How Much You Should Have In Your Australian Superannuation By Age
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- Опубликовано: 8 июн 2024
- Are you wondering how much Australians should have in their superannuation accounts? This video reveals the average and median superannuation balances by age. I'll also share ways that you can increase your Australian superannuation balance so that we can all have a comfortable retirement.
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▼ ▽ TIMESTAMPS
0:00 Intro
0:22 Ages 18-24
1:07 Consolidating Superannuation Accounts
1:57 Government Super co-contributions
3:15 Ages 25-34
4:54 Making concessional contributions
6:10 Aim to grow your income
6:52 Ages 35-44
7:42 Ages 45-54
9:38 Ages 55-64
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Are you guys making extra concessional contributions? 💸
Salary sacrificing my compulsory 6%, and a voluntary salary sacrificed ~5%. Making sure I don't go over the concessional cap of $27.5k and investing that extra amount on top of the usual investment.
Always, and you continue to until 70, even after retirement.
At 58 I am maximising CC while I earn good coin….. and wiping out the carry forward allowance credits. Should be square at 60. But early career didn’t earn that much so kinda behind in my eyes but average for my age group…..
What? What compulsory 6%? @@AnorexicBoar
For close to 18yrs. Currently salary sacrificing 20% which is the most I’ve ever been able to do 😊
I've never seen such low targets for super. I certainly advise all to aim much higher.
Amazing to see a young person talking about super. So refreshing! Wish your kind of advice was around when I much younger 😊
Watching this made me feel much better about where my super is sitting at the moment. Having just turned 30, I was concerned that I was far behind, but it looks like I might be well ahead.
paid off mortgage in early 40s and contributed max concessional since. I am 59, my last super account for FY23 has its balance increased by 300k compared to the year before. Magic of compounding.
That's awesome to see, hopefully I can get there one day!
Yeah, but you're still a knobhead.
The magic of boomer economics. People in their early 40's today cannot afford a home.
Ok boomer
@BenState if you bought young then you can.
Mercer Direct Investment has been a game changer for my Aus super, average annual returns past three years 23% while managed funds in New Zealand is less than cash rates. What's more important though is additional income sources that you can continue beyond retirement age. I'm 43 now and I'm hoping for redundancy because I have two additional passive income streams and one active which I enjoy..
I have less trust in super. My dad lost all of his super to AMP a while back (several decades ago) and was never compensated for the amount.
This leads me to conclude that diversifying your income streams (if you can) is the way to go.
How did he lose all his super?
@@Bluemusic66 Not 100% sure on the details (I was a kid at the time) but it was either dodgy expensive admin, bad investments, or a mix of the two. A quick Google search and you'll find a lot of examples of people bitten by them.
I appreciate that you highlight the difference between average and median. Helpful info you have provided, thanks
Glad it was helpful!
Median is average.
Median gets all the numbers from smallest to largest in a row and picks the middle one, this significantly reduces the effects of outliers
@@strongarm1129 yes. Its a good way of measuring the average
Hey mate thanks for the info, there's no video showing up at the end of your video. Added it a bit earlier so people can click on it - just wanted to give you a tip too🙂.
Hey mate
Is there any reason you exclude the 2% Medicare levy when calculating the benefit received by making concessional contributions?
The carry forward concessional contribution is an awesome initiative. My wife and I have just cleared our 5 year backlog and gone from a below average combined balance to an above average balance in 3 years. If you can, try to max your super every year, its totally worth it. I'm 43 and she is 37, we will have $530k at the end of this FY and plan to buy a $1.3M commercial property via SMSF at the end of 2024.
That is awesome mate thanks for sharing! I've still got some carry forward concessional contribution that I need to use it. Interesting concept about buying a commercial property via SMSF, I'll need to look into that sometime in the future!
That's bloody awesome 💪
Don't buy a commercial property!! Jesus!
$1.3m for a commercial property? A corner shop?
