The BEST Way to Access Your Super When You Retire

[@wattlepartners9867]

Hi all. If you would like to book a free call with either myself or Jamie to discuss your retirement, please reach out to us at www.wattlepartners.com.au/contact

[@halfrousseau69]

Super clear for us poor Poms who struggle to grapple with the concepts operating in Australia compared to UK - well done! One new subscriber!

[@wattlepartners9867]

Thank you! Would love to hear any more questions you might have!

[@Rask-invest]

Love this, guys. Well done team Wattle!

[@Johnwhite-c3n]

I just turned 44, and I feel like I’m so behind on my retirement planning. I have a 401(k) but barely anything else saved or invested. I’ve got over $220k in cash, but with inflation climbing again, I’m really worried about retiring comfortably. I want to retire by 55. What’s the best way to maximize my savings as someone self-employed?

[@Annie2229]

Retirement planning has definitely gotten tougher these days, especially with rising costs and market instability. For someone self-employed, it’s crucial to have a strategy that balances risk tolerance with long-term goals. Have you thought about speaking to a financial advisor to diversify your investments? That could help spread out the risks

[@Larry1-pl2wq]

Completely agree. I’ve always used an advisor for my extra income after experiencing a big loss during the 2020 market crash. I’ve since semi-retired and only work part-time now, but I’m still about 25% shy of my $1 million retirement goal. Having an advisor really made a difference for me, especially when I was self-employed

[@MONROEJACQ]

Thanks for sharing your story! I’ve been trying to manage my portfolio myself, but it’s just not working out. I know I need help, but finding someone reliable feels like such a challenge. Do you have any suggestions for a good financial advisor?

[@Larry1-pl2wq]

I’d recommend checking out Joseph Nick Cahill. He’s a CFA with an impressive track record in managing portfolios and helping people-self-employed folks included-hit their retirement goals. You can easily find his credentials online, and he offers free consultations, so there’s no harm in reaching out

[@Robby767]

Thanks for that suggestion! I just looked him up, and his credentials are impressive. I also checked out his website and saw that he’s helped a lot of people achieve their financial goals. I’ve already sent him an email, and I’m excited to hear back.

[@kasmstamps1897]

Dec23 I reviewed my super returns and was not happy. My personal investments had poor performance. I liquidated everything (selling property thats sooo long). Invested in disruption. Also concentration (less than ten assets). Also split allocation US/Oz 60/40 which will have tax implications but I'll sort that out later. So far returns are 40% (80% less tax) so finally feeling getting ahead. Now planning to retire next July and pension not even a factor.

[@sonyasj74]

Hi Drew. Love your work. Keep it up 👍. I watch you and your mates on Rask also. Would love for you to do an episode or two on defined benefit schemes (PSS) as most of the information out there is geared towards accumulation super funds.

[@wattlepartners9867]

Great idea

[@markderlo212]

@3:30: not true, once you turn 60 and do not work any more, you can withdraw all super money and close your super acc , tax free

[@andretaylor1969]

Thanks Drew. It would be great to see a video that talks about managing the gap years between the average age of retirement in Australia (55) and the age most people can access super (60). It is hard to find much advice on this. Most of the online retirement planning tools I have tried don’t even allow you to simulate retiring before 60.

[@robsalvv5853]

You are trying to Coast FIRE. There are many vids on the FIRE movement, which is about accumulating sufficient funds or wealth to be Financially Independent so that you can Retire Early. The 55yo variation is to Coast towards super by using savings and/or a passive income stream. You are funding life up until preservation age. Goodluck on achieving your goal.

[@wattlepartners9867]

Sounds good!

[@DanielBaleWyatt]

Retirement is more challenging now than it used to be. I've focused on saving rather than investing, and currently, I have about $400K. With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies.

[@DanöVee]

Are you planning to retire before 59? That's the key factor for me. I transitioned to cash-flowing assets because I wanted to retire early.

[@Toni__Michelle]

Given the current pressure to prepare for retirement, I highly recommend seeking guidance from a financial advisor. This will help you make more informed investment decisions.

[@FrankJaaay]

Do you have any recommendations? I’m looking for a CFP to help grow my retirement account.

[@Toni__Michelle]

Rebecca Lynne Buie has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.

[@HotManP-l5g]

I looked her up and found her webpage. I’ve already sent an email and scheduled an appointment. Thanks for the recommendation!

