How to retire on $650,000 as a couple

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How to retire on $650,000 as a couple
Unlock the secrets to retiring comfortably as a couple with $650,000 in superannuation and savings. From determining spending limits to optimising tax structures, we cover it all.
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Learn how to maximise your Centrelink pension benefits while safeguarding assets for the surviving partner, including leveraging exemptions and exploring the Home Equity Access Scheme. Dive into estate planning considerations, including wills and superannuation strategies, and gain practical tips for navigating income and assets tests to maximise pension entitlements.
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Advice Disclaimer || Any advice given by the presenter/s has been prepared without considering your individual objectives, financial situation or needs. So, before you act on the advice you should think about whether the advice suits your objectives, financial situation or needs. If the advice relates to acquiring a financial product you should obtain a copy of the Product Disclosure Statement for that product and consider it before making a decision. This presentation has been prepared by Consortium Private Wealth Pty Ltd (ABN 74 616 250 965) (AFSL 495401). If you require advice which takes into account your objectives, financial situation and needs you should speak to a financial adviser.
Robert Goudie (ASIC Reg 235974), Ashley Rowan (ASIC Reg 433899), Olivia Glare (ASIC Reg 1262290), Rachael Todman (ASIC Reg 1270413) & Amy Lehmann (ASIC Reg 1292710) are Authorised Representatives of Consortium Private Wealth Pty Ltd ABN 74 616 250 965 AFS Licence 495401.

Опубликовано:

28 сен 2024

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Комментарии : 156

@bukki07 Месяц назад

So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?

@ConsortiumPW Месяц назад

Hello, thank you for your question. If you have maxed your concessionals contributions and your still saving thats a great outcome. If the interest you are receiving is causing increased tax to be paid then getting some of these funds into super via a non-concessional contribution can be considered. While maintianing solid cash reserves. I agree with regards to the transition from build to spend, huge change in thinking and habits. Thanks again, Rob

@phyllisburtonhearsawho 2 месяца назад

Recently, I've been pondering retirement. I've also invested $800K on S&P 500 so i could secure my financial future. i need an approach to invest in Stocks like Nvidia stocks and of course AI stocks that will align with my risk tolerance and financial goals but it seem to be bearish right now.

@Dailypalamides 2 месяца назад

While the market is promising, expert guidance is essential for effective portfolio management.

@AdamsFerguson 2 месяца назад

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

@E.GCreates 2 месяца назад

I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advisor? I'll be happy to use some help.

@AdamsFerguson 2 месяца назад

Her name is ‘Dianne Sarah Olson’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@ConsortiumPW 2 месяца назад

A well diversified portfolio is essential, and its great to always have that common-sense lense of investing into stocks that have are expected to be major players as we incorporate AI into everything with a chipboard! Thanks for adding to the conversation. Amy

@shanea9613 2 месяца назад

Just stumbled across your channel. Great to see some Aussie content on RU-vid. Well presented and easy to listen too.

@ConsortiumPW Месяц назад

Thanks Shane

@resolvedavid 2 месяца назад

Great presentation and ignore the haters - good to hear some Aussies on these topics thanks for sharing

@glenn9575 6 месяцев назад

Would a segment on debt recycling be possible (pros, cons, products, asset and debt ownership structures, etc)? Really enjoy your videos, thanks guys.

@ConsortiumPW 6 месяцев назад

Great suggestion Glenn! Thanks Rob

@robsalvv5853 2 месяца назад

Wow, didn’t realise you guys had such a sov citz demographic in the comments. Solid information guys.

@carolyn8713 4 месяца назад

Would be great to do another one of these for singles :)

@ConsortiumPW 4 месяца назад

Recording this one today. Thanks for the suggestion, Rob

@VivienneWest-k3n Месяц назад

If I known I would not invest the way I did. I INVESTED JUST UNDER $400,000 and did not relies that I would loss $11,423.30 from $29,023 pension annual, leaving me with $17, 423.30.This is because previous government put a ASSETS TEST on your investment, it is a discrimination against anyone who what to feel comfortable in their retirement. At the sametime you can put (say $400,000) in a FAMILY TRUST FUND and still get the pension "because " you now have nno or little money. But at the sametime your family will assist you in anything you need. Therefore you pension becomes more a comfortable amount to live, giving that extra cash to do with it.