@@theowenssailingdiary5239 that's what I thought until I did the same 25 years ago. Value has 6x the purchase price and the rent collected is abundant.
I’m 30 years old with 51k currently in mine.
I’ve only started adding additional funds this year.
I have an extra $100 a fortnight added, and invest $400 a fortnight into my own account. I save $1,000 in cash on top of that each pay cycle.
I’m hoping by retirement I’ll have a stint over $1,000,000 between cash, controlled investments and super.
Keep going you’re on the right track.
You're doing fine, as you get more income over the coming years max out your pretax salary sacrifice use. It's going up to 30000 in July 2024. This opportunity is more possible in your 40s.when you hit mid career. The other aim is to own your home by retirement even if you downsize at that time. Mortgage tends to be your largest monthly expense while you're working so you want to eliminate that by retirement.
Sweet that will optimistically be worth 280k in today's money
Thanks so much for this!!
Best thing I did in my mid 30s was set up a self managed fund and invest in property - I now have enough to retire now should I want to at 43. I plan to work until 50 and I’m done and the property market has allowed me to do such a thing.
I also made salary sacrifice contributions all through my 30s and still do at $200 a week now
Just need to be smart and understand compounding interest
It is not a certainty that paying down a mortgage is better than Sal sacrificing into super -far from it. If you have say 10 years u til retirement and 15 years left on your loan, most likely you are much better off going interest only and sacrificing into super. As long as you intend on remaining aggressively invested inside super, and interest rates don't get out of control.
The super didn’t start till the early 1990s so for a sixty year old they could of been working decades before that . As time moves on balances will increase as a person whole working life will be contributing to super
Wow. Considering I earned very little most of my career and at one stage had 5 seperate super accounts and although I tried a few times, was never able to consolidate (it used to be much harder) I'm surprised to find I have the average amount in my super.
Nice work!
Dude, please edit the video to include that the current retirement suggestion is $600k, but that doesn't include inflation, which at 2% per year (minimum) will mean 2L milk will cost $10+ and steak will cost $100+
You should be aiming well clear of $1mil if you are under 30
Awesome vid. Maybe a stupid question but because super depends on how stocks are going, if additional contributions are made and the market crashes, don't you loose your money? It's a gamble - maybe stocks are great and you earn a crap load more at retirement but you could loose out just the same right?
That's true that a large portion of your superannuation is invested into stocks, but I would hardly call it gambling. Whilst the stock market does fluctuate day to day, if you look at the Australian stock market over 20-30 years it has only gone up!
this is great
Wifey and I combined our Super savings - and set up a Self managed Super Fund. In that find, we allocated 5% (an amount so modest that if it all failed, it wouldnt make any real/notiecable difference to our lifestyle). We bought BTC when it was $3K - now it's $108K (per Bitcoin). It's worthwhile keeping abreast of future-tech and where things are going - and add some small/modest investments in some of these areas. Retired now - and so we are not taxed on these huge capital gains. Self managed is the way to go ... if you have an interest in makign your own decisions.
My wife and I did something similar. I saw our super was being melted away by inflation and growing at a snails pace. By this I mean the rate of increase was comparable to rate of inflation. Set-up a SMSF and had some small exposure to Bitcoin (despite what some might say, it is a hard asset due to its fixed supply, whereas fiat is constantly expanding, melting your savings away). At 43 years old, its more than doubled our portfolio at the moment by just allocating a small amount to it.
@@matk1694 Such a good story. Nicely done. Wishing you both well.
@johnbwill likewise John to you and your wife. I wish others are able to see that Bitcoin might be a life raft with the current monetary expansion dwindling our savings/purchasing power at such an alarming rate.
Super is a mugs game.
Basic conclusion is unless you are a rich fat cat that knew to throw lots at it and had the 50 years of compound interest to gain then the ordinary person with standard contributions and no salary sacrifice or after tax contributions, after a lifetime of working superannuation still isn't enough to support their life style once they get to 67. The continuously rising casino game of the 'cost of living' and inflation increases along the way will make sure your balance will fall short.
