Hey everyone, thanks for watching! Ready to take control of your retirement? Download our FREE 6-Step Superannuation Check today: www.torowealth.com.au/6-step-super-check/
A lack of health and just wanting to enjoy myself is my reason. Want to leave now but will hold out till mid next year just after I turn 65. I can still do some relief work
I run my own construction business if I say I never work a day in my life because I loved my work and never look for money Money just come in i am nearly 60 I be keep going till the day I die I believe if I stop working I be dead
That moneysmart calculator is broken for a number of reasons: - It assumes you want to retire at 60 or after. - It assumes the only investment assets you have are inside superannuation, it lets you add non-super investment assets, but seems to ignore it in the calculation completely. - It assumes your partner is within 10 years of your age. - It assumes your employer will pay 11.5% regardless of how your comp is structured
Could someone use a TTR to improve their tax position by say taking a TTR income but maintaining work hours and adding the pension drawdown as a salary sacrifice? Pay 15% tax save 15% tax in all likelihood?
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 50K every week
i was able to think about my situation and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $190K per year but nothing to show for it yet
getting a licensed verified fiancial advisor is the best advice i can give you because only those set of hard working people have access to information and tricks that the general public is not aware of
Becky Lou Gordon is one of the great ones, aggressive with her buys while at the same time careful which is a great factor for me. browse you'd find her
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Every super/retirement advice channel is the same. How much? Whatever your number is - it's not enough. You need at least $15 million to retire. House paid off. Three investment properties. Five overseas holidays a year. Plan on living to 115. And so on.
Great video. I checked the retirement planner. I added an estimated Investment Assets of $100k. My future income is lower taking into account my investment assets as opposed to have zero investment assets. Why is that? I thought I’d have greater income.
I and the Retirement Calculator (RC) do not get on at all. R.C keeps telling me that I need to work until I am 67 and I am fed up with work now at age 56😖.
@@michaelramage73 I know we did it, we haven't touched our Super and hopefully won't until pension age. We also don't get money from the Govt. My point is that self funding is expensive for 7 years and costs are going up every year as well.
When you retire, I believe you can have some super in retirement phase and some in accumulation. If your Taxable income is within the tax free band, is there any reason you wouldn't just move all the Super into retirement phase so it becomes tax free? And if the compulsory drawdown exceeds your spending requirements, then provided you(or your spouse) has room in the cap you could either put it back into Super and roll it into retirement phase, or if your taxable income is low enough, you could invest in say an ETF and take the income tax free from it.
I used the retirement calculator. Age 60 currently, retire age 65. Not eligible for pension. Provisioned till 110 (max of the calculator and no way to reach there). It says I can have 190k annually.
Wow, a huge retirement income. If you’ve had tax reduction over working life to support your investments ie: support from taxpayers, many of whom never had sufficient disposable income to make “ investments” beyond a costly mortgage & could never claim tax deductions for very much , why do you want tax payers to pay you an Age Pension as well? Kinda sounds like you might want that.
@@pacapaca6307 No I would never ask for the pension because clearly I don't qualify. I am sure I paid plenty of tax along the years as well, with no plan to get anything from hand outs. BTW the projected income sounds great but I doubt if it would be realistic to get it in real life.
You can. Talk to your super people, financial advisor or accountant regarding your personal situation and how to manage your lifestyle for maximum tax and other cost advantages
if you meet condition of release, you can access your super. After 65, regardless if you meet conditions of release, you can access your super no questions asked.
Hey everyone, thanks for watching! Ready to take control of your retirement? Download our FREE 6-Step Superannuation Check today: www.torowealth.com.au/6-step-super-check/
A lack of health and just wanting to enjoy myself is my reason. Want to leave now but will hold out till mid next year just after I turn 65. I can still do some relief work
I'm on the countdown to 60, and am preparing for volunteering my professional services a few hours a week after. Great video.
I’m looking forward to retirement in two years at 60. I’m an engineer and I still want to contribute and mentor the next generation.
I run my own construction business
if I say I never work a day in my life because I loved my work and never look for money
Money just come in
i am nearly 60 I be keep going till the day I die
I believe if I stop working I be dead
When you can’t bear work a minute longer
That moneysmart calculator is broken for a number of reasons:
- It assumes you want to retire at 60 or after.
