⚠ Friendly Reminder ⚠ Watch out for comments promoting specific financial advisers or services-they may have their own agendas and could be scams. Stay safe and always verify sources!
Retired at age 53, I am in my early 60s. Because they couldn't understand the idea of not working if you don't have to, many individuals resisted me. I viewed my life in phases. In my latter years, I owe it to myself to "stop and smell the roses," even if I have worked hard to get everything I have now. My situation is that I retired and moved to Latin America. It made it possible for me to enjoy my new surroundings while escaping all the bad things that were going on in America. None of the people I've met regret retiring.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Retirement is becoming increasingly challenging for many people. Low wages, inflation, and high rent costs make it difficult to save, and now, even middle-class Americans are struggling to buy homes-leaving them with fewer retirement options.
The rising costs have disrupted my plan to retire at 62, work part-time, and save for the future. I can't help but wonder if those who went through the 2008 financial crisis had an easier time than I’m facing now. The combination of stock market volatility and decreased income is causing me concern about whether I’ll have enough saved for a comfortable retirement.
This is exactly why I value the expertise of a portfolio coach in guiding my daily market decisions. Their extensive knowledge in simultaneously managing long and short positions, leveraging risk for asymmetrical upside, and employing strategic hedging to mitigate downturns significantly enhances performance potential. With their skillset, underperformance is highly unlikely. Having worked with a portfolio coach for over two years, I have realized gains exceeding $800,000.
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.
One of the biggest mistakes I see is underestimating healthcare costs in retirement. It's easy to assume Medicare will cover everything, but there are many expenses that it doesn't, like dental, vision, and long-term care. Have you accounted for those?
Absolutely! Another mistake I often come across is people keeping too much of their portfolio in one type of investment, like stocks, and not diversifying enough. When markets are volatile, this can really hurt. It's important to consider a mix of bonds, real estate, and other assets for stability.
Oh, taxes are a huge issue! Many people fail to plan for the tax impact of withdrawals from retirement accounts. Drawing too much from a tax-deferred IRA or 401(k) can push you into a higher tax bracket. A tax-efficient withdrawal strategy is essential.
I think delaying Social Security for too long is another costly mistake. Sure, you get a higher monthly benefit if you wait until 70, but it's a tradeoff-you're missing out on years of benefits. Sometimes it's smarter to start earlier, especially if your health isn’t great.
A common mistake I made was not having a clear spending plan for retirement. I didn’t realize how much small expenses could add up over time. It’s vital to track spending closely and adjust as needed, so you're not left scrambling later.
I totally agree! It’s also worth considering long-term care insurance or setting up a dedicated savings account for unexpected medical costs. Not planning for these things could lead to some really tough financial situations later on.
That sounds like a solid plan! 😊 Drawing 4% annually can definitely help cover those big expenses, like house repairs, without too much strain. Glad to hear it’s working out for you!
You just keep on producing spot-on and such useful and informative videos!! I particularly liked those function capacity plots and they seem so accurate when applied to myself. I also downloaded the original source paper publication for even more detail. Keep ‘em coming girl!! 💕
Thank you so much! 😀 I’m thrilled to hear you found the video and those functional capacity plots so relatable and useful. Glad you went the extra mile with the original paper, too! I’ll definitely keep the content coming!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@@NaufalKnoechel Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* ..
@@OZRuiShi hi, may I ask you? For TTR, can we contribute monthly or has to be yearly ? Is there any minimum initial contribution into TTR? Thank you again.
@@yr6178 Hi! 😊 Great question. You start a TTR pension by rolling over part or all of your accumulation account to a TTR pension account. Once it's started, you cannot add more to it unless you roll it back to the accumulation phase and then start another TTR pension. There is no set minimum initial contribution to start a TTR, but each fund may have its own requirements for the minimum initial account balance. Hope that clarifies things, and thank you for watching!
@@OZRuiShi thank you very much for explanation. I will digest your videos about TTR again and will come back to you for any further questions. Many thanks.🙂
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family...
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.
@@ЕленаФирсова-ц6м Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* , a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help...
This video is very informative, thank you. I quick question, if I am over 60 and working full time, start a 2nd part time job and the quit, will that for fill a condition of release? Or is that too sneaky?.
Thank you! 😊 I’m glad you found the video informative. Regarding your question, it all comes down to genuine intention. If the sole purpose of starting a part-time job is to quit shortly after to meet the condition of release, that could be questionable. However, if you start the job with other reasons in mind, work there for a while, and then your circumstances change, requiring you to stop, you may satisfy the retirement condition of release. I recommend consulting with a financial adviser to ensure everything aligns with the rules. Hope this helps!