You will still need to draw the pension. So, unless you invested your money in something else in parallel as well, the ordinary working person is getting stitched, really really hard.
It’s a system designed to give you the bare minimum to survive. If you want more, work for it. Nothing is free. I came from a poor family and graduated middle of my class. I’m not special in anyway and have not done anything special with my investments (just boring stuff like property and boring boring boring shares like Westfarmers and the like). We all have roughly 40 years to figure out a plan. Even excruciatingly slow and boring plans like mine will do.
@@pablosskates7067nailed it ! I too came from nothing and worked hard to work my way into my own business and will retire comfortably. Instead of bitching about it if you don’t like the situation you’re in then change the situation. Life isn’t there to give you hand outs.
I got lucky in a way with my super my father passed away at 57 and i was his sole beneficary and i just rolled all of his super into mine so ill have a pretty good nest egg thanks to my dad when i retire shit i could retire a good 15 years early if i want
Your dad died and you're lucky?
The key is you can only take your super when the government says so, maybe invest into an etf so you can have the option to retire a few years earlier
You only ever pay 15% tax on concessional contributions unless you’re hit by Div 293, which means you pay 30% on all concessional contributions
Great advice. I retire next year age 70,my super balance as of April 2024 is just over $1 million.
Have no mortgage, the way things are going in the economy you think I need to worry? 😮
Don't think you'll need to worry at all mate, enjoy your retirement that's a nice nest egg you've accumulated!
@@raymondla Thanks for the feedback. Appreciate it.
Inflation is a huge variable in all these saving strategies.. 😳
If employer contributions exceed $30,000 after July 2024, are they capped or just pay more tax but the full 11.5% allocation of money is still paid by the employer?
It'll still be paid by your employer because that is mandatory. Just that anything over the cap will be taxed normally.
@@raymondlathis isn’t entirely true. Super guarantee is only payable on Ordinary Time Earnings (OTE). The Maximum Contribution Base is a ceiling on OTE, meaning that any earnings exceeding it aren’t considered OTE. The Maximum Contributions Base is set at a specific threshold so that super guarantee would get close to the concessional cap but never exceed it. So, your employer is not obligated to pay more than the cap and they likely won’t exceed the cap. Though, they could if they’re nice to you. If you do exceed the cap, the ATO will either give you the choice of removing the excess into you bank account attracting marginal tax rates (minus the 15% you already paid) or leaving it in the fund and attracting a tax rate of 47% (minus the 15% you already paid). The second option could result in a further 47% tax (94% total) if you also exceeded you non-concessional cap ($0 if your total super balance is over $1.9M)
I am 62 yrs old and had over 300k on my super, but separated and got divorced, lost 1/2 of my saving that took me over 30 yrs to my wife of 14 yrs marriage. Now I am starting again.😢
Sorry to hear that mate, hope you're okay as separation always sucks. It isn't the end of the world you've still got a solid amount nevertheless.
😮😮😮
Move to Thailand mate live like a king
No, he doesnt-blokes 62 -Best comment is below regarding Thailand. @@raymondla
Why do you have to give her any of your super if she wasn't the one going to work?
I'm 25-26 is $34525 good?
Pro tip, don't get divorced after 40 :)
Seniors with their super annuation they have saved for 30 yrs or more should be very careful because they are being targeted by heartless SCAMMERS.
A new govt can change the rules again. Thsts what I'm worried about
love fin advisers take the commision up front and then play the slot machine gamble !
Take the commission on what exactly? If you’re referring to investments, that’s not correct. Financial Advisers can only receive commissions for insurance products.
Weird I have more in my super at 42 than a 60 year old. Never added anything just compulsory contributions. Should have over a million by retirement, hope that is enough.
That'll be plenty, awesome job!
Im 45 with 300k in my super, i paid off my mortgage at 40, you think ill have enough to retire at 60?
