So you are ready to retire?

[@megazone128]

Can you please tell us in your next chat how you advise your clients on the 3 bucket strategy and how you would best use it within an industry super account.

[@jaswatkins3109]

Yep 55 and ready. 6 years of cash before I need to touch super..Mid life crisis or inner death feeling (forget age prediction), I won't make 80...Time to get advice I reckon

[@robsalvv5853]

You are about to coast FIRE. Me too. Good luck with your journey.

[@kimberleyfleming6739]

Such great information. Thankyou.

[@payroll970]

I wouldn't over estimate the extent to which it is easy to get money out of super. I'm in the pension phase and the accumulation phase and they put 5% of my pension super balance into my bank account each year. But if I want extra it is not so easy. I have a photo id card, accepted by centrelink (it is the exact same process to obtain from the same department as a drivers licence but you just don't do a driving test) but is not accepted by the super fund. (no licence or passport). I have to run around get documents certified. I now make sure I have plenty of money outside of super in case of an emergency.

[@Rick-kj9dd]

I just read the Psychology of Money. Among the many good points that Morgan Housel made in the book was to allow a margin of safety in your expected returns. Make sure in retirement you can live on the lower expected return. Any return above that is a bonus.

[@ianwarren3588]

It's the same when you calculate yearly spend. Round all your expenditures up to the next $, 100, or 1000 etc. This gives you a buffer zone when you do your calculations...so you have more than you need in retirement calculations.

[@josephj6521]

Unsure what you mean regarding you can do whatever you want with your super after 65 and not 60? I thought we can do whatever pleases us at any age after 60? It’s our money. Can you explain this please? It’s concerning that I just learnt that when our super is at pension phase, that we cannot add more into super if we have spare cash when the markets dip. Why not? I’d like the opportunity to reduce withdrawals from super at a market downturn and live with my cash on the side & make a deposit into super when unit prices are lower. I feel we aren’t treated well in retirement as it’s our fund, our money, and no one else’s. Hard to plan anything if we don’t have full control.

[@Rask-invest]

Great points!!! Because pension mode is tax free, the government knows that if they didn’t legally require a minimum % withdrawal each year, the balance of our super would rise to infinity… tax free. Hence the rules, which are easy to navigate. If you ask me (Owen) building enough wealth outside Super is key. Most retirees I know withdraw the minimum, then just reinvest in a holding company or personal name. That way, they’d never feel like they’re missing out. I think Super is amazing. Easily the best tax structure for most of us. But like all things, it’s not perfect. And everyone has a different perspective when it comes to money.

[@bobby666-33]

Hi Guys. When retiring is it better/safer to put your super into pension phase and live tax or go to a financial advisor and allow them to withdraw the super and let them managed it ?

[@robsalvv5853]

When you are drawing your allocated pension, your super fund will keep the balance invested in a way that suits you (growth oriented if you want) and probably at a lower fee than an advisor/planner. Have a chat to the fund.

[@bobby666-33]

@@robsalvv5853 Thanks Rob

[@michaelvass1970]

Please change your intro. Thanks

[@amyhudson1016]

🤣