I am going to start a TTR once I reach 60 in a few months and work less. The beauty of TTR is that there is no upper limit of its balance unlike a pension account. Also for FY 25 I am going to max out super contribution to 30k, and gross income set to 135k or so to due to new tax scale.
The wpmen at my work don't listen to me. They don't being told what to do by a man. Ok some times they do,but that is another story. I will you pushing you at them. Hey I don't miss the wage sacrifice. It takes about 2 months until people just get use to a bit less money in there bank account each pay period. Hey look just turned 51 and looked at my super balance 500000 I work in a factory no big paying job. On a different note you have been talking about how much a single person or couple need to retire with comfortably. Does this number include with or without housing. Can you talk more about this. Love your contant.
Hi Jefferey, the numbers are for retirees aged 65-84 who own their own home, updated December 2023. www.superannuation.asn.au/resources/retirement-standard/
Nice video and thought provoking. I will be 60 in a few years time. Can I start receiving an account based pension from my super at 60, then set up a new super account and contribute $27,000 or so to reduce tax on my shares outside of super?
So I pay 15% when I contribute pre-tax and then more tax when I withdraw if I’m younger than 65? Plus the 7% tax on any capital gain? So It’s a myth that pre-tax super contributions save you from being taxed at your marginal rate because the government takes another cut if you’re younger than 65.
You can’t withdraw if you’re younger than 65, except under specific circumstances. And if you do take it out before 65, paying more tax is the point, you’re supposed to be punished for doing so. Supers primary goal is saving for retirement, and not to be a tax shelter. (Although to a tune of Circa 30k a year it is)
My fund is with the state govt where 15% contribution tax was not yet paid. So if I moved from accum to pension phase, I have to pay the 15% contribution upfront. I am over 60 and not sure if keeping in accum makes sense so that the unpaid 15% contribution tax portion can still earn a return in the accum. Not to sure what to do. Any advice would be appreciated. TIA
@@Bdjdjsjsdbxnsiwnf I still think its BS that if go to TTR you have to pay even more tax, plus capital gains tax. I want to be work optional from about 55 so I will definitely have to look at increasing non-super investments.
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Thank you, your content is always of a great standard and it must take you a long time to create, you deserve more views!
Thank you Blair! I also learn a lot from the research.
Very well explained!!! I have set a reminder for when I hit 60!!!
😂thank you for watching!
Thanks Irene very informative
Thank you Graeme!
I am going to start a TTR once I reach 60 in a few months and work less. The beauty of TTR is that there is no upper limit of its balance unlike a pension account. Also for FY 25 I am going to max out super contribution to 30k, and gross income set to 135k or so to due to new tax scale.
The wpmen at my work don't listen to me. They don't being told what to do by a man. Ok some times they do,but that is another story. I will you pushing you at them. Hey I don't miss the wage sacrifice. It takes about 2 months until people just get use to a bit less money in there bank account each pay period. Hey look just turned 51 and looked at my super balance 500000 I work in a factory no big paying job. On a different note you have been talking about how much a single person or couple need to retire with comfortably. Does this number include with or without housing. Can you talk more about this. Love your contant.
Hi Jefferey, the numbers are for retirees aged 65-84 who own their own home, updated December 2023. www.superannuation.asn.au/resources/retirement-standard/
Nice video and thought provoking. I will be 60 in a few years time. Can I start receiving an account based pension from my super at 60, then set up a new super account and contribute $27,000 or so to reduce tax on my shares outside of super?
You can still make further contributions to your accumulation account.
So I pay 15% when I contribute pre-tax and then more tax when I withdraw if I’m younger than 65? Plus the 7% tax on any capital gain? So It’s a myth that pre-tax super contributions save you from being taxed at your marginal rate because the government takes another cut if you’re younger than 65.
You can’t withdraw if you’re younger than 65, except under specific circumstances.
And if you do take it out before 65, paying more tax is the point, you’re supposed to be punished for doing so.
Supers primary goal is saving for retirement, and not to be a tax shelter. (Although to a tune of Circa 30k a year it is)
My fund is with the state govt where 15% contribution tax was not yet paid. So if I moved from accum to pension phase, I have to pay the 15% contribution upfront. I am over 60 and not sure if keeping in accum makes sense so that the unpaid 15% contribution tax portion can still earn a return in the accum. Not to sure what to do. Any advice would be appreciated. TIA
@@Bdjdjsjsdbxnsiwnf I still think its BS that if go to TTR you have to pay even more tax, plus capital gains tax. I want to be work optional from about 55 so I will definitely have to look at increasing non-super investments.