@ConsortiumPW Месяц назад

Thanks for your comment. The Centrelinks asset and income test has in place for decades, there has been changes over time. For a single home owner the lower is $314,000 excluding your home, the pension reduces up $686,250 and cuts out after this amount. There are ways to reduce the assessable assets, Lifetime annuity, gifting, or funeral bonds. If you move your assets to a Family Trust that you control the assets are still assessable under your name. If controled by a family member and you still benefit, Centrelink may still apply the assets to you. Regards, Rob

@VivienneWest-k3n 24 дня назад

@@ConsortiumPW so you think that is OK to still discriminate against anyone who has ""more"" than the amount you ""should "" . This is very similar as a person who controls a partner under the Domestic Abuse.

@josephj6521 4 месяца назад

Good to see the options. I wanted to know how $650k from the age of 60 a couple can retire? How much do they have yearly to spend until 93 years of age? Sorry, you didn’t get into that.

@ConsortiumPW 4 месяца назад

Thanks for your question. Its a difficult one to calculate, as the chances of both getting to age 93 and receiving the Age Pension as a couple is low. The difference of the full Age Pension as a couple is $44,000 compared to $29,000, which is massive. So what I do is project to age 85, assumig someone will pass away and see if there is there enough financial assets to supplement the $29,000 single Age Pension, for those years when not too much is spend. Also retiring at age 60 means you are self funded until Age Pension age at 67. Now after saying all that, to answer your question. An income of $58,000 indexed to CPI less 0.5% pa (We spend less as we age) should see enough funds for the remaining single penioner at age 85. Sorry that was a lot, but hope it helped. Regards Rob

@Summer-o7j 3 месяца назад

At 66 or 67 they can apply for full pensioner very simple

@Procharged32 2 месяца назад

78 is the average death rate

@SimoniousB Месяц назад

@@Procharged32I would hope the template starts at the average age and is then tailored to be more closely aligned to the individuals involved. Often this involves you providing an assessment with some knowledge. I had employment which involved risk management so I was familiar with estimating forward in many scenarios.. eg saying 74.5 % of people like say the colour blue is ‘less’ accurate than saying about three quarters of people like the colour blue.

@Stjepan-vc4cs 10 дней назад

Love your show ❤

@Diesel-pi8mi 2 месяца назад

Just listen to their advice & stop complaining about traditional custodian acknowledgement. It’s costs you nothing to listen, and the majority of retirees need all the help they can get.

@ConsortiumPW Месяц назад

We wont stop educating either way :) Thanks for the comment. Amy

@BM-wi9kt 2 месяца назад

Thanks for video. I kow a few pensioners that can actualy save money on the pension. I am trying to work out when to retire 61 at present.dont want to work to 67. I would agree your job is to give the best financial advice.not promote a particular way of thinking that may on not be popular depending on your audience. Thanks ben

@ConsortiumPW Месяц назад

Everyone has different needs and values. Some of the happiest people I've meet are on a full Age pension and nil investments. I've seem some of my very wealthy stressed at time because of $$. If you can live off a lower income, it provides you more options to retire prior to Age Pension age. Get some advice and complete the projections, the numbers should be our guild. Thanks Rob

@Summer-o7j 3 месяца назад

A couple who retire on $ 650k can still get full pensioner , Some they still got a mortgage to pay when retire or want renovate they existing home so they will spent some of that $650 Live comfortably on full pension and have the rest of the $650 in the bank 👍👍

@Rick-kj9dd 3 месяца назад

Learn how to write a sentence that makes sense!

@Summer-o7j 3 месяца назад

@@Rick-kj9dd A couple who retire on $ 650k can still get full pensioner , Some they still got a mortgage to pay when retire or want renovate they existing home so they will spent some of that $650 Live comfortably on full pension and have the rest of the $650 in the bank 👍👍is clear now

@dratz50 Месяц назад

Nope. The asset limit for a full aged pension for a couple (who own their home) is $470,000.

@vincentcoulthard6828 6 дней назад

Hi Rob & Amy l thought the presentation was good l would like to see a scenario where a couple was going to retire abroad at let’s say 65 years of age would that be possible

@ConsortiumPW 4 дня назад

Hi Vincent, are you thinking that the income needs would be lower abroad and if so, how much do you think you might need from age 65? Thanks Rob

@vincentcoulthard6828 4 дня назад

@@ConsortiumPW Hi Rob l will send you an email. Thanks Vince.

@Dalebees 14 дней назад

This is for Australians not for Americans

@CameronFussner 2 месяца назад

I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement in 3 years.

@coopersrace7277 16 дней назад

Yep I am another who was initially interested but I stopped the video the moment you trotted out the woke ‘welcome to country’. I don’t need to be welcomed to my own country and u probably don’t even know why you are saying it. Sorry but you’ve lost me.