MORE than enough
@@AustralianHistory-ip1tp that's good, I worry sometimes that I won't have enough, I really didn't want to be working past 60.
@@knightrider6473you can't access super until 67 and no pension. So you Goto keep working or have money outside of super.
Super is no good if you want to retire early
Nowhere near enough, how much do you think you will need to spend per year once retired?
It all comes down to how much you want to spend once you retire. There are many online tools to help you work out how much you will need.
Cant you set up with a financial advisor to have your own accounts that you arent forced to only pull out at 65?
It depends on what your super money is invested in. Events beyond your control can trigger a market crash that will wipe out your savings is less time than it takes you to brush your teeth.
Nobody has been wiped out! Sounds like you are making excuses for not having enough super. Every super fund in Aus is well diversified and nobody, and I mean nobody has been 'wiped' out.
@@theowenssailingdiary5239You are obviously too young to understand.
Well yes, I'm not eating into mine yet- sorry to hear that, and apologies. Did bonds let you down? @@Andre_XX
@@Andre_XXyikes, maybe you are too old to understand, IF there is a crash, and your portfolio does have a large portion to stocks you will see a hefty drop (not wiped, after all most funds are diversified with other categories like housing, gold, bonds, money markets, etc), buuuuuut Australian market ALWAYS bounces back and returns higher. If that crash happens and you are still investing a fair bit, all your doing is buying low and see higher returns when it bounces back. If it happens close to retirement, then yeah yikes, but by then you should be in a conservative portfolio to reduce that.
@@callumjensen9458You sound like an investment advisor. When stocks are going up it is time to buy. When stocks are down it is also time to buy.
'' the research does assume that you own your own house'' brother in christ. really?
Well, the assumption wouldn’t be far from the truth.
The average person buys a house in their early to mid 30’s.
Most home loans are between 25-30 years. It’s not hard to buy a home, people just need to dim expectations and not think they’ll end up with a 4 bedroom house 3 seconds away from their workplace in the Sydney CBD for $50,000.
You mentioned the ability to salary sacrifice into superannuation. What you neglected to mention is the fact you can put after tax into superannuation up to a maximum of $110000 a year. For every $10000 you put in you will get back a tax refund of $1950. Overall good information
Yes. 24/25 you can salary sacrifice $30K and $120K as a top up.
@@TheSuperdodgy some people would like to retire in Australia. Realistically these same people would require to have at least $1.5 million in superannuation to do so very comfortably. If like me and you plan on retiring overseas, at bare minimum I need $700k in superannuation to live very comfortably (SE Asia)
In the uk so thing are going to be different
Cool video, a few things:
1. All of this is reliant on the foolhardy assumption that the status quo holds. Over the next couple of decades, the super rules are very likely to change, radically.
2. The retirement living standards are sh!t. Its bad modelling, riddled with low expectations and optimistic assumptions. The more appropriate, accessible and relatable benchmark to put things in perspective would be a fraction/multiplier of your pre-retirement income.
3. Aussies' average and median balances are a better reflection of the mediocrity of the industry, than a yardstick of success. This is because many Aussies' super consistently underperform relevant markets before fees. If the industry can't beat the performance of a market index fund, where do they get off charging more fees for less return? For their expertise?! The super industry needs to evolve to the point where the market return and low fees (which correlate to trillions under management) is the yardstick of success. Not default balanced option returns and fees set at a level so that B-C grade high schoolers can play out their personal Wolf of Wall Street cosplay fantasies.
this is clearly not for anyone in hospitality whos boss doesnt pay super for years on end
I don’t ever check but I just did, I think I just make the 35 age bracket
That's awesome progress mate!
problem i have with super is will we ever get it? they keep raising the age you can access it 67 is old and in 30 years when i hit it they will probably raise it to 75 by then.
Preservation age is the age at which someone can access super, which is at 60 years old assuming you've retired. Once you're 65 there are no restrictions on working and accessing super.
