Can I use a loan from the bank to help top up my super?

Given that interest rates tend to decline, my suggestion is to contribute a total of $ 30,000 per year, which will include the employer’s contribution. Continue this as long as the mortgage is under control. If cash flow is tightened in the future, salary sacrifice can always stop its contributions.

I’m trying to find out how much pension I can get. Does the money I draw as a retirement count come from my super census or will it come?

When evaluating a one -year retirement application, Centrelink uses both an asset test and an income test – the person who gives you the least pension is settled.

The balance of your retirement is considered as an asset for asset test and an income accepted for the revenue test is given. It is not considered in any way how much you have taken from your super. If there is an asset test, remember that the income test is not relevant.

I earn 80,000 dollars gross and I have super 405,000 dollars. I am a salary of $ 200 for two weeks. My wife earns $ 450 a week and has a super $ 50,000. Together, there is a savings account that earns 4.5 percent and has our house.

I am 58 years old, I am 59 years old in February and we expect to work until the age of 67. My wife is 57 years old and can work for another five years. As far as I can see, the ‘sweet point’ to maximize the benefits of the government is a super balance of $ 700,000 to $ 700,000 to $ 700,000.

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Now if I stop the salary sacrifice, super is still on the way to achieve this goal? This will release money for other purposes, knowing that I can always complete later when necessary. We live a simple life and we will be satisfied with an annual holiday in retirement, Gold Coast, or in a similar place, with a normal daily life.

Apparently you have eight years of work in front of you, so you have time on you. Assuming that the employer contribution is 9600 dollars per year and that you put $ 5200 a year, you now contribute $ 14,800 in total.

Your first action should be to increase this 15,200 dollars a year, so you put a total of $ 30,000 a year. If your salary increases by 4 percent per year and your fund returns 8 percent, only your employer’s contribution should be worth $ 800,000 in eight years.

After the allowance for the 15 percent contribution tax to 150,000 dollars, we make a separate calculation for your own contributions based on $ 17.340 per year and we provide a total retirement of approximately $ 1 million in eight years.

Remember that we talk about what your expenses and lifestyles will be in eight years – I suggest you make a clear Worth expression every 12 months to make sure you are on the road.

Christmas Whittaker writer Pension was simple and other books about personal finance. Questions: Noel@noelwhittaker.com.au