Superannuation

The Chad

The Chad

Well-known member
Full disclosure- I'm not that great when it comes to finance etc.

And I'm now ticking over the 50 year old threshold and closing in on 51.

Been contributing to my Super since I was 18 & kind of just let it do it's thing.

I'm sure everyone has different totals in their Super- and this isn't a comparison type thing. I'm just not....sure...how it works when I get to actually retiring.

Here's my thinking- I'm hoping to be in a position to either walk away from work once I hit 60, or at least drop down to less hours per week. I know I can't access my Super until I'm 67 (fully).

When I do- do I still qualify for the pension? Is that additional? Instead of? Part pension? It's got to do with how much you have in assets, right?
 
They say you need $1m to retire comfortbaly

How Much Super Can You Have and Still Get the Pension?​

As a single person you can have up to $686,250 and still get the pension if you are a homeowner and $938,250 if you are a non-homeowner. As a member of a couple, you can have up to $1,031,000 (combined) and still get the pension if you are a homeowner and $1,283,000 (combined) if you are a non-homeowner.
 
Thanks Ink. Depends who you read. Lile reading a Brent Read or any other journalist on.Monday morning. God bless you for trying to help us all. Good man. Good heart.
 
innsaneink said:
They say you need $1m to retire comfortbaly

How Much Super Can You Have and Still Get the Pension?​

As a single person you can have up to $686,250 and still get the pension if you are a homeowner and $938,250 if you are a non-homeowner. As a member of a couple, you can have up to $1,031,000 (combined) and still get the pension if you are a homeowner and $1,283,000 (combined) if you are a non-homeowner.
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Perfect! Thank you Ink
 
innsaneink said:
They say you need $1m to retire comfortbaly

How Much Super Can You Have and Still Get the Pension?​

As a single person you can have up to $686,250 and still get the pension if you are a homeowner and $938,250 if you are a non-homeowner. As a member of a couple, you can have up to $1,031,000 (combined) and still get the pension if you are a homeowner and $1,283,000 (combined) if you are a non-homeowner.
Click to expand...
The more super u have, the less pension u get though. Right ?

You're expected to live off your super.
As it decreases, your pension goes up?

Obviously it's capped at a certain limit.
I was looking at some calculator on my super website the other day and this was how it appeared.
 
Yes. The more super you have. The more they can take away from you. Nailed it Demps. Do we have a Super thread? Damn. You guys save us all money. From David Klemmer to my council rates. Hell yeah!
 
Yeh okay. These are the same guys that know everything about Wests Tigers and spend most of their lives here talking about kids. Ask a professional. We all want to die pretty. Invest at your own risk.
 
Demps said:
The more super u have, the less pension u get though. Right ?

You're expected to live off your super.
As it decreases, your pension goes up?

Obviously it's capped at a certain limit.
I was looking at some calculator on my super website the other day and this was how it appeared.
Click to expand...
This was my understanding too- regardless of your Super, there is some % of pension provided, based on assets etc. This increases as your super savings are reduced.

But additionally- your Super still builds through asset investments after you stop contributing through your pay...so long as you don't withdraw the lot on Day 1.
 
The Chad said:
This was my understanding too- regardless of your Super, there is some % of pension provided, based on assets etc. This increases as your super savings are reduced.

But additionally- your Super still builds through asset investments after you stop contributing through your pay...so long as you don't withdraw the lot on Day 1.
Click to expand...
It'd be nice if the Gov matched your super.
Whatever you build over your working life.

Would encourage working and building your super.

But alas, that won't happen.
 
Demps said:
It'd be nice if the Gov matched your super.
Whatever you build over your working life.

Would encourage working and building your super.

But alas, that won't happen.
Click to expand...
Thank you Demps for keeping it real. Oh yeh.. anyone mention electricity going up soon. Again... you know how it is.
 
Demps said:
It'd be nice if the Gov matched your super.
Whatever you build over your working life.

Would encourage working and building your super.

But alas, that won't happen.
Click to expand...
You're right- never going to happen.

Still, if the government provides a percentage of pension payments per...fortnight I think it is...that grows over time the more you dive into your own Super savings...that does extend out your own finances.

Until a couple of months ago- I had always thought it was Super OR the pension. Now I believe it's Super + a portion of the pension that grows over time. When you look at it like that- I wonder if people work past their ideal retirement age believing they need to save like mad.

Also- I think I read you can earn up to $30k a year & still get the pension? Uber, anyone?
 
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