I know I will be working till death.
That’s my thoughts as well. I invest outside super so I can access it whenever needed ( either for a replacement house or earlier retirement)
@@stormsandfishing5448 100% like i get all the tax benifits but then what good are they if im dead or have to wait an extra 10 15 years to retire because i cant access the money
I work with a guy that has his house payed off and puts 70k a year into his super
The video does not answer the question of how much super is needed ????
Use a superannuation calculator. There are heaps online
@@rediculousman yes but it’s not in the video but says it is
At about the 4 minute mark -690000 for couples - then he states some assumptions
Great video Raymond, however you're going on the assumption of a woman that's been working her whole life. What if you spent 23 years throughout your 30s and 40s as a stay at home mum and therefore couldn't contribute to your super. What do you do when you're in your 50s and only have 30k in your super and can't really afford to salary sacrifice. Make a video about that.
You just divorce and take most of what your ex has worked his whole life for, including he’s super.
Like a lot of stay at home mums do
@Slim.Swainy that's hardly the answer to my question, though is it. Again assuming that all women are that ruthless or all husbands have 100 and thousands of dollars in their super. Mine doesn't.
Currently 40. 350k in super always made sure I put in 15% including employer contributions until I reached my goal of 300k (lost almost a third during gfc and just before covid) always worked 2-3 jobs. Even lousy pizza delivery, servo night shift, airtasker garden work, random painting jobs.
Still don't think with 25yr to go I'll have enough with financial crashes and inflation over time. Not to mention crazy house prices and potential physical injuries and mental pressure. People I worked with when I was FIFO were 33-37yr old and have 600-700k+ dwarfed what I thought was needed!
I don't think here will be a pension for me and I'd say the retirement age will balloon out to 70+
Start buying gold guys, put your super in a wrap account and leave it jammed on aggressive until you reach a milestone.
Bitcoin > gold
I'm in my late 30's and I'm definitely aiming for 2.5mil. If I don't get it, hopefully I'll be close to it.
@@travelfootiekie nice work. Not sure if my balance will ever have more than 6 digits :) Gov is finally putting the contributions back up to 30k but it's all a race to beat inflation by the time you retire. What will 2.5mil buy you then when 600k doesn't even afford you a house now
Have to be a bit careful about assuming making extra super contributions is always the best idea. In some situations (eg. will have house paid off when retire, but have no other investments other than super) there is a 'band' when putting more into super will actually reduce your age pension entitlement. eg. Once a couple has more than about $450K combined super, every extra $1,000 in super will (due to the Age Pension Assets test) reduce the Age Pension income by $3/F ($78/yr). So, if your super is invested conservatively your extra $1,000 in super might actually produce less than $78pa of additional retirement income, so you have been better off just spending the $1,000 on lifestyle while working and had a larger Age Pension entitlement in retirement. It isn't a simple question though, as the extra $1,000 put into super after the 15% contribution tax, would have been a smaller amount of after tax disposable income (due to marginal tax rate being higher than 15%). Also, the $1,000 added to super would likely to have grown in real terms by retirement, boosting the amount of self-funded retirement income. And, once your super (and any other financial assets) exceed the threshold for receiving ANY part Age Pension during retirement, putting more into super doesn't have the same 'penalty' due to decrease in Age Pension (you can't get less than $0 Age Pension). Can read more in my enoughwealth blogpost "How the Age Pension Asset Test is designed to penalize the average Australian couple if they make additional super contributions", You can also mitigate the impact of higher super balances on Age Pension somewhat by using some of your super to purchase an annuity (less than the full purchase price is acounted for the Asset Test). So this can help if your super balance is somewhere in the range where the Age Pension is being reduced (but you are still eligible for a part pension).
The age pension has been put in place for people that fail to plan financially.
@@bundyboy961no. It’s there for everyone as we cannot totally rely on superannuation. People on median incomes would struggle to have over a million in superannuation if they needed to buy a very expensive home.
