Retirement Planning in 13 minutes! So EASY 💰 

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

@@RawlinsesPierces That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

@@SalgadosVillaltas My advisor is MARGARET MOLLI ALVEY;

You can look her up online

Nah I Can't say I can relate, MARGARET MOLLI ALVEY charge is one-off and pretty reasonable when compared to what I benefit in returns.

Sounds like you have built yourself a solid base to be retiring on, Ross. Thanks for sharing.

Sounds like the dream mate, well done

Sounds like you expect my taxes to completely fund your retirement. Thanks 🙏

I have been working for over 50 years without taking money, now that's a lot of taxes I have to support this country and done without while having a mortgage for more then 40 years, if you are a lot younger then me ,I have probably funded you in one way or another through taxes or education, so if you think I should be denied a pension for that?@@liamwindsor5854

😂​@@liamwindsor5854

Thats right and why it can be risky to hold cash that has a return competing with inflation rates

Glad you liked it!

For me I love the thought because it means not having to deal with Centrelink!

Yes you are right the ASFA standards assume you own your home and are also a guide for those in the 65-85 year old age bracket. I dont' have a video on contributions (yet) but here is a page from the ATO that has a nice explainer on them which may help www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/caps-limits-and-tax-on-super-contributions/understanding-concessional-and-non-concessional-contributions

That is great you are currently maxing the $27500 yearly concessional cap. Post June 30, it looks like it will rise to $30K. You can "catch up" any concessional amounts from 2018/19 (remembering in 2018/9 it was max $25K) that fell short of the max. Important caveat is your balance has to below $500K to do this. You can also make a non-concessioal contribution of up to $110K (2023/24) without paying extra tax on the way in. As always get professional advice from a reputable financial advisor (not some random RU-vidr).

@dadinvestor @TheSuperdodgy Thanks for those informative responses! No concessional catch up options for me, so will take a deeper dive into the non-concessional option and the necessary paperwork around it.

Thanks for the feedback. You can find my email on my channel page if you'd like to get in touch and will explain how I can help.

Thanks a lot

Absolutely. Very few people know what enough is but the more the better and then you can have all the control over what to do with it. Thanks for sharing.

The longer you work the easier it becomes and I find many people heading into their 60s transition from full time work to more meaningful work they can enjoy time doing. Also do think loading up kn super early if possible is the way to go. Pre kids I rode salary sacrifice hard and so now feel well ahead of were I would have been without it

Your age and super are almost identical to me. You sound like a smart person. You know your spending habits, so you’ll know when you have enough. For me, once I have enough money to retire, working longer to have more of what I won’t spend doesn’t make sense. Every day worked past that point is a day I’ve lost of my retirement years. I’m 58 and will be fully retired by 60. Most people work much longer than what they have to, because they think they’ll run out of money in retirement, and all they’re doing is gaining more of what they don’t need (wealth) and sacrificing what they’ll never get back, which is time. Enjoy your retirement.👍

@@markandkim66Yes I agree with your comments at the end. Time and Health in our life are crucial above how much money we need in retirement . We do not want to die in the office

It needs to start the moment you get your first job at 15.

Thanks for the questions. There is a lot going on here so while I'm not going to provide any suggestions in the comments and recommend you finding your own independent advice, here is what I believe the ATO's stipulations are. Downsizer Contribution: If you are 55 or older, you may be able to contribute up to $300,000 from the proceeds of the sale of your home into your superannuation fund. It’s a non-concessional contribution and doesn’t count towards the contribution cap. However, it does count towards your transfer balance cap, which applies when you move your super savings into retirement phase. www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/how-to-save-more-in-your-super/downsizer-super-contributions Transition to Retirement (TTR): The minimum and maximum withdrawal thresholds are calculated as 4% and 10% of your TRIS pension balance each financial year. www.ato.gov.au/individuals-and-families/jobs-and-employment-types/working-as-an-employee/leaving-the-workforce/transition-to-retirement Life Annuity: If you are using super money to buy an annuity, you must have reached preservation age (between 55 and 60). You must also meet a condition of release, such as permanently retiring. Annuity income can increase each year by a fixed percentage, or indexed with inflation. moneysmart.gov.au/retirement-income/annuities Again please refer to the links I've sourced and your super fund directly for more specific scenario planning.

Check out this page, which says you can have between $300k and $693k in your super (depending on your situation) before you miss out on the full pension. www.servicesaustralia.gov.au/assets-test-for-age-pension?context=22526

Yeah it's hard to give up the income but retiting doesn't mean you need to quit work. You can pivot to something you enjoy more that still pays. The challenge with early retirement is filling the gap between now and 60

True. If you are a homeowner couple and have over the $451k limit for the assets test you start seeing a reduction in your pension (known as part pension). It's not dollar for dollar and the formula isnt stated on the ATO site. Whats the point of having more than $450k in assets if you miss out on the pension? I guess you are less reliant on the government.

You mean tax payer😀@@dadinvestor

The pension sweet spot, $451K Super @ 5% pa + Full Pension. Sometimes I wonder if forgoing my expenditure during my working life, which is coming to an end, was worth it. $1M Super @ 5% pa. In some circles this would be in the "sour spot" range.

For every one thousand of saving above $450000 your pension reduces by $78 a year.

