Super & Retirement

Should I roll my SMSF into an allocated pension?

I have a self managed super fund, I will be of pension age in 7 months. I would like to roll my super over into an allocated pension and still self managed it if possible. I would like to know the pros and cons of this move, would the fees cost about the same as…

When starting a pension do I have to convert all of my super to a pension?

If I want to start a pension, am I obliged to do so with the percentage minimum of the whole of my super (far too much for my daily living requirements) or may I instead leave some in the accumulation phase and simply start a pension from, say, half the balance? It has always been…

Should I leave my money in super or start an allocated pension?

I am retired and all my money is still in super. I haven’t yet transferred it across to an allocated pension or other form of income stream. The reason I leave it in super is that I am guaranteed 4% in the super fund, and that means that when the markets fall I still receive…

Can your super fund collapse?

I am 52 years old and have all of my savings in super. Therefore most of this money is in shares, or other listed investments such as property securities and fixed interest. With all of this market turmoil, my question is: Can a super fund collapse? Should I be worried about having all of my…

Are allocated pensions all that they are cracked up to be?

My question is about allocated pensions. As I understand it a person between the age of 55 to 60 yrs, can reduce the tax paid in his super fund from 15% to zero by entering an allocated pension. However could you consider this self-defeating if say the person did not need that pension to live…

Should I add to super or pay off debt?

I am a 57 yr old part time female worker working 2 days a week as a nurse. My hubby is a process worker working 38hrs week and has a second job delivering Pizza. My 3 children stay as at home with the eldest working full time this year and the twins still in 3rd…

Dumping cash into super before retirement

I have triggered the bring forward rule which allows me to invest 3 years non concessional contributions in 2007/8. ie 3 by $150000 = $450,000. However I have only contributed $400,000 as at today’s date. I turn 65 on 6/1/2009. Could you please advise me as to whether I can contribute the outstanding balance of…

Clever DIY super strategy – but is it legal with the ATO?

Question: I have a large taxable component in my self-managed super fund. My financial advisor suggests I withdraw $140,000 and deposit it into my own bank account for one day then deposit it back into the SMSF and repeat this transaction for the next five years. Is this legal with the ATO? Answer: Super re-contribution…

Transition to Retirement strategy – is it tax effective?

I will be turning 55 next financial year. All I have read or heard from the commentators are it is beneficial to start a transition to retirement pension (TRP). Is it a tax effective strategy for everyone over the age of 55? Would you please give some examples where TRP is not a good tax…

How best to handle retirement payouts without jeopardising the age pension

I do have a financial planning question. I’m 64 years old and working for a government statutory body, which is Legal Aid Qld. I’m also a member of the Centrelink pension bonus scheme. I earn approx $50,000 pa, but salary sacrifice a bit less than 50% of this. That’s made up of the max amount…