Some people get separated and their funds deplete.
Making assumptions isn’t necessary.
Financial stability is up to the individual. People need to stop making excuses and start making wise decisions!
Yes their are circumstances, but the vast majority spend money on shit and fail to plan for the future!
@@bundyboy961 untrue. How old are you? As I said, the majority cannot afford to put aside $20k pa for their whole lives due to their incomes.
Why does my age matter?
The majority are lazy and unmotivated, that I understand due to the structure of society. Their isnt encouragement to actually try at anything, just consume!
I am 34 if you must know, I work a low end job and yet still manage to put enough away!
comments section a pissing contest
Not sure why but I misread the title to be “Balayage by age” 😂😂😂😂
I’ve accepted that this is dead money. I invest everything into property, my super will be taxed to the roof anyway so it’s literally pocket change compared to what you can make by investing in property instead of. It’s a scam and a scapegoat for the pension. Even though pensions will quadruple from fragile hypochondria population.
Thanks for showing the average but can you do a video on what we actually need?
This really depends on each individuals own circumstances, so it’d be quite hard to do a video on that unfortunately :(
About double.
I'm 33 and got like not even 1K in my super :(
We all start somewhere mate, if you use some of the strategies I mentioned in this video to increase your balance you'll be able to get it up in the future!
Have you ever worked old boy?
@@theowenssailingdiary5239 plumbing apprenticeship and plumber from 18-24. Childcare from 24-26 slate roofing from 26-27 random part time jobs from 27-29 started my own business selling sauerkraut 29-31 (during COVID) gardener/landscaper 31-33. Youth worker current. There were plenty of gaps in between those jobs and I've been on Centrelink a couple of times in between. Took out all my super 14K at 29. Because of COVID.
So I’m 33 and have $140k in my super doing well haha
I worked construction for 20 years. Housing. On ABN. Everyone i worked for except one paid some super. I'm 42 and have $20 000 super. Not good. I changed my job and have moved overseas. Goodbye Australia.
What is super annuation
If you're from the UK the equivalent would be the SIPP
@@raymondla what is sipp tell in really simple terms
@@robertwalters5654 it’s like a 401k for Americans or a Self-invested Personal Pension if you’re from the UK
It’s money taken out of your pay that you can’t access until you retire. The purpose of it is to fund your life after you stop working so that the government doesn’t have to pay for it.
My problem with super government keep increasing age of retirement 🙄
The last time they increased the preservation age to 60 was introduced in the late 90s and phased in over about 30 years. Changing the preservation age is unpopular, hence giving a lot of notice before phasing it in. So it's unlikely to be increased again in our lifetime and even if it were to be, there'd be significant lead time.
So much hand movement
ive got about 110000 in mine im 40 my wife is 35 has 160000
Combined you guys are doing great!
I'm confused by you graphics. You are discussing Oz Super and show USD money and the White House as Gov??
your super averages are LOW . exampl 35-44 yr olds $116, 494 but the ACTUAL average super is about 130k for men
If you put in $300k at 18, and did nothing until 60, you would have $5.5m. ask for your parents for early inheritance
The power of compounding returns! The only issue with this is if the person ends up getting divorced, they will lose half of it.
Easy don't get married
Or investment through a trust instead of super. Pay a bit more tax but assets are protected.
I wonder in 30-40 years. Most Australians won't own a property and will need to keep paying high rent on top of everything else. I just wonder how that's going to work?
I hope it's not a lot of elderly on the streets.
I know there will be a large wealth transfer with the boomers passing on. Some of my mates as well as a lot of immigrants don't have that opportunity, though. Plus, the government is going to start an inheritance tax.
I can only see the rich getting richer.
I can imagine a lot of people living in tiny homes/caravan parks on food stamps in retirement.
We will be own nothing, eat the bugs and be happy.
So say our WEF overlords.
