6 Costly Retirement Planning Mistakes You DON’T Want to Make

[@csjames69]

An important point that needs to be made for those considering retirement is elimination of debt. All well and good people retiring but if they still have a mortgage, credit cards or loans, their super will be supporting the debt and not their lifestyle post work.

[@Eagleeye644]

Absolutely 💯

[@jasondoust4935]

Chuck Pahlaniuk said it best. The things you own end up owning you.

[@lisinbondi1240]

I don't think 'working too long' counts if you enjoy your job and also if you have always lived a full life and not put off the fun trips until retirement. One of our friends just complained today he wished he had kept working, even if just a few days, as he is very bored. Having younger colleagues keeps you sharper intellectually as well. Too many retirees end up in bubbles of old people and they age mentally much faster. Make sure that you have a plan of good things to do next and it doesnt just involve others 'your age'.

[@SuperGuyAu]

I completely agree. It is a mistake for people who don't enjoy their work, though. But yes, when I refer to retirement, I generally mean the ability to retire - because I also think keeping active within a work environment can be healthy.

[@wonton8983]

Retire as soon as you can and enjoy it. You are just a number on the hamster wheel. I just sorted out some finances for a sick cousin in NZ. He just turned 65 so gets full single pension ~S1200 f/n, he worked 43 years for the same company on minimum wage. When he handed in his retirement notice all he got was a 1 line email saying yes we accept your resignation and good luck with your retirement. When it became compulsory he paid 3% into super, his employer put 3% into super, after 12 years it was worth $42,000 I don't know how the Kiwi's survive. Council Rates are $3,400 his Pensioner Goldcard is practically worthless other than free off peak public transport.

[@SuperGuyAu]

I agree. People probably work too long.

[@catweasle5737]

All good advice, but I would add one other important thing.......what do you plan to do once you retire? What is your lifestyle going to be. One person could retire on $800 a week and live comfortable. Another person with the same amount might struggle. You have to plan for YOUR interests.

[@MrMarkguth]

I’m screwed, I don’t think I can give up flying 😂

[@TheFelltimber]

I have been lucky to be in a final average salary govt pension which pays more than my normal salary meaning I retire on an increased salary. It seems so unfair that there are very different rules and opportunities

[@susannicholson3255]

My Father made a costly mistake not knowing he could have been receiving the NZ Super Pension (similar to age Pension in Australia) for 25 years. The NZ Super is not means or income tested like here in Australia . He was self funded through a NZ Army Pension and Investment outside of Super. It was not until he went into aged care and he became eligible for the Australian age Pension that I found out. So he had missed out on approximately $15000 pa for 25 years. There must be many Kiwi expats who are missing out like my Dad did.

[@RonaldWarren-ro7xi]

Hello, how are you doing?

[@fieldsofgold775]

I’m working till I drop. 😅 I lived a carefree existence in my 20’s & 30’s to enjoy my younger self. & I don’t entirely regret that decision either.

[@miragexl007]

YET........lol. Hopefully that works out for you.

[@fieldsofgold775]

@@miragexl007 Well I have no option nowadays…but F..k I lived my best self young!

[@intotheblue970]

I did the same and still retired at 50 :)

[@josephyeo6966]

The best retirement plan is not to retire at all. Your mental health deteriorates once you stop working, paid or unpaid.

[@tdgspare3639]

Thank you for this. In answer to why some people don't seek expert advice; can't afford it! I therefore appreciate self help videos ☺. 500k for my retirement? That would be amazing but highly unlikely even with both of us together.

[@SuperGuyAu]

Glad you like the videos. More to come!

[@doctorcrusher2918]

I’d like a discussion about women retiring. Widow, over 60, in and out of the workforce due to family, very minimal amount of super because of it…

[@madaz13bbp]

Considering the onerous requirements for Gov pension it should not be a surprise that many people, myself included, are planning their retirement strategy around not receiving or needing a Gov pension. Why add the stress and monitoring of dealing with Centrelink to your retirement years just for a little bit of money that will be adjusted each election cycle based upon Gov budgets and social programs?

[@aussietaipan8700]

2-5 for me are no brainers but 1 is a very interesting one. For me I would like to semi retire, work 2 - 3 days per week as I love my job. But I know changes are in the wind and the company I work for will be broken up and sold off so I may be put out to pasture earlier than I would like. My aim is to semi retire at 67, 5 years from now.

[@SuperGuyAu]

Yes, I think simply knowing if you can afford to retire (or reduce work) if you wanted to is the important thing. Continuing to work then becomes more of a choice.

[@andytee5677]

You must have an absolutely amazing job to love it more than spending time doing whatever you want at whatever hobbies you may have.

[@Hakucho64]

A couple of times you recommended using a good Aussie-aware retirement calculator. Could you suggest any please?

[@CM-lf9gk]

Excellent advice and information, thank you

[@SuperGuyAu]

My pleasure!

[@danbretherton]

Since war veterans can receive the pension at 60 can we salary sacrifice as much as needed into super and receive full pension to make up the loss in take home pay?