- It assumes the only investment assets you have are inside superannuation, it lets you add non-super investment assets, but seems to ignore it in the calculation completely.
- It assumes your partner is within 10 years of your age.
- It assumes your employer will pay 11.5% regardless of how your comp is structured
Great video SuperGuy. Thanks
Could someone use a TTR to improve their tax position by say taking a TTR income but maintaining work hours and adding the pension drawdown as a salary sacrifice? Pay 15% tax save 15% tax in all likelihood?
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 50K every week
i was able to think about my situation and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $190K per year but nothing to show for it yet
getting a licensed verified fiancial advisor is the best advice i can give you because only those set of hard working people have access to information and tricks that the general public is not aware of
i feel i've downplayed the role of FAs .Think you could suggest any pros i can get on the phone with? I'm in dire need of proper portfolio allocation.
Becky Lou Gordon is one of the great ones, aggressive with her buys while at the same time careful which is a great factor for me. browse you'd find her
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Every super/retirement advice channel is the same. How much? Whatever your number is - it's not enough. You need at least $15 million to retire. House paid off. Three investment properties. Five overseas holidays a year. Plan on living to 115. And so on.
Great video. I checked the retirement planner. I added an estimated Investment Assets of $100k. My future income is lower taking into account my investment assets as opposed to have zero investment assets.
Why is that? I thought I’d have greater income.
Probably to do with not being entitled to as much Age Pension when you have more assets.
I and the Retirement Calculator (RC) do not get on at all. R.C keeps telling me that I need to work until I am 67 and I am fed up with work now at age 56😖.
Hi. Just a heads up that you have linked the moneysmart "Budget Planner" rather than "retirment planner" in your description.
As soon as I hit 60 and csn access my Super.
Hope you have lots of it cos 7 years is a long time to wait for the pension.
@oldbloke204 have 1% chance of outliving my Super at the moment based on the calculator. Enough to support myself and wife for good 30years.
@@oldbloke204you can plan well ahead and retire early. The amount of sacrifice needed is different for everyone, but be done.
@@michaelramage73 I know we did it, we haven't touched our Super and hopefully won't until pension age.
We also don't get money from the Govt.
My point is that self funding is expensive for 7 years and costs are going up every year as well.
There are good calculators on Noel Whittaker website and they are free. Great video thank you.
When you retire, I believe you can have some super in retirement phase and some in accumulation. If your Taxable income is within the tax free band, is there any reason you wouldn't just move all the Super into retirement phase so it becomes tax free? And if the compulsory drawdown exceeds your spending requirements, then provided you(or your spouse) has room in the cap you could either put it back into Super and roll it into retirement phase, or if your taxable income is low enough, you could invest in say an ETF and take the income tax free from it.
Some people keep the accumulation open for the insurance policies or in anticipation of inheritance or a downsized contribution
I used the retirement calculator. Age 60 currently, retire age 65. Not eligible for pension. Provisioned till 110 (max of the calculator and no way to reach there). It says I can have 190k annually.
Wow, a huge retirement income. If you’ve had tax reduction over working life to support your investments ie: support from taxpayers, many of whom never had sufficient disposable income to make “ investments” beyond a costly mortgage & could never claim tax deductions for very much , why do you want tax payers to pay you an Age Pension as well? Kinda sounds like you might want that.
@@pacapaca6307 No I would never ask for the pension because clearly I don't qualify. I am sure I paid plenty of tax along the years as well, with no plan to get anything from hand outs. BTW the projected income sounds great but I doubt if it would be realistic to get it in real life.
What does it mean "Full Access" to Super at age 65?? I'm 55 and was hoping to access my Super at age 60...
You can. Talk to your super people, financial advisor or accountant regarding your personal situation and how to manage your lifestyle for maximum tax and other cost advantages
if you meet condition of release, you can access your super. After 65, regardless if you meet conditions of release, you can access your super no questions asked.
Yes, any calculator for me will say work till you die
The government calculator is pathetic as it does not allow you to calculate based on couples combined super etc
Retire when you are healthy as one day you will not be.