering around with, and building, various websites. I have created, nurtured, bought, and sold dozens of websites in all different niches. This has probably been the most time and money spent on any hobby in my life, but as I’ve noticed, the older I get the more money I seem to spend. That’s not to say that all hobbies are super expensive. You can still enjoy your free time on the cheap, and allow me to illustrate below.

[Read more...]

Help for the Unemployed Youth of Australia

The unemployment figures for the youth in Australia recently hit an all-time high, with more young people than ever unable to find work. Even more alarming is that fact that many of the youth who are able to find gainful employment are not receiving nearly the amount of hours they want. If you are a youth living in Australia and are having a hard time finding full-time employment, there is help available to you. Below is a look at several programs that may be able to help you find the employment you need, or provide you with income support until you are able to find a job.

Youth Allowance

If you are between the ages of 16 and 21 years old and unable to find employment, you may be eligible for Youth Allowance payment through the Centrelink office. This payment will be between $226.80 and $542.90 per fortnight, depending on your age, marital status, and where you live. Once you reach the age of 22 years old, you will then be eligible for Newstart Allowance. You can continue to receive this payment while you are unemployed, but you must be actively looking for a job.

Australian Apprenticeships

The Australian Apprenticeship was created to give people of all ages, including youth, the opportunity to train and work at the same time. Many times young people can gain valuable experience, training, and sometime certifications through an apprenticeship. If you enter into a qualified apprenticeship, you will still be eligible for your Youth Allowance payments, and can actually continue to receive this benefit until you are 24 years old.

Australian Job Search.

The Australian job search is a free online job board that helps match job seekers with employers. It is known as the larger free online job market in the country and is a great place to begin any job search in your area.

[Read more...]