[@alexlanning712]

Interesting Info, also, get out of the rent trap/downsize

[@Elliott_Wave]

What are your costs for planning Above 5,000??

[@SuperGuyAu]

You can learn about of service and fee here www.torowealth.com.au/advice-process/

[@jeannedarc1566]

Can one get advice and pay someone to look at everything and let you know how you’re going and what your options are, and just pay for that as a one off? I don’t want to set up an ongoing income stream for an advisor, but I’d be happy to pay for their expertise in looking at my plans. Is that kind of setup even possible?

[@SuperGuyAu]

Yes, this exactly what we do at Toro Wealth. One-off retirement planning advice for a one-time cost. You can learn more about our fees and services here superguy.com.au/advice-process

[@PeterKontogeorgis]

@@SuperGuyAu is there an approximate age you would recommend for looking at retirement planning? I understand that the earlier the better however is around late 40s too early for a review and putting together a plan?

[@gerrym75]

​@PeterKontogeorgis I did a plan 18 months ago at age 47 as I'm planning to retire by around age 58, so no, late 40s isn't too young. There are lots of things you could probably do differently now, which will have a huge effect down the track, so the sooner you get started, the better

[@escape0002]

Also keep in mind people don’t necessarily get to choose when they retire, after all life happens.

[@miragexl007]

You got that right... This is the. Five year push me and my wife.. Save a ton... retire at 56, wife 62 I'm have a good cushion for those life things hopefully.... Like President Biden type years.

[@nobodyreally0162]

I’ve got 10 to 15 years of working life.. I want enough money so I can live very comfortably, just have the things I need and not worry about how I’m going to maintain my life style. I’m 50 yrs old.. I need help and guidance so I can work towards my dream life. I also wish to open a retail shop and workshop to produce a product and run my own business.. What advice could you give me to start this journey I wish to embark on…??? Clear concise advice would help me. I’m happy to research and seek professional advice. But please help me start by pointing me in the right directions please.

[@SuperGuyAu]

I am confident we can assist with superannuation and retirement planning advice, but you could probably get better life and business advice elsewhere!

[@josephyeo6966]

If you wish to run your own business to ensure financial stability, I would say it is a bad move. Most startups failed or will not ensure your financial stability at all. I have been through that a few times and have read a ton of materials on it. If you continue working and for the next 10-15 years, your super, and how you manage and contribute to that super, will ensure your financial stability. I know, because I was told "don't give up your day job", and that was the best advice.

[@bradleyjc123]

Im 38, and if i retire at 67 (around 2053) i guarantee there will be no aged pension or assistance.

[@jonathancarroll1913]

Good video. I would like retirement planning advice, particularly about tax minimisation (I’m now 57 and semi-retired). However, I hate the way financial advisers want me to fill out a “lifestyle questionnaire”, which seems to ask all sorts of irrelevant questions. For example, have I got income protection insurance and have I got health insurance? To me, this says “My aim is to sell you insurance”. I’ve walked away from a couple of financial advisers for this very reason. The last adviser I engaged told me she had to collect this information by law. Really?

[@madaz13bbp]

I agree, there is way too much personal data mining done in Aus by private companies and Gov departments.

[@TheSuperdodgy]

You are 100% correct and it's exactly what they want to sell you. Not interested in actually provding you advice that doesn't involve them taking some of your money.

[@josephyeo6966]

You made the right call and your sense of their vested interest was correct. I have watched and read countless videos, talks, and papers by various "experts". Sometimes the real gems in life may go unnoticed. From reading the numerous comments and responses, rght here, I found someone honest, accurate, and reliable.

[@obs2746]

I specialised in death investigations for many years in the police. I attended more than 700 deaths. I saw many that died within days of retirement. I am in no doubt that you absolutely should retire when you can, enjoy life and don’t leave it too late.

[@ruon568]

if you retire at 60 and spend your super between 60 and 67, does that affect the pension eligibility?

[@oggyoggy1299]

It makes you eligible.

[@Eagleeye644]

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.

[@SuperGuyAu]

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.

[@Eagleeye644]

@@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.

[@rockergirl2489]

Brilliant thanks

[@SuperGuyAu]

Very welcome

[@rockergirl2489]

Thankyou

[@miragexl007]

You know.. I wonder if working nowadays is harder than our parents in some way... Distress and work environment, laws and demands, Entitlements, The push for the government to take care of people more, et cetera. Are people wanting to retire earlier than later VS.our parents? Curious. I know I will retire in the next 5 years at about 30 years in nursing...vs 40+ for my dad.

[@SuperGuyAu]

Each to their own I guess. I'd be happy to work much later, but it would be comforting to know when you could afford to retire if you ever wanted to. I define the term retirement as the ability to retire as opposed to actually stopping work completely.

[@IPEX-BADD]

Lol, section on investment risk started, up pops an add on CRYPTO investments. How apt, yeah/NAH!!!!!

