Hi all
i am after some information on retiring and super payouts
my question is
i am 55 next year is it correct that i can get all the money that i have in my super account this means what i have paid in and the money my employer has paid if i stop working and reinvest it to get a weekly income .

if it is
can i get the health care card and claim rent assistance if we travel with no fixed address and my income is below the taxable amount
thanks Andrew

I think you need some advice . You will need to pay tax on withdrawals. To get a Health card is not easy at 55. I am nearly 65 and is still not easy to take advantage of my super, aged pension and a wife that is 59. I think I need to talk to a young dol bludger to find out how they do it.

Andrew

I believe you will be at your preservation age which means you can access super but you will pay marginal tax rates and can only get a weekly pension until you are 60 years old. After 60 the tax rate then changes and also lump sum payment also changes. I am not an expert. Please see your accountant who will be able to set you straight with correct information.

Peanut

I would be talking to the people where you have your Super. After 60 your Super should be tax free, not so before though.

It is my understanding that whether or not you qualify for a Health Care Card will be relative to what your income is at the time.

RA.....I have absolutely no idea about, so coud not even guess at that one.

looks like i still have to work till i am sixty i don't want to pay any more tax than i have too
i know you must see a tax adviser in the end
i was hoping some body could and did answer my
question
thanks
Andrew

Oh well Andrew only another 5 - 6 years to go. They will go by really quickly. (Well at the rate the years seem to fly by now).

Peanut

My husband and I have just recently retired at 55, but it did take a few years of prior planning. Your super can be rolled over into a type of retired income stream. You are then taxed on the pension you allocate until 60. The only catch is that you have enough in your super and a portfolio that earns enough to cover the pension.You do not want to be pulling on your capital.

I agree with others that it is best to seek sound advise from your super board and from others in your occupation who have perhhaps already gone down the same path.
Cheers
Glenda

Aussietraveler.....I thought that once you reach your preservation age (usually 55), from then until you reach 60, you can take out up to $150,000.00 tax free. Once you reach the age of 60, it's all tax free. But I could be wrong.
Make sure you see an independent financial adviser before you do anything.
Cheers Bob

Hi Andrew...welcome to the club. I have posted stuff about retirement before myself.

Best advice I can give you...study up about everything you need to know...I am. Then you can make decisions on good solid foundations.

To start you up here is a link to the ATO's Super page...and you can always ring 132869 if you get puzzled....

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/064&mfp;=001/002&mnu;=42869#001_002_064

Crackerjack, you're right on the money that's what I did last year (November). $150,000 tax free