@ConsortiumPW 12 дней назад

Thanks for your feedback. Cheers Rob

@west1au 6 месяцев назад

U are doing amazing work👏🏽

@tonylander3512 4 месяца назад

Thank you for your reply.

@TheDarin01 4 месяца назад

Great Info. Can't you cut out the welcome to country crap. Aren't we all Australians. The constant talking about race creates move division and constant negativity.

@nickslotus9490 3 месяца назад

Yep, we are all over it

@ConsortiumPW 3 месяца назад

Thanks for the feedback Darin. Amy

@chrisaustin1969 2 месяца назад

100% do not need the divisive crap at the beginning. Well said.

@julierussell5773 2 месяца назад

So rude. It doesn't hurt anyone to be respectful to others by paying respects. The ugly side of bogan Australia

@annecrestani9218 Месяц назад

@@ConsortiumPW Thank you for acknowledging and paying your respects to the traditional custodians of our nation. I appreciate it.

@kellyr2681 Месяц назад

You lost me the instant you started that woke bull$hit. The vast majority of us don't want to hear that garbage.

@ConsortiumPW Месяц назад

Thanks for your feedback. Cheers Rob

@Bobbydazzlla 19 дней назад

The irony - I always thought being "woke" was having a sook and complaining when you don't get your own way (so that would make you "woke"). And don't kid yourself, you're only speaking for the vast majority of boof heads with an antiquated opinion.

@dannyfire8694 3 месяца назад

retire age 67 year, $450 per week you call very generous??

@ConsortiumPW 3 месяца назад

Hi Danny, per member of a couple this would be considered a comfortable income for the first half of retirement, as per the ASFA retirement standard. Thanks, Amy

@dannyfire8694 2 месяца назад

@@ConsortiumPW We worked all our entire life for this country, when we are getting old, unable to work any longer we need to be look after well by this country, with cost living are skyrocket what today's $450 per week can buy you? TBH, it can't even buy you a plumber visit! It's so sad when people getting old, actually they are the most vulnerable people of society. NZ and UK none of them has mean test for retirees why does Australia to follow their cousins to do the same for its own retirees give them a decent retirement life for their last life journey. I personally agree what UK and NZ does to their retirees that is call Generous!

@Bobbydazzlla 19 дней назад

@@dannyfire8694 The country doesn't owe you a living in retirement mate. You owe it to yourself to have your house paid off before you get to that age and do the preparation well before retirement. The whole point of the Superannuation scheme being set up back in the 80's was to take the pressure off people needing to sponge off the pension system. You sound like you want your cake and to eat it as well - not going to happen.

@danielguo1033 19 дней назад

@@Bobbydazzlla You are wrong! That is why we work hard when we are young, pay taxes, and build a country where every taxpayer can enjoy their old age with peace of mind. Instead of having the elderly either forced to leave because of the high cost of living that they cannot afford, or stay and live in poverty... This is a country where politicians enrich themselves for their own retirement, and this country continues to accept new immigrants and refugees, who are taken care of better than their own elderly, but do not contribute anything.

@Bobbydazzlla 18 дней назад

@@danielguo1033 Mate, my dad told me at a very early age that - I'll always have to work and I'll always have to pay taxes and the sooner I get over that fact the happier I'll live. Sounds like YOU needed that talk. He was right, I worked on a production line, added as much money as I could to my super, and retired 4 years ago aged 54. No one owes any of you anything and the soon you realize that in life the less you'll belly ache about it later.

@DeeJay-t2g 4 месяца назад

You lost me and all of your credibility with the woke welcome to country crap. No subscription from me today. Next time start with something less divisive.

@ConsortiumPW 3 месяца назад

Thanks for the feedback. Amy

@annecrestani9218 Месяц назад

What's divisive about paying respect to the original custodians (65,000 years) of this land that we call home? Attitudes like yours are the source of hate and division.

@DeeJay-t2g Месяц назад

@@annecrestani9218 Wouldn't it be nice to engage in something non political without lefties who have never paid respect to anyone, demanding respect ,from everyone. I assume you would have been respectful if this video has started with a tribute to Cptn. Cook and British colonization. Lets just keep it non political then, so you can keep your hatred for some other lefty cause.

@DeeJay-t2g Месяц назад

@@annecrestani9218 So you'd be ok about seeing a tribute to cptn Cook and British colonization in a retirement video. Perhaps it's just better to keep it all non political and that way you can keep your hatred and lack of respect for other not wanting to be brainwashed to yourself.

@SteveTeunis 4 месяца назад

I was very interested in what you are about to say but switched off as soon as you wanted to preach the woke religion.