In case I wasn't clear, the assumption is that the retiree will draw down all their capital (super, savings or otherwise) and receive a part Age Pension from age 67. Savings required for a comfortable retirement at age 67 Couple $690,000 Single $595,000 All figures in today’s dollars using 2.75% AWE as a deflator and an assumed investment earning rate of 6 per cent. The fact that the same savings are required for both couples and singles reflects the impact of receiving the Age Pension. The lump sum estimates prepared by ASFA take into account the receipt of the Age Pension both immediately and into the future. The Age Pension is adjusted regularly by either the increase in the CPI or by a measure of wages growth, whichever is higher. The ASFA lump sum figures are therefore not updated quarterly. Source: www.superannuation.asn.au/resources/retirement-standard/

Also note that the 70k per year isnt taken entirely from the $690k in savings or superannuation but includes the amount provided as per your age pension. The max rate for a couple at the moment is around 39k per year so your super/savings are only reducing by 31k per year or so which is below the earnings expectation of a 690k balance earning 6% pa.

@@dadinvestor you very clearly said in the video these were figures for retirees to fund themselves without relying on the aged pension.

Ahh yep, found it. Have made the edits so its more accurate.

If you draw 4% each year you’ll Never deplete the capital

There are minimum draw down amounts at 65 and over it is 5% and then every 5 years it goes up by a percentage until you are 95 and over its at 14%.

Yeas you are correct thanks for pointing out. When referring to the ASFA standard the amounts suggested you need is for that in your superannuation account. IE. 690k in your account as a couple to live off 70k comfortably but does include age pension that contributes to create this income along with your super balance.

Why not have your super in High growth until retirement, then withdraw it as a lump sum and invest in dividend stocks (I wouldnt). At least use the tax advantages super brings while you are still working, or self manage if you think you can do better than the funds managers. If you want to retire early then investing outside of super is the only way though, and while doing that id steer clear of dividend stocks to avoid tax-plus you want to actually GROW your portfolio , and div stocks are definitely not the way to do that.. Having all your money in piss-ant Aussie companies isn't the way to go either. My super fund is killing it -I'm aggressively invested. The 4% drawdown rule is what kills super funds (and people being too conservatively (or too aggressively) invested in retirement. What shits me is the government dictating how much super you must withdraw..Thats why ill be taking a lump sum at 60 thankyou very muchly. I don't reckon 300k is enough unless you work until pension age. I'm out at 60, and for me the quickest way to get enough of a stash is to get huge tax concessions on contributions to super. I'm salary sacrificing 300 extra a week into super. I wish id started much much earlier- 60 comes up quicker than you think hey. Don't fight the system mate-do what rich fckers do and take advantage of it.

Terrible "advice". You clearly have next to no understanding of Superannuation or it's interaction with the Aged Pension system. Yours is a great example of why people should not take advice from the comments section...

@@theowenssailingdiary5239 Great reply and I agree build your super up while its tax advantaged but remember anything over the minimum allowable asset at retirement age needs to be earning over 7.8% because that's what your pension gets reduced by for every 1000 over. Dividend stocks are the way to go, once your on the pension and retired you what income, not growth that's going to reduce your pension due to asset increase (unless you sell). I've been happily retired since 56 I'm 63 now living on the dividends and rent from my home ,which I intend to leave empty once I get to pension age and then receive the pension ,which is more than the net income I receive from my rent anyway. Another example of the government not solving problems for renters but encouraging empty houses or retirees living in grand homes exempt from asset test. All my working life I've been told you need 1 million in super at 5% for have 50K retirement by the experts, guys at work staying on till 67 to boost their super what a joke. I'm never going to be rich with millions in super that is never going to happen but I'm more than comfortable and 7 years into retirement, living the dream while I'm still relatively fit.

Replying to me?@@reggrunow1460

@@reggrunow1460 you must work in the industry please enlighten us. Pension is reduced by $78 per annum for every $1000 over minimum rate that 7.8% you need to earn on your supper just to break even.

Thanks for watching. Best thing to note is that the process of you investing is going to account for vast majority of your success than the tool you use. Brokers I know of and have used for AU / US trading included Stake Selfwealth WeBull WeBull isn't Australian run like the other two, so you might want to create free accounts to see how easy or capable its going to be for your needs.

Not everyone knows or understands this about pension accounts or pension mode.

Here's my video on how to do that! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ZGe8ytW7sZI.html&lc=UgxZtjupXGARzF2EilN4AaABAg

You got a mortgage Paul? Or renter?

What's that got to do with it? Whether I'm a renter or a home owner, you are saying that people need $50000 plus to retire, when there are millions, who don't earn that now! Your whole video just like super is rubbish. It was never designed for poor people, it was designed for the union movement to have and income stream after falling union membership and as a by-product, the rich get richer, because they can use it as a tax dodge! You know and so do I?

$45k a year? You must be a casual or part-time worker. Or you're a teenager on minimum wage. Drs earn on average $200k a year which might sound alot but a 4 year medical degree costs around $90k per year.

@@Michelle_Emm, if you lived in the real world more than half the population earnes less than $60000 a year, but obviously people like you are too busy sipping lattes, to know what your waitress, lawnmower man, taxi driver, shop worker and many others earne, so there's no point having a conversation? Oh by the way the average GP, now earns closer to 400k per year!

@paulsandford3345 I made $43k at my casual job in the last year I worked. My 3 kids all make 6 figure incomes, none of them have university degrees. I live on $30k a year. You are statistically incorrect, more than half the population do not live on less than $60k a year.