Can you make a video on where/who has to pay the tax to keep the country running, after all the people who can avoid/reduce/claim back their tax from the Government(Aust public)??? In the same way that the cost of store theft from Coles/Woollies is factored into their pricing, doesn't tax dodging behaviour by those who can mean that their tax burden is just shifted onto those who can't? And ... does this mean that the taxation system is designed to advance more wealthy investors whilst simultaneously shackling less wealthy ones?
Very good infomation. Thank you. At 8:17 of the video, with the TTR 10% annual withdrawal limit, for a moment I was unsure whether this is minimum or maximum withdrawal limit. Perhaps my mind is too slow. If you don't mind, it would help me by labelling the limits as upper or lower bounds in future videos. Thanks again.
Thank you so much for your feedback! 😊 I appreciate you pointing that out-it can be confusing. The 10% annual withdrawal limit for TTR is indeed the maximum. I’ll make sure to label these limits as upper or lower bounds in future videos to make it clearer. Thanks again for the suggestion!
Dave and co have all satisfied sufficient conditions of release to open a proper pension account which has all the advantages of a ttr including the ability to withdraw lump sums and the added significant benefit of earnings and capital gains within the fund being free of tax. This alone significantly increases the funds performance.
Great point! 😊 A proper pension account does offer significant tax advantages over a TTR, especially with tax-free earnings and capital gains, which can really boost fund performance. Thanks for sharing!
The Notice of Intent to Claim a Tax Deduction is required for any contribution made into the Accumulation account regardless of whether you have a TTR account or not, isn't it?
Great question! 😊 Yes, a Notice of Intent (NOI) is needed if you intend to claim personal contributions as concessional contributions, regardless of whether you have a TTR account or not. The key point mentioned in the video is that the NOI must be completed before starting a TTR pension.
So what I f you don’t do a NOI first? What are the ramifications? Does it mean you can’t make any concessional personal contribution to the accumulation account?
@@scokim Great question! 😊 The point of this video is to highlight the importance of doing a Notice of Intent (NOI) after making a personal contribution but before starting a TTR pension. If you don’t submit a NOI, your personal contribution will be treated as a non-concessional contribution, and you won’t be able to claim a tax deduction for it. Hope this clears things up!
Thanks so much Rui, best video ever, you explain it really well!. if I have 3 jobs, and now quit 1, left with 2 jobs, can I be consider like Joe? I am 60th too, what is the consideration for Full retirement condition? based on biggest earning job?
Thank you so much! 😊 I’m glad you found the video helpful! Your understanding is correct-investments in a Super account and TTR account generally work the same way, with similar tax treatment. The main difference is the required 4-10% annual withdrawal for TTR accounts. So, if you don’t need the extra funds, moving it back to Super could be a good option. Always worth double-checking with a financial adviser to make sure it’s the best choice for your situation!
I would like to purchase a studio apartment when I turn 60 with my super leaving approx 10,000 to 20,000 in my super which I will add to if I become reemployed. The apartment will pay me enough to fund my onsite caravan and give me a small extra income
I already made a big mistake back in 2021. I put $100k into my superannuation from my savings account, didn’t know anything about Notice of Intent, so I missed out the tax deduction, huge mistake.
Thanks for sharing your experience! 😊 Missing out on the tax deduction can feel frustrating, but it’s a learning curve many of us go through. The important thing is you’ve contributed to your super, which will still benefit you in the long run!
Hi, and thanks for the kind words! 😊 If you're turning 65 and still working, you don’t need to create a new SMSF to start an account-based pension. You can generally convert your existing SMSF accumulation account into an account-based pension. However, it’s a good idea to check with your SMSF provider or financial advisor for guidance specific to your situation!
Hi! 😊 Thanks for reaching out. I don’t offer retirement financial planning services, but I hope my videos help answer some of your questions. For tailored advice, I’d recommend speaking with a licensed financial adviser.
Defined benefit schemes can be pretty unique, so it’s important to understand the specific rules of your fund. Because they can be quite complex and vary a lot, it’s a good idea to chat with a financial adviser or your scheme administrator. They can help you make the most of your benefits and guide you through strategies like TTR or early retirement.
If a Super fund allows someone who's about to TTR to close their accumulation account then you need to seriously question why this was allowed by the fund and question the advice given by the fund.
Great point! 😊 Super funds typically don’t question if someone chooses to close their accumulation account before starting a TTR. They often assume the individual may have another accumulation account elsewhere. It’s important to remember that super funds won’t act as the last line of defence against financial decisions, so having informed advice is crucial. Thanks for highlighting this!
Great question! 😊 Yes, you can continue adding contributions to an accumulation account while having an account-based pension, at 70 and working full-time. Just keep in mind that new contributions will go into the accumulation phase and not directly into the pension account. Hope this helps!
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.
@@chrisjoe48 If you are in cross roads or need sincere advice on the best moves to take now its best you seek an independent advisor who knows about the financial markets. It's better to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.
