I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Kathie Daisy Bosco who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I have reached 60 and now working 29 hours/wk. I will start a TTR account once my FY24 tax is done on my SMSF super fund. It seems that the TTR pension balance is not limited to 1.9m as in the pension income stream account. Between now and 65 I will contribute 30,000 towards super and draw the equivalent out + balance of 4%. It will be like another me working and bring home twice as much the money. Definitely can tidy up some debts, and spend some money in home maintenance.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
You actually ‘roll it over’ to a new superannuation provider. You don’t actually withdraw it and move it. Your new superannuation company will get you to fill in paperwork and do it for you.
When I retire and, for example, had $500k in super and decided to take $50k per year, how much tax is paid? Figures used for simplicity. Is it classed as an income at 19% tax rate?
A question if I may Mr Superguy If I close one super account and withdraw super after age 60 can I put it back into my other super account the same year and claim a tax deduction
Hi Chris, in your video you made reference a couple of times to age 65, but isn't the retirement age now 67 ? Maybe I misunderstood in what context you were referring to that age...so if you could clarify that for me, it would be very much appreciated. Kind regards, Mike (Perth WA).
To add a bit more context to the above comment: - 67 is the age you need to reach to be eligible for a government pension - 60 is your preservation age when you can access your superannuation to start drawing down on it. They are totally independent to each other.
Once you reach age 65, you can access your Super Benefit at any time whether you have retired or not. There are absolutely no restrictions to accessing your Super Benefit when over 65. Your Super Benefit can be accessed as either a Pension or Lump Sum withdrawal.
As long as you’re still working, however there are extra benefits being on a TTR once you reach 65, when you don’t have to follow the 4-10% minimum drawdown each financial year.
I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Kathie Daisy Bosco who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I have reached 60 and now working 29 hours/wk. I will start a TTR account once my FY24 tax is done on my SMSF super fund. It seems that the TTR pension balance is not limited to 1.9m as in the pension income stream account. Between now and 65 I will contribute 30,000 towards super and draw the equivalent out + balance of 4%. It will be like another me working and bring home twice as much the money. Definitely can tidy up some debts, and spend some money in home maintenance.
Great work Chris.
Maybe some advice on people like me on a Defined Benefit approaching 60 years old?
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@StonesHowells That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@KesslersArteagas My advisor is MARGARET MOLLI ALVEY;
You can look her up online
Nah I Can't say I can relate, MARGARET MOLLI ALVEY charge is one-off and pretty reasonable when compared to what I benefit in returns.
Awesome video. Thank you.
thanks for that advice mate
Thanks for the video. It was really helpful.
You actually ‘roll it over’ to a new superannuation provider. You don’t actually withdraw it and move it. Your new superannuation company will get you to fill in paperwork and do it for you.
Your money stays with the same provider, just moves from the accumulation fund to an income fund. That's what happened with mine.
I would quit work at a days notice if I could afford to.
When I retire and, for example, had $500k in super and decided to take $50k per year, how much tax is paid? Figures used for simplicity. Is it classed as an income at 19% tax rate?
If you fully retire from the workforce, have reached your preservation age and are aged 60 + then you will pay 0 tax.
I done job share for just over one year and the only problem is you still have to go back to work 🥴
Retirement isn’t an end goal, but a journey best secured by careful and consistent investments.,..
Retirement is the reward of disciplined investing over the long term, not just a destination.
My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
A TTR won’t work unless your employer allows you to work reduced hours.
Doesn’t reducing my hours before retiring impact payout of my long service leave?
A question if I may Mr Superguy If I close one super account and withdraw super after age 60 can I put it back into my other super account the same year and claim a tax deduction
Are the TTR pension payments tax free if you have your super in Westate?
Can't see link
ruclips.net/video/N7vP_qs55FI/видео.html
Hi Chris, in your video you made reference a couple of times to age 65, but isn't the retirement age now 67 ? Maybe I misunderstood in what context you were referring to that age...so if you could clarify that for me, it would be very much appreciated. Kind regards, Mike (Perth WA).
67 is the age where government pension is accessible. Nothing to do with full access to own super fund.
To add a bit more context to the above comment:
- 67 is the age you need to reach to be eligible for a government pension
- 60 is your preservation age when you can access your superannuation to start drawing down on it.
They are totally independent to each other.
Once you reach age 65, you can access your Super Benefit at any time whether you have retired or not. There are absolutely no restrictions to accessing your Super Benefit when over 65. Your Super Benefit can be accessed as either a Pension or Lump Sum withdrawal.
There is no retirement age. You are thinking of the pension eligibility age.
Not quite independent - you have to be over 60 to be 67!
how long can you be on a ttr pension for?
60-65
As long as you’re still working, however there are extra benefits being on a TTR once you reach 65, when you don’t have to follow the 4-10% minimum drawdown each financial year.
You can access your full account based pension if you cease work at age 60 👍
Yes you can but sequence of return risk may apply when you start drawing down on your funds.