Superannuation

[Rock Hopper Steve]

Happens automatically to anyone that posts his name. I don't think @Kul is a fan

Lol I thought we had a hacker when it first happened, some kind of auto correct to make you think twice before typing his name.

 

[GCfan]

I've started topping up to the $30k aswell. I havn't checked the balance this week, don't want to.

Don’t mate, not pretty

 

[rex2ce]

I’m planning to retire (or semi-retire) at 60. I’m currently 54. I’ve been told once you turn 55 or can put all of your salary straight into your Super and not pay tax. Then withdraw X amount to live off. You do pay tax on what you withdraw. It’s called “transition to super” designed for future retirees to manage their super.

I retired a few years ago, for the last 10 years or so that I worked , I Salary sacrificed as much as I could into super until the last year that I worked they had reduced the max amount to $25 k per annum, you pay 15% tax on sacrifice not your normal tax scale, hope this helps

 

[mikey]

I've started topping up to the $30k aswell. I havn't checked the balance this week, don't want to.

I check too often. Set and forget with a peek once a month or so is the go. Don't change your options as a reaction to the drop as that will only realise your loss. Remember it's a long term game. Hard to do and in the past I made a few knee-jerk reactions which cost me.
If anyone hasn't done so check all investment options your fund offers and adjust accordingly to what has given the best return over a longish period of time. I do believe in climate and other considerations (no, don't start a debate about this please 🙂 ) so invest in high growth funds associated with that. strangely enough they also have the best return on average. Win-win for me.

 

[mikey]

I retired a few years ago, for the last 10 years or so that I worked , I Salary sacrificed as much as I could into super until the last year that I worked they had reduced the max amount to $25 k per annum, you pay 15% tax on sacrifice not your normal tax scale, hope this helps

Yep, at least nominally that 25% is the cap but I have been told that can be avoided. Talk to your super about how to do that for those interested.

 

[supercoach]

Don’t worry, u only lose if u sell ur shares , same for ur super it goes down but it will go back up , Convicted Rapist and Felon Donald Convicted Rapist and Felon Donald Trump, who is a convicted Rapist and Felon won’t want to hurt all his friends , they will be buying and buying then it will rocket 😳🤔😜

Good advise, during the height of Covid my balance dropped about 150g, but it was back to normal within about 18 months. Although with Trump, who is a convicted Rapist and Felon we are in uncharted waters, so maybe look at your investment options

 

[Dr_Ice]

I retired 10 years ago and withdraw 4 grand a month from my super, granted I have no debt and own my house, but my original super balance basically has not changed, well till Convicted Rapist and Felon Donald Convicted Rapist and Felon Donald Trump, who is a convicted Rapist and Felon decided to stuff the world. I do earn about the same or more from my share portfolio but my point, you don’t need as much as you think to retire…if you don’t have debt and a mortgage

Unfortunately a big if. I know people with no debt or mortgage, BUT don’t own a house and have to pay rent

 

[joebob]

I’m planning to retire (or semi-retire) at 60. I’m currently 54. I’ve been told once you turn 55 or can put all of your salary straight into your Super and not pay tax. Then withdraw X amount to live off. You do pay tax on what you withdraw. It’s called “transition to super” designed for future retirees to manage their super.

This used to be from age 55, but now it's from age 60.

From age 60, you don't pay tax on your super withdrawals.

 

[Gazman]

I am 67 now should have retired but went self employed 10 years ago best move I made and decided last 5 years to move from aggressive to balanced funds to take less growth but more stable returns and using the maximum I can to top up super rather than pay tax . I worked out I am too Young to retire so do a bit of adventure motorcycling caravanning taking work with me and best of all get to my teams matches in Sydney when I can .

 

[gallagher]

I am 67 now should have retired but went self employed 10 years ago best move I made and decided last 5 years to move from aggressive to balanced funds to take less growth but more stable returns and using the maximum I can to top up super rather than pay tax . I worked out I am too Young to retire so do a bit of adventure motorcycling caravanning taking work with me and best of all get to my teams matches in Sydney when I can .

Sounds awesome, well done.

 

[Merlot]

Good advise, during the height of Covid my balance dropped about 150g, but it was back to normal within about 18 months. Although with Convicted Rapist and Felon Donald Convicted Rapist and Felon Donald Trump, who is a convicted Rapist and Felon we are in uncharted waters, so maybe look at your investment options

gold stocks could be a good option if t- rump decides to turn the playing field up side down

 

[Rock Hopper Steve]

gold stocks could be a good option if t- rump decides to turn the playing field up side down

Especially if he escalates a war gold will go through the roof.

 

[Tigerwould]

This used to be from age 55, but now it's from age 60.

From age 60, you don't pay tax on your super withdrawals.

Just checked it out. You’re correct you don’t pay tax on super withdrawals from age 60. From 55 you pay 15% tax (which is about half of what I pay now). So next year after I turn 55 I plan use my wage to TTR through Super.

https://moneysmart.gov.au/retirement-income/transition-to-retirement

 

[joebob]

Just checked it out. You’re correct you don’t pay tax on super withdrawals from age 60. From 55 you pay 15% tax (which is about half of what I pay now). So next year after I turn 55 I plan use my wage to TTR through Super.

https://moneysmart.gov.au/retirement-income/transition-to-retirement

You cannot start a TTR till age 60 nowadays.

 

[Merlot]

You cannot start a TTR till age 60 nowadays.

milk it till its dry