You’ve highlighted some real challenges facing many people today. Rising costs, stagnant wages, and housing issues are making it harder for people to build a secure retirement. It’s definitely a complex situation that will need attention going forward. Thanks for sharing your thoughts!
Woild lvoe a viodeo for people with not much super. and waht to add uis as mcuh as possible for the next 5 years so at 60 or 65 thet can retire. Like non concenal contirbs' for this and year 6 & 5 and then after tax doolar. then next yeatr the 30,,000 concessional and then years 4&3. and then after tax $'as then the next year 30,00 non concessional and thenh years 2&1. etc and then after tax dollars.
Thanks for the suggestion! 😊 I’ve actually made some videos covering these strategies-feel free to check them out: ►7 Superannuation Strategies to SAVE TAX for FY24 ua-cam.com/video/B1SdtUSXNEM/v-deo.html&ab_channel=RuiShi ►Superannuation Bring Forward Rule Made Simple FY25 ua-cam.com/video/bhUsdQI7CeQ/v-deo.html
Not a dumb question at all! 😊 If you file a notice of intention but haven’t made any contributions, there wouldn’t be any deduction to claim. The notice only applies to contributions actually made, so no worries if you haven’t contributed yet!
Thanks for the question! 😊 Whether a TTR pension affects Centrelink or JobSeeker payments depends on your individual income and assets. For instance, if you're well below the lower threshold for full payments, adding a bit from a TTR pension might not impact your payments at all. However, if you're receiving partial payments, a TTR pension could reduce them. The key here is keeping a TTR pension open-you can still open a TTR pension, take a one-off annual payment, and then roll it back into the accumulation account. Hope this clarifies things!
Jenny should have stopped working at 60 given her massive super account and start an account based pension as early as possible and save taxes on the earnings.
Thanks for sharing your thoughts! Starting an account-based pension early can indeed be a smart way to reduce taxes on super earnings, especially for someone with a substantial balance like Jenny. Timing can make a big difference! 😊
@@simplelife6467 Great question! 😊 Once Jenny meets the retirement condition of release, her existing super benefits become unrestricted non-preserved, meaning they remain fully accessible even if she later returns to work for more than 10 hours per week. The trustee assesses her intent regarding future work at the time of release-usually confirmed by a declaration that she doesn’t plan to be gainfully employed. If circumstances change unexpectedly, allowing her to work again, her current pension remains accessible. However, any new contributions after returning to work will be preserved until she meets another condition of release. So, there’s flexibility to adapt if her situation changes!
I've been quite unsure about investing in this current market, but at the same time, I feel it's the best time to get started. I heard some guy speaking about making over a million dollars from a $300k capital, and I'm driven to ask what skillset and strategy can generate such profit?
You should avoid impulsive decisions driven by short-term fluctuations. It's important to prioritize patience and have a long-term perspective. Most importantly, consider financial advisory for informed buying and selling decisions. I think a lot of people minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, after a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She helped my reserve increase from $160k to $890k despite inflation.
Her name is Jennifer Maria Lanza, a well known authority in this field. I would recommend looking into her credentials because she has a great deal of expertise and is a great resource for anyone looking for advice on how to navigate the financial market.
Sorry to hear you didn’t find that part of the video helpful. It was meant to highlight how people don’t always realise changes in circumstances can serve as trigger points for better strategies. You’re clearly already on top of this-good on you!
⚠ Friendly Reminder ⚠ Watch out for comments promoting specific financial advisers or services-they may have their own agendas and could be scams. Stay safe and always verify sources!
Retired at age 53, I am in my early 60s. Because they couldn't understand the idea of not working if you don't have to, many individuals resisted me. I viewed my life in phases. In my latter years, I owe it to myself to "stop and smell the roses," even if I have worked hard to get everything I have now. My situation is that I retired and moved to Latin America. It made it possible for me to enjoy my new surroundings while escaping all the bad things that were going on in America. None of the people I've met regret retiring.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Retirement is becoming increasingly challenging for many people. Low wages, inflation, and high rent costs make it difficult to save, and now, even middle-class Americans are struggling to buy homes-leaving them with fewer retirement options.
The rising costs have disrupted my plan to retire at 62, work part-time, and save for the future. I can't help but wonder if those who went through the 2008 financial crisis had an easier time than I’m facing now. The combination of stock market volatility and decreased income is causing me concern about whether I’ll have enough saved for a comfortable retirement.
This is exactly why I value the expertise of a portfolio coach in guiding my daily market decisions. Their extensive knowledge in simultaneously managing long and short positions, leveraging risk for asymmetrical upside, and employing strategic hedging to mitigate downturns significantly enhances performance potential. With their skillset, underperformance is highly unlikely. Having worked with a portfolio coach for over two years, I have realized gains exceeding $800,000.
Speaking of coaching, do you have any recommendations? I have