Knobby22
Mmmmmm 2nd breakfast
- Joined
- 13 October 2004
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Yea, that's a baby boomer perk. Can't touch it till your 60. Not sure it is very useful.
Yea, that's a baby boomer perk. Can't touch it till your 60. Not sure it is very useful.I was commenting on all the taxes and wasteful ways that the lazy governments have in place and like to change the goal posts.
“With a transition to retirement (TTR) income stream, you can access your super while working. To get one of these pensions, you must have reached your preservation age (between 55 and 60)”
Yea, that's a baby boomer perk. Can't touch it till your 60. Not sure it is very useful.
And the 55-59 doesn't apply to Gen X. Shafted again.Haha. Just realised it's now appropriate to call it a Gen X (1965-1980) perk!
that is the conclusion i came to in 2010 despite having a bigger than the average 'nest-egg ' when in the the 55-59 age group.Quite frankly, these figures tell us that there are going to be many Australians around age 60 today who won't be able to fund a comfortable retirement on their own.
that might depend if your working life was mostly as a senior civil servant ( or politician )So I guess all the haters would begrudge me if I just retired and lived off super at 60, then swooped in and grabbed my full aged pension entitlements at 67. It's fair way off for me though - aged pension might just be the overlord CCP's insect protein pellets delivered fortnightly by then.
I am 57 and gen X so no, it is rightAnd the 55-59 doesn't apply to Gen X. Shafted again.
Time will pass - i can touch all my super, the system works!!!So am I. So we can't touch it!
Yep, the rule shouldn’t be based on age at all really.For me I’ve always been heavy in equities (and IP) . Fortunately With a strong wage income over the years the falls in markets, have not caused me to sell in fear. Now as my 60 years approaches I plan to have about 1-2 years spending in FI, cash or my options trading account leaving about 85% in equities and a paid off PPR. I’ll always keep a high percentage in equities.
However I would disagree with the article suggesting low equity percentages in ones early years.
Load up on equities when you’re young, keep an emergency fund, time in the market, don’t fear the dips, diversity, live within your means, blah blah blah, the usual ….
No tax on withdrawals, but the earnings inside the super are taxable.And no tax on withdrawals from an accumulation account after age 65 or meeting a condition of release after turning 60.
JohnDe seems a bit confused about super.
Also, you can consider an “Investment Bond”The flavour of the last few posts is concentrating of superannuation. Broaden it to also consider shares outside of that environment if you're financially able to do so. Do some numbers taking into account the tax-free threshold combined with franking credits. Not all the share income has to be franked either. $15k or $20k of income will most likely cover the majority of your non-discretionary costs such as keeping the roof over your head.
As to the worry about changes to tax law, I'll let you in on a little secret. It always has.
There is no magic sauce to any of this. Essentially spend less than your income, always invest and don't go mad with trying to gear if you are into that. Debt will smash you if you let it get out of hand.
Also, you can consider an “Investment Bond”
basically it’s just an investment account that you can use to own a share index, you can withdrawal from it at any time and pay tax on your earnings at your personal rate.
However, if you hold it for 10 years, and never increase your annual payments into it by more that 25% you won’t owe any personal tax, the tax is limited to the 30% which is paid inside the investment bond itself.
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it’s a good long term tax structure, not as good as super, but it has the benefit of being able to withdraw your funds earlier.
(His real name is Richard)So up yours dissolute and parasitic Bro in law Joe. You ain't getting any more from me just because I helped her and love my sister despite her marrying you.*
*Imagined scenario.
(His real name is Richard)
and if your investment portfolio is diverse like an index, and throws off dividends, those dividends can count towards your 3 year needs, so you can have less capital in cash.
Inflation gnawing away at my capital base keeps me awake at nightWhile largely true never discount the Sleep Soundly At Night factor. For a number of people that is of high importance. Not logical but it plays a part.
I shall wrestle with that dilemma when Vanguard distributions are made next month. As you have said in another thread: A nice problem to have.
yes getting a positive return after real inflation , can be very challenging , a term deposit rarely does it nor does a Treasury Bond , you can be lucky sometimes and do it with ( some ) corporate bondsInflation gnawing away at my capital base keeps me awake at night, volatility I can handle it comes and goes, but the steady drain of inflation is permanent damage.
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