Superannuation Eligibility Age Extended

By August 12, 2020Financial Planning

Some welcome news for retirees is the extension of the age limits for making superannuation contributions.

Until recently, there were only limited situations where you could still contribute to superannuation once you reached 65 years of age. For example, if you were still working and met the “work test” you could actually contribute to age 75.  A recent change in legislation has extended the age until which anyone could contribute to superannuation to 67 regardless of your working status.

This is very welcome news, as it also now coordinates with the extended age pension eligibility age.