@leannegon1483 4 месяца назад

I fast forward through all of these whenever I hear them.

@crjetpilot 4 месяца назад

Buh bye then! 🏳️‍🌈

@mjones9088 3 месяца назад

Agreed, not interested in your wokeness and guilt…

@ConsortiumPW 3 месяца назад

Thanks for the feedback Steve. Amy

@mikedoble729 2 месяца назад

Did same.

@Xyz99924 Месяц назад

Better stay single and have children sharing your house, which in turn shares expenses.

@George-hl2xm Месяц назад

Geez anti woke butt hurt people on here 😊😂

@ConsortiumPW Месяц назад

Thanks for the commentr George :)

@davidrayner9832 Месяц назад

Next time you want to do that woke acknowledgement crap, don't forget to acknowledge the people who were brought here kicking and screaming against their will for crimes that would today be punishable by a fine or community service. Actually, it's the first nations people who should do that but I've never heard of it being said by them.

@ConsortiumPW Месяц назад

Thanks for your feedback. Cheers Rob

@brentdundee 2 месяца назад

I turned off when you mentioned paying your respects ...huge fail

@ridetilldead3164 2 месяца назад

They are compliant people sadly a sucker born every day

@julierussell5773 2 месяца назад

Why are you do hateful?

@ConsortiumPW 2 месяца назад

Thanks for the feedback Brent. Amy

@jonahtwhale1779 Месяц назад

Why are you so hateful? They singled out one small group on the basis of race - classic racist behaviour!

@Rick-kj9dd 3 месяца назад

I didn't feel that presentation was professional at all!

@ConsortiumPW 3 месяца назад

Hi Rick, thanks for the feedback, we tend to allow the recorded podcasts (such as this video) to be much more casual in presentation. If you are after more professional style vidoes, you may enjoy the short videos on our channel. Kindly, Amy.

@sinistra328 2 месяца назад

@@ConsortiumPW I found the information informative and very easy to understand. Thanks.

@Nick-kn5lb 2 месяца назад

Lost me at welcome to country bullshit!

@ConsortiumPW Месяц назад

Thanks for the feedback!! Amy

@dawnkerr6966 2 месяца назад

What a shame you had to spoil it with your virtue signalling

@ConsortiumPW 2 месяца назад

Thanks for commenting. Amy

@annecrestani9218 Месяц назад

are you serious???? Get a life, show some respect to the original custodians of this country (65,000+ years). Geez there is so much hate and racism

@dawnkerr6966 Месяц назад

@annecrestani9218 allowed to have a point of view. . It wasn't racist either it was just that everywhere you go, you don't need to be constantly reminded it has lost all meaning. this constant barrage is what's causing separatism division. You don't know anything about me and my family ties, I'm married to someone who has indigenous ancestors, as is my daughter, and my grandchildren are part aboriginal due to that fact, but it is OVER used

@annecrestani9218 Месяц назад

Please ignore the ignorant, hateful, racist comments posted here. Very disappointing

@willnewby5204 Месяц назад

There is nohing “hateful or racist” here in the comments section; if you believe there is then report it and have it removed. One thing people do hate is being continually welcomed to their own country everyday. Can you imagine if some stranger rang your doorbell everyday and welcomed you into your own house. This divisive rubbish needs to end.

@kmmarch60 2 месяца назад

Very disappointing that you had to start this with a mindless welcome to country. This is corporate box ticking and extremely irritating. The land you operate on is owned by either yourselves or your landlord. The indigenous people haven’t done anything for your land or your business. Your company has done it all! Rant over!

@ConsortiumPW 2 месяца назад

Thanks for leaving a comment. Amy

@annecrestani9218 Месяц назад

@@ConsortiumPW Why are you thanking people for their hateful, racist comments?

@dondon9829 18 дней назад

You Can do without the virtue signalling it means nothing .

@ConsortiumPW 18 дней назад

Thanks for your feedback, regards Rob

@PaulLishman-b7l Месяц назад

Cut out the wokeness. We live here and this is our country... we dont need to be welcomed to it!

@ConsortiumPW Месяц назад

Thanks for your feedback. Cheers Rob

@BraveJ1_FPL 2 месяца назад

I am awhile from retirement 10-15 years, but i really found this video useful, thank you and ignore the haters....clearly they missed valuable information.

@colinamor Месяц назад

It's not only the money they get it's vall the other benefits eg power bills ,rego, medical, dental, even hearing aids . Where as i don't receive one cent of government assistance. Because i planed but i am not rich 750000goes quickly but as soon as i can i will be getting everything im entitled to.

