Welcome to SuperGuy TV! It’s Chris here and I’m all about helping you understand and increase your superannuation, so you can confidently plan your own retirement and hang-up the boots sooner (...with more!).
It’s not JUST about the superannuation rules…. Sure, I’ve got plenty of tutorials, super strategies, retirement calculators, tips and tricks to help you get more from your super; but ultimately, I want you to have all the resources you need to have confidence in building YOUR OWN retirement plan, without the stress or overwhelm.
Does this sound like something you’d be interested in? Are we going to embark on this journey together? Hit the SUBSCRIBE button and I hope to see you in the comments section!
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Thanks for your great videos Chris, they are helping me get my head round the confusing world of superannuation. Right now my wife is not working and therefore no super is going into her account. We are looking at diverting some cash from our monthly savings into her super. Am I correct in thinking that we could designate these contributions as either "personal concessional contributions" OR as "non-concessional contributions"? (for the purpose of this question ignore spouse contributions, as I think that I understand this part).? Thanks Pete
I did this this year after hearing about it. I put in $68k lost $10200 to the 15% super tax and gained $23k back in income tax so net was $12800 in my favour. I will be doing this next year with a smaller amount.
What is best way to use super contribution when you are on accumulation phase doing salary packaging and salary sacrificing exceed the annual contribution. Or use the non-concessional benefit?
Excellent video Chris...packed with fantastic information to help me move forward with my retirement planning/strategy based on the fact that my wife is about to reach her retirement age of 67 and I (being a few years younger) found myself without a job earlier in the year due to the company having to liquidate. Lost of food for thought!! Bless ya heaps!
My wife and I did very well in the amount of money that we amassed for retirement. Well over 80% of that money averaging about $2 million was made because of taking advantage of buying high-end stocks at a deep discount during the Great Recession. 2009 I fired the stockbroker got rid of all mutual funds and bought individual dividend stocks. Be patient don't get scared and do your homework and you can make a killing. Credits to my FA Dianne Sarah Olson
Well, the top players and pros have exclusive information and data paths that are not disclosed to the public. Knowing the strategies to use during this time is one thing and having the right information to execute them successfully is another.
I agree. Based on firsthand encounter with a fiduciary counselor Dianne Sarah Olson, i have about four hundred grand in a well diversified portfolio which has grown by 3x with compounding, venturing doesn’t necessarily boil down to money but you also have to be informed, be patient and back it up with good hands
Fantastic! It feels like you have endless potential. I just checked her web and have already written her since I find investing to be so fascinating. Regards!
Hi Chris, I plan to retire next year reaching 67, where I should receive a part pension from Centrelink based on asset test as I will not have any income. Only income will be a pension based stream from my super fund. However when I use Centrelink pension estimator online tool, that's asking to input any pension based income stream. Does that mean income from super is considered for income test also? Super balance is already a part of asset test as deeming. I'm confused, so appreciate your clarification please.
Retirement income streams are either deemed or the income is assessed - not both. Most pension balances are deemed, unless it is an annuity, defined benefit pension or grandfathered account based pension.
@@SuperGuyAu I got it, thank you. So, I shouldn't include any pension based income stream from superannuation under income, but the super balance as a deeming asset.
Turned 60 switched out of accumulation to pension. I received a 4% mandatory payment from my financial advisor then reinvested 1/2 back into super. Tax was $2.5k but got back $17k from ATO. It helps having a lawyer, financial adviser and accountant all on the same page. I got a 13% return last year and just got and from my advisor to hurry up and spend more because your ex dividend and more is coming through. Seriously WTH do you do with it, we own two houses and are both tight arse boomers because of the 90s. We planned to have security but being tight for so long is hard to spend it.
I'm 55 and have very little super savings, so I'm not sure how I'm going to be able to support myself at retirement. I wish I could still be able to work up till 75 because this is the only way I support myself.
I am looking for ways to optimize my Age Pension entitlements while ensuring legal compliance, I have heard from RU-vid channel which is to contribute super to my younger spouse in order to legally hide money from Centrelink Age Pension. I already at Age Pension age while my partner is several years away. I just want to found out for Centrelink purposes, will this action to be seen as Gifting? And it’s not benefit to optimize my Age Pension entitlements within a period of 5 years. Thanks for your kind advice.
Ultimately Centrelink will determine how certain transactions are assessed. However, I have not experienced them treating such a transaction as Gifting. You should seek advice from Centrelink around this.
My wife and I have around a million or so in our super and my financial adviser has mapped out how we can have $95k a year indexed linked until the day we die. So yes a million is enough - I am retired at 58 and my wife retired a couple of years ago. you also need to balance the money in super with your health - if you work 5 years longer you won't need as much money as you will be retired for at least 5 years less.
Good content! What happens if you contribute that $3,000. Will this contribution still qualify for the co-payment for the spouse? the one with a max of $500 credit from the government
Hi Chris, loving the Australian flavour of your videos. Is it correct that once you reach 75 years of age you cant use the recontribution strategy? We were told this by a Super Company recently.
Glad you like the videos! You can only make personal contributions to super up until 28 days after the end of the month in which you turn age 75. Read more here superguy.com.au/superannuation/super-contributions-over-65/
@@SuperGuyAu It might sound silly but if I knew everything would be much simpler. I hate the idea of working longer only to leave behind a massive estate. I’d rather know so know when to retire 😂
You dont want to purely retire. Working provides a growth mindset and lets you reward yourself with things. Just work less or work more on things you really enjoy regardless if they pay. Having a good amount of super and owning your own home helps take the stress out of working.
Great discussion! The idea of retiring with $1 million in Australia is intriguing. It's crucial to consider factors like lifestyle expectations and inflation. How did you calculate the adequacy of this amount for retirement in different scenarios?"
Everyone's lifestyle needs are highly unique. Some can comfortably live on $30k p.a. and others wouldn't want to retire on less than $80k p.a. So the adequacy of each amount isn't up to me - it's up to the individual.
The only thing about going back to work is either self employed or though a member of your family. Stop kidding yourself and others about getting a job. Young managers will find an excuse not to employ people over the age of retirement.
I see your view, but costs are costs. Whether they are deductible or not, they still lose money. Personally, I wouldn't consider something that detracts from a positive return to be a pro. Deductible investment or business expenses being seen as a positive is a major fallacy.
You mention putting more into super. Later in life closer to retirement is very risky. If markets go belly up after 60 its nearly non recoverable and burnt cash. Banks are less risky on investment. I know you may pay tax on interest returns but its safe accessible cash. You need super and banks to give you security on a balanced level.
Is 1 Million Dollars Enough for Retirement in Australia? It's a question many ponder, and the answer depends on various factors. As a retirement planning expert, I've analyzed how this figure can provide a solid foundation, but optimal planning and lifestyle choices are key to ensuring a comfortable retirement. This video sheds light on crucial insights for anyone preparing for their future!