[@1WHATSUP1]

I HAVE A QUESTION. I PRESUME THAT WHEN YOU TAKE OUT SAY $30,000 AS AN EXAMPLE THE GOVERNMENT WILL JUST ADD THIS TO YOUR ASSETS AND YOU HAVE TO MAKE SURE YOU DON'T GO OVER THE LEVEL AT WHICH THE PENSION STARTS DROPPING OR CUTS OFF ENTIRELY. YOU CAN ONLY DO IT ONCE OR TWICE PER YEAR SO IT HAS TO BE A LARGER AMOUNT. SO HOW DOES THAT ASPECT WORK IN RELATION TO ASSET LEVEL.

[@petergrady8848]

are you better of salary sacrifice or pay direct into your super fund every time you get paid ?

[@wattlepartners9867]

Thanks, Peter. Good question, we will cover in a future episode.

[@williamjohn1815]

Say you 120,000 in super and you get to 67 are you entitled to the age pension and if so is it better to leave the money in super or move to bank.

[@wattlepartners9867]

We cover this over at @raskaustralia

[@johnshave4887]

OK information, but in this and also in other videos, there is no mention of risk appetite. This is a crucial issue.

[@wattlepartners9867]

Thanks, John. Looking to cover risks and the trade offs in a future video.

[@kajak012]

Run out off super and savings! pension helps ?

[@daveo9844]

Q: If I sell an investment property, can I avoid/ reduce CGT by putting the profit into my super? Is there a certain age that enables zero cgt (60?) Thanks.

[@wattlepartners9867]

Hey Daveo! Thanks for the comment. As with a lot of this stuff, it's nuanced. There is potentially a tax saving possible, but it will depend on your financial situation. I'd be keen to talk about it with you further if you'd be up for it, but we also have to be careful with not overstepping and providing personal advice here in the comments. Anyway, if you'd be interested talking further about it, feel free to get in touch with me here: www.wattlepartners.com.au/contact First call is totally free - no obligations. Hope to talk to you soon!

[@singas2854]

What about access for early retirement

[@robsalvv5853]

Prior to your preservation age, there are only a few, strict and limited exceptions that allow you to access your super. Speak to your fund.

[@markderlo212]

and you did NOT mention a word about the government pension payments vs the $ amount one has in superfund. 👎

[@jimbrien1112]

Why is that you even mention preservation age as 65 ... so many people I talk to think they Cannot touch there super till 65 ... if You retire you stop working !! if your 60 you can access all your super . investment advisors should be using 60 not confusing people with this 65 age which has no legal bearing whatsoever .

[@DeanThomas-m3e]

So true they try to tie with the pension which is now 67 I'm 58 done with work be taking it all out and enjoying myself while still physically able had three people I know around my age die in last week no one has a crystal ball enjoy your life while still able too no good been wealthy at 85 but only able to sit in a chair and look at your bank balance

[@olafwarmblood6751]

Watch out for the taxman if you’re in Aus. If you haven’t reached your preservation age the ATO will smash your nest egg if you access early. They consider it ‘earnings’. Good luck mate.

[@jimbrien1112]

@@olafwarmblood6751 .. true but if you stop working totally at 60 that is your actual preservation age ... so shouldn't be an issue unless you try and go back to work or are earning other taxable income on the side ...

[@NoRegertsHere]

@@olafwarmblood6751that’s what he’s talking about. Can be less than 60 if born before a certain age.

[@robsalvv5853]

Say what? Turning 65 is all you need to meet the “condition of release” giving you full access to your super whether you are working or not. That is law and very legally relevant. Age 60 is the preservation age meaning your super is preserved until at least 60yo and full access can’t be granted until you meet the other relevant conditions of release, the main one being that you have stopped gainful employment, I.e., retired. BUT, LIMITED access can be granted after age 60 using the Transition To Retirement option. Talk to your fund.

[@dentray]

Take your Super and run! When your super is almost gone you will be old enough to live on much less so savings and aged pension will suffice! If you have enough money you don't need to make more there is just no point.

[@wattlepartners9867]

Or you can make it last much longer by investing for both growth and income.

[@ingloriouspancake7529]

Bitcoin is my retirement plan...

[@wattlepartners9867]

Hey there! Thanks for commenting. While crypto is having its time in the sun, do you have a plan to turn that into reliable income?

[@joshyboy152]

@@wattlepartners9867 Why would I want to? If I had any additional revenue, I’d invest it in Bitcoin because it outperforms property as an investment in terms of returns and flexibility.

[@matthewkingston8931]

Sell your bitcoin in june/ july 2025 Wait until the bottom of bear market 2027 and buy bitcoin again and wait for 2029 top. Repeat this cycle again and again.

[@kajak012]

retirement years = live off the fkn pension

[@wattlepartners9867]

Well, hopefully not just the pension! We like to aim a little higher than that at Wattle. :D

[@kajak012]

@@wattlepartners9867 that depends how much can be invested over the years while working? (besides super contributions)