@SimoniousB Месяц назад

And so you should. Superannuation was never intended (except in the LNP party room) to ‘replace’ the pension, it’s a supplement to support Australians in retirement. I celebrate I won’t need the pension immediately at 67 like yourself.

@escape0002 Месяц назад

Woke!

@ConsortiumPW Месяц назад

My prediction for word of the year 2024 too. Amy

@FrogFranker Месяц назад

Thanks guys very clear advice for us Aussies, keep up the work! I'm looking at retirement soon with $700K super- couple I'm just turning 60yrs, but i agree with your estimate of later one partner from 85yrs is likely and greater pension. I may return to work part time in the future to boost cash flow if its a problem also possible inheritance may help as well. I believe Gifting to children lump sums will count in assets test within 5x yrs of applying for pension.

@ConsortiumPW Месяц назад

Thats correct, any amount over $10,000 per FY will be assessed for 5 years.Cheers Rob

@pauls8456 2 месяца назад

So a couple with $650K in super, who own their house (but no other assets) retire at 60 - they ‘ withdraw’ from super $45K yr indexed - all good?

@ConsortiumPW Месяц назад

Hi Paul, I just ran some numbers and because $45,000 pa in not a big yearly expense it does work. The fund do ran down while you would be self funded through to 67, and then close to a full Age pension of over $43,000 pa. From age 67 you could actully save. Thanks Rob (General Advice Only)

@dundadunda552 Месяц назад

Clear enough..good info

@oldgits376 19 дней назад

Yep….turned at the woke thanking

@ConsortiumPW 18 дней назад

Thanks for your feedback, regards Rob

@nickhockley1651 Месяц назад

Great work guys ;) Ignore the keyboard warriors with their pants around their ankles.... this is great stuff. are you able to do a single person at 60?

@panimeda245 Месяц назад

It would be good to receive some scenarios printable.

@investforlife9011 16 дней назад

If possible, can you please do a similar video for Americans who live in the United States? Thank you so much for your educational videos.

@ConsortiumPW 12 дней назад

Sorry but dont know your social sercurity system. Thanks for asking

@LoveVietUnity 23 дня назад

Thank you for expressing the gratitude in the beginning of the video. It is similar to paying respect to the common ancestors of humanity.

@ConsortiumPW 18 дней назад

Thanks for your feedback, regards Rob

@AndrewMorrisinOz 2 месяца назад

Paying your "contrived respects", then as financial advisers you actually support and at times encourage clients as Investors to OWN Australian Property as an asset class, LOL; divisive & hypocritical! Perhaps stick to your lane!

@ConsortiumPW 2 месяца назад

Thanks for sharing your thoughts Andrew. Amy

@tonylander3512 4 месяца назад

Im surprised how much i pay my super fund in fee's on 600k

@ConsortiumPW 4 месяца назад

Hi Tony, fees can have a significant impact on your net returns and your balance over a long period of time. Important to understand what your paying, there are three types of fees. Product admin fees, ICR or investment manager fees and possibly a adviser fee if you use an adviser. If your in an old product, it may be costly when compared to more modern day options.

@LHNA130 4 месяца назад

Who’s the “owners of this land”

@360buildingandpestinspecti9 4 месяца назад

I agree

@ConsortiumPW 3 месяца назад

There are multiple, they are Jaadwa, Jadawadjali, Jupagulk, Wergaia and Wotjobaluk people. Amy

@rigley8830 2 месяца назад

Whats this statement got to do with an educational video for retirement? Why is necessary? @@ConsortiumPW

@annecrestani9218 Месяц назад

@@ConsortiumPW Just ignore their hateful, racist comments

@paulhanahoe-sp4hn 3 месяца назад

Also switched off soon as the WOKE bullshit started unreal

@ConsortiumPW 3 месяца назад

Thanks for the feedback Paul. Amy

@chollypaderanga307 4 месяца назад

Thank for this great video… there’s so much information I learned

@ConsortiumPW 4 месяца назад

Glad it was helpful!

@palamj2 2 месяца назад

Got 1 minute in the woke virtue signalling stated and I said goodbye. At least you got a 👎.

@ConsortiumPW 2 месяца назад

Sorry you couldnt get past that. Amy

@jandrew0639 2 месяца назад

Acknowledgement of land , HAA. How many indigenous people do you think watch these videos? I'll take a guess and say ''ZERO'' So who are you pandering to?

@ConsortiumPW 2 месяца назад

Thanks for the feedback. Amy

@Summer-o7j 3 месяца назад

Advise to couple who retire at 65 spent more then you can Pay you funeral up front buy you cemetery plot and monument 🏛