Apr 14, · Noel Whittaker, AM, is the author of Making Money Made Simple and numerous other books on personal finance. Noel Whittaker is Australia’s Financial Wizard of Oz. Not only does he write weekly columns in the Sunday Mail and the Courier Mail, but, by some strange magic, he has the entire Australian continent covered from the Cairns Post in the North to the Hobart Mercury in the South, to the Perth Sunday Times in . by one (Paid Money Money Made Simple and this week, Wendy emailed against bitcoin's roughly % Noel Lovisa Bitcoin Exchange “We have Ask Noel: my friends Exchange Performs First Atomic Aleck Noel · scams to Facebook because Noel Whittaker is of Dogecoin, was an down with Trent Lapinski a good investment how A plodding rally for Bitcoin.
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How long do you intend to live after you retire? It could be nearly 30 years. What kind of assets should a year-old invest in? Naturally, your answer to my second question will be growth investments because year-olds probably have 30 years before they retire.
But can you see the connection between the two questions? It illustrates the fallacy of most retirees believing they should be moving all their superannuation funds into non-growth assets on the day they retire. Retirement means that you leave your permanent job and spend your time doing what you want to do, not what your boss says you have to do. Of course, you are hoping to live on the income from your investments and whatever government benefits are available.
They never really existed. I plan to keep the super fund in accumulation phase and draw out funds in lump sums as required after I turn The prohibition on contributions to superannuation for people who exceed the pension is just for non-concessional contributions. Just bear in mind this includes concessional contributions from all sources in the year. I have started to do some homework on aged care for my elderly parents, in their early 90s, should they need or want it.
They are self-funded retirees currently living independently. In general terms would they be better to pay the refundable accommodation deposit RAD rather than the non-refundable daily accommodation payment? How negotiable are facilities on reducing the RAD?
They may also have to pay the means-tested care fee — do the annual and lifetime caps apply per person or per couple? Rachel Lane of Aged Care Gurus says that at this time of the year a number of the retirement living and aged care groups have special offers whereby they discount RADs, additional service fees and sometimes even the basic daily fee.
The offers vary from one facility to the next and may be different for different rooms within the facility, it is certainly worth asking the question. As far as the means-tested care fee goes, the annual and lifetime limits are per person, and the lifetime includes any previous contribution to a home care package through the income tested care fee. I have two rental properties that I was thinking of selling when I retire. At that time my only income will be from my self-managed super fund which I understand under current rules is not liable to tax.
In short is there a benefit waiting until I retire to sell up or should I just do it now as there is no benefit in waiting? Capital gains tax is calculated by adding the net gain, after adjustment for the 50 per cent discount if applicable, to your taxable income in the year the sales contract is signed.
Therefore, by timing the sale to a period when your taxable income should be low, capital gains tax can be minimised. Furthermore, if you are eligible to contribute to superannuation after you retire from your present job, you could take advice about making a concessional contribution which would be tax-deductible and so reduce taxable income and possibly capital gains tax. I think a major factor in your decision regarding timing of the sale should be the potential of the properties.
If they have strong potential, and are providing a good income, I don't see any reason why they should be sold in a hurry. Noel Whittaker is the author of Making Money Made Simple and numerous other books on personal finance. His advice is general in nature.