Why did you not plan for your old age??? What did you think was going to happen when you reached retirement age??? Did you think the fairy godmother would leave you a cash bonus? You have worked for the best part of 45 something years, have you not saved any thing? My best suggestion is stay at work if you have jobs and do not make your family keep you. Great example for the grand children!!!
Fred, what would you like to know? More about balanced funds in super, or what your asset allocation should be in retirement? Or something else? Thanks.
I’m retired and 70 yr old
I left my super as it this
Since it not much
But the interest earned lowest than the yearly cost
What is your advice
Thank you
Hi, most super funds have provided returns well above their costs over time. You might want to check that your fund isn’t charging too much. There is a big range of super fund costs out there.
Hello, thanks for the article. I’m 66 and trying to figure out how best to ease into retirement by degrees (I’m self-employed). I have a modest amount of super, and a similar amount of money sitting in the bank, and yes: now that the rates seem to have recovered from the March-April fall, I want to invest it – wondering whether to add it into my super or start a separate investment portfolio. I don’t pay much tax (my earnings are low, and will be getting lower) so don’t necessarily need the tax incentive of putting it into Super. Any comments?
Jenni, while you’re still working the concessional contributions of superannuation may be worthwhile (you pay only 15% tax on contributions(unless your income is very high)). When retired, you can take tax-free payments out of an account based pension (which you can convert your accumulation super to). Alternatively, most retirees on moderate incomes don’t much if any tax and you may find you don’t need the superannuation layer (sometimes with extra costs). On the other hand, a good super fund gives you good low cost management of a diversified portfolio. It may be a good time to see a financial planner.
Hi, just after some clarification. My husband is 57 and on $130000.00 a year. I’m 55 and currently not working. Wishing to top up our Super but my husband’s boss will not salary sacrifice, so need to do ourselves.
On my calculations this allows my husband to contribute approx $12650.00 extra.
If he puts $3000.00 into my account will he get the 18% tax offset? and how do we do this.
Then put the remainder in his Super.
Also although I don’t currently work I do receive a small amount in interest and dividends. Can I also put money into super and receive the govt co contribution payment.
Many thanks for any help and advice.
Hi Amanda. The super rules can be a bit tricky as to what you can do in different situations so we can’t give you advice on this. People can make personal contributions to super and claim a tax deduction if they meet specific criteria. This page on the ATO website gives more details if you want to check it out It outlines what you can and can’t claim and the process for letting your super fund know you intend to claim. This page gives more details on spouse contributions.
Money Smart is also a terrific resource. Here is a link to their superannuation section. You should also consider talking to a financial adviser.
I’m a younger person who has recently taken an interest in super and funding my retirement. I understand that by the time I get to retirement the circumstances will likely have changed. However, I appreciate how thought-provoking this is.
We have no super and no money to pay bills I am 66 and my husband is approaching 65 and we cannot afford to live
Why did you not plan for your old age??? What did you think was going to happen when you reached retirement age??? Did you think the fairy godmother would leave you a cash bonus? You have worked for the best part of 45 something years, have you not saved any thing? My best suggestion is stay at work if you have jobs and do not make your family keep you. Great example for the grand children!!!
It’s early to make judgements on people without knowing their past and present situations.
Thank you for the article. Any more articles on Super option balance?
Fred, what would you like to know? More about balanced funds in super, or what your asset allocation should be in retirement? Or something else? Thanks.
I’m retired and 70 yr old
I left my super as it this
Since it not much
But the interest earned lowest than the yearly cost
What is your advice
Thank you
Hi, most super funds have provided returns well above their costs over time. You might want to check that your fund isn’t charging too much. There is a big range of super fund costs out there.
Hello, thanks for the article. I’m 66 and trying to figure out how best to ease into retirement by degrees (I’m self-employed). I have a modest amount of super, and a similar amount of money sitting in the bank, and yes: now that the rates seem to have recovered from the March-April fall, I want to invest it – wondering whether to add it into my super or start a separate investment portfolio. I don’t pay much tax (my earnings are low, and will be getting lower) so don’t necessarily need the tax incentive of putting it into Super. Any comments?
Jenni, while you’re still working the concessional contributions of superannuation may be worthwhile (you pay only 15% tax on contributions(unless your income is very high)). When retired, you can take tax-free payments out of an account based pension (which you can convert your accumulation super to). Alternatively, most retirees on moderate incomes don’t much if any tax and you may find you don’t need the superannuation layer (sometimes with extra costs). On the other hand, a good super fund gives you good low cost management of a diversified portfolio. It may be a good time to see a financial planner.
Hi, just after some clarification. My husband is 57 and on $130000.00 a year. I’m 55 and currently not working. Wishing to top up our Super but my husband’s boss will not salary sacrifice, so need to do ourselves.
On my calculations this allows my husband to contribute approx $12650.00 extra.
If he puts $3000.00 into my account will he get the 18% tax offset? and how do we do this.
Then put the remainder in his Super.
Also although I don’t currently work I do receive a small amount in interest and dividends. Can I also put money into super and receive the govt co contribution payment.
Many thanks for any help and advice.
Hi Amanda. The super rules can be a bit tricky as to what you can do in different situations so we can’t give you advice on this. People can make personal contributions to super and claim a tax deduction if they meet specific criteria. This page on the ATO website gives more details if you want to check it out It outlines what you can and can’t claim and the process for letting your super fund know you intend to claim. This page gives more details on spouse contributions.
Money Smart is also a terrific resource. Here is a link to their superannuation section. You should also consider talking to a financial adviser.
I’m a younger person who has recently taken an interest in super and funding my retirement. I understand that by the time I get to retirement the circumstances will likely have changed. However, I appreciate how thought-provoking this is.