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kedronxc
Junior Member
Joined: Sat Oct 25, 2008 5:13 pm
Posts: 16
Location: Bundaberg
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It's actually $160,000 for this financial year and that is the amount of the taxable component you can take tax free after preservation age. You should also have a tax free component of your super that you get tax free as well. Depending on the percentage of your taxable and tax free components you could get quite a bit more than $160,000 without having to hand some to the tax man.
On a different note, if you are over 55 and have been receiving income support payments from centrelink for 39 weeks (cumulative) since turning 55, you don't have to declare retirement to access your superannuation under the financial hardship conditions. There are no other requirements to be met in this instance.
The age requirement will change however as the preservation ages increase in the future.
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| Mon Aug 09, 2010 10:10 pm |
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Bussy
Senior Member
Joined: Wed Feb 25, 2009 10:02 pm
Posts: 267
Location: Croydon VIC
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 Ol 55 AT,
Why don’t you just leave your super where it is and go on the dole? Does your partner work?Can the both of you or either of you claim any assistance from Centerlink?
Can Centerlink force you to draw down your super or sell assets instead of getting unemployment payments from them? I know every situation will be different but I am interested in this scenario as it will not be too long before I will find myself where you are today.
What is the deal if you get retrenched at 55 and do not have enough super to survive on for 10 or so years until you fall into the pension safety net? I am sure there are plenty in this boat. (Up doodoo creek in a barbed wire canoe). I am lucky as I should have enough income from my investments combined with some part time work to not have to touch my super for some years. I will no doubt end up on the pension when I am much older as I intend to blow it while I can!
What happens if someone aged 55 with ample super but does not like their job and quits but then cannot find any work?
Note I have not been on the dole since I was 17 so do not know what hoops you have you jump through to get it these days. You could be right - just ask a dole bludger but I am sure there are many on it that would not want to be.
Cheers
BUSTER
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When its finished WE retire.
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| Mon Aug 09, 2010 11:33 pm |
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Three Dogs
Senior Member
Joined: Sun Oct 04, 2009 9:46 pm
Posts: 122
Location: Strathalbyn SA
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crackerjack wrote: 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 Good advice. I'm retired and I'm 62.
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| Tue Aug 10, 2010 8:39 am |
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Tar Trekka
Senior Member
Joined: Thu Jun 05, 2008 10:35 pm
Posts: 407
Location: Sydney - Southern Suburbs
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Re: i would like to retire soon Hi Aussietraveller,
When considering retirement, "start from the beginning".
1) Don't talk to & take advice from those who will not be an intergral part in "Your Retirement" process. (Friends, drinking buddies, work mates etc)
2) Go & see Centrelink, I find them great to deal with.
3) Don't just chew up money to get a Centrelink benefit.
4) Seek the assistance of a Certified Financial Planner. (CFP, Dip FP).
Sure it will cost you a few dollars, but it should save you many times more, particularly if you try DYI & get it wrong.
I am a retired CFP & I use the services of a practising CFP, as I prefer to travel & have fun & let him keep me up to date with the latest regulations regarding my retirement.
The Financial Planning Association http://www.fpa.asn.au can provide you with names of Certified Financial Planners in your area.
I do have a spread sheet & can excess all my investments on line.
This allows me to keep track of my investments & helps with my "Spending Decisions", particularly the replacement of "Big Ticket Items", new cars etc.
I hope this helps you & others.Tar TrekkaAny day above the ground is a great day.
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| Fri Aug 13, 2010 10:19 am |
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nifty nev
Senior Member
Joined: Fri Feb 19, 2010 4:02 pm
Posts: 62
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Re: i would like to retire soon Thank you Tar Trekka for posting a reply that is ledgable on this new format.
Or is it just my eyes ?
Nev.
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| Fri Aug 13, 2010 11:09 pm |
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Tar Trekka
Senior Member
Joined: Thu Jun 05, 2008 10:35 pm
Posts: 407
Location: Sydney - Southern Suburbs
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Re: Type Size Hi Nifty Nev,
Thanks, it's not a problem, quite easy actually.
When making a post go across to the "Font Size" (Rt Hand Side), click on the arrow & change to LARGE
Tar Trekka.
Any day above the ground is a great day
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[size=150][color=#0000FF]Any day above the ground is a great day[/color][/size]
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| Sat Aug 14, 2010 5:42 pm |
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