[@barryelworthy7834]

Hi I am 55 and a little confused about retirement I have some health issues and just started watching everything about retirement do you have someone I can talk to I live in Brisbane ??

[@SuperGuyAu]

We provide personal advice at Toro Wealth. All appointments are conducted via video www.torowealth.com.au/

[@frankritt706]

Can you make a 27500 concessional contribution and a 100000 non concessional contribution every year?

[@SuperGuyAu]

Yes, if eligible, you can make a $27,500 concessional contribution and $110,000 non-concessional contribution every year. In fact, you can contribute even more of each using the bring-forward rule and carry-forward rule. Read more here superguy.com.au/superannuation/how-much-super-can-i-contribute/

[@josephyeo6966]

Any knows whether having two pension streams in the same super fund will attract double fees or more fees?

[@SuperGuyAu]

It will generally incur two 'account based/member fees', but the overall fees shouldn't be double, because most pension income stream costs will be % based.

[@josephyeo6966]

@@SuperGuyAu Thank you for your response. Much appreciated.

[@annemakin4004]

How do I contact you. what are your fees Is it a one fee or ongoing fee for your services

[@SuperGuyAu]

You can learn more about our fees and service here www.torowealth.com.au/advice-process/

[@elfierexhepi73]

Yes you a great do you have office in Melbourne

[@lincolncarolan8341]

Hi. Say I retire and start a pension income stream at age 60 and transfer the maximum of $1.9m into pension phase. I draw down the minimum of 4% per year in the first year. During that year, I make 10% in investment earns within my pension account. My account balance is now over $1.9m (say the balance at the end of that first year is now $2m). Do I have to withdraw the excess over $1.9m? Or pay tax on the earnings above 1.9m? Or are these investment earnings allowed, and I just have to withdraw at least 4% of $2m that next year. I hope this makes sense. Any clarity and or link to information would be appreciated

[@SuperGuyAu]

The $1.9M transfer balance cap relates only to amounts transferred into pension phase (not movements in value due to earnings or withdrawals). Each year you need to draw down the minimum required income based on your 1 July balance and age-based pension factor. You can read more here superguy.com.au/superannuation/super-transfer-balance-cap/

[@lincolncarolan8341]

@@SuperGuyAu thank you sooo much.

[@user-mw4go7ez9t]

Is Australian super income in retirement seen as assessable income for taxation purposes in overseas countries.

[@SuperGuyAu]

Not if you don't reside or haven't resided in them. If you are considered a resident of another country for tax purposes, you'll need to speak to a tax professional in each of those overseas countries to find out whether the income is taxable. Australia doesn't set the tax rules of other countries.

[@anthonycampbell5483]

I am now currently back living working Uk I have a Australian residency visa parent I have a super fund With two providers in AUS make contributions myself Into my 60s After living working AUS 30+ years would I be eligible for AUS pension & on my retirement which in Uk now is 67 what would be my Best opinions With my AUS super

[@prasadsatish971]

Ask your super fund for best results

[@peterschurr8087]

You know what… this is an industry I just cannot trust. I’ve been to two independent financial advisors for financial advice. Each of them only wanted my super balance moved into their system and run for an annual subscription. I didn’t go for financial management, I asked for financial advice. Arseholes, all of them.

[@SuperGuyAu]

I personally don't agree with the annual "management fee" approach either. But, I am certain that not all advisers are bad - it's just hard to find the good ones!

[@Woodland26]

my retired business partner revealed that 1% of his balance each year are paid as "advice fee". I would rather not bother to fund someone for minimal service given.

[@andytee5677]

@@Woodland261% for having an industry expert to look after all the issues is a no brainer. I don’t want to be bothered with watching my Super like a hawk every day of the week.

[@paulf763]

Really . You ask for financial advice and guidance , and the adviser says that they will advise on your super , and you think this is an “arsehole act” The poster openly says he spends 25-30 hours on a plan at retirement. He will charge you 3-4000 for this .

[@allanbriggs9007]

@@SuperGuyAu You are correct - there are good advisors - the problem is finding them. When I retired I went to all the large "institutions" and I interviewed them. Most were absolutely hopeless. They sold their own products (conflict of interest), and had little knowledge. I was lucky in that I understood finance and investment. I eventually found a good advisor who allowed me to spread my money - and I was involved in that spread. Never looked back. BTW A couple of those large institutions copped some heavy fines as a result of the Royal Commission.

[@billk9856]

But Chris, leaving a significant amount to our kids is important to us. And yes, I'm happy to give up some of my best retirement years for my kids.

[@sharonozvenom]

I wish you were my parent …😂

[@allanbriggs9007]

Some basic stuff. Go from fulltime employment to part time to retirement. You adjust better. Make sure you are debt free going into retirement. PLAN - Plan _Plan. It's not rocket science. And the presenter is correct - most people are far too conservative. Oh, and most importantly get yourself a good financial advisor. They are worth their weight in gold, but there aren't a lot of them. Many are just good salespersons.