You are working on the premise that the govt will allow you to keep it, they are gunning very hard to take peoples super completely.
Got a source to support this claim? First I have heard of it, seems counterintuitive given they match contributions until a certain value…
@@notsure1135 he's a conspiracy theorist. All bs, nothing more.
Better off using your money now & investing it yourself then handing to a fund to squander it….
There’s going to be a huge burden on Australia’s pension system coming up with baby boomers retiring & super balances being lower than needed
People have been saying this for decades now. What is more alarming is that despite the mass immigration we've experienced, and the supposed commensurate increase in income tax take, net debt is higher than ever. These immigrants by and larger are probably net takera from they system, just like the boomers
Remember Investing in hard assets like Disruptive Technology stocks and Bitcoin will give you and your family Financial freedom in 10-15 years.
Way better than a superfund retirement scheme which if your lucky grows at 10% per annum ( with fiat inflation around 15%) your really sinking not swimming financially
Self managed super fund can invest in btc
I think videos like this of what people “should” have is counterproductive. Everyone is different. Everyone comes from different backgrounds. Some people were homeless or addicted to drugs or in n out of jail. You cant say what people should or shouldn’t do. Its bull shit n i dont agree with it 1 bit.
Ty for this video. Very enlightening *BUT PLEASE STOP* doing what all "professionals do" and say "OWNING a home" instead of having a MORTGAGE on a home...
These are extremely different things.
IE. In your 30s bracket you're talking about OWNING a home, no this is A MORTGAGE.
How do you possibly work out a basis for wealth planning when people don't even use basic fundamentals of credit and debt accurately...
Keep up the great work, but please, debt is debt, credit is credit. Our entire economic system and governance is built on this so it needs to be reflected accurately
I’m 53 and have no incentive to invest any of my own hard earned into super, as I have first hand experience at how woman discuss it as a cash grab when they decide to throw their nuclear family under the bus to get it out on tinder with all the other tinderellas who are sharing the 4 percent.
Young people have no clue all they do is regurgitate legacy strategies that no longer work. Cant wait for them to wake up to Bitcoin
Ok
I want to withdraw it all and put it into bitcoin.
If I had 590 000 in my super account I would not be eligible for a part pension!
and at retirement, 590k still isn't enough
It depends on what you do with the money. If you buy an income stream it will pay you a monthly amount and have less than $250,000 in cash you will get some pension. For example buy an income stream for $250,000 which pays you an income of $1000 a month and you will get $980 per fortnight in age pension. This will meet both the income and asset test for the age pension eligibility.
You all make me sick. If you are feeling a little bit behind just dig yourselves out of that situation.. comparing super balances on the internet is a new low for society
Everyone should just buy some good quality crypto and then get it onto a cold storage wallet so its safe and then just wait !!!!
Imagine taking super advice from this kid.
Australia is screwed . Too expensive to live .
Uhm.. stop telling people how to live. 😂
How much superannuation should you have? Very quick answer = None. Keep the ATO's filthy fingers off your money. Siphon it off wherever you can outside of government oversight.
Easier said than done mate
My parents did it over 2 years..lots of trips to the atm.
@@davenorman8251 Well, hence the war on cash. They are trying to shut cash out as quickly as possible.
Cash is king! Just don’t store it in the banana stand! If that burns down 😬🤣
The ATO has more money if you don’t contribute to super though because you’re paying more tax
My wife and I are both 40 with $250k each in super. I earn $260k and she's on $150k.
Difference is, I max out my contribution cap in the last few years and she's been working since she was 15 but doesnt contribute extra.
She'll start maxing out contributions once we pay off our house in 3yrs. I wonder what our balances would look like at 50 and more importantly hopefully we will live long enough to use the super
Do you have kids.
@@naughtynat82 Sure do, 2 of them. The costs were high initially but got better when of school age.
30 with 200k in my super
Smashing it mate
@@raymondla should be able to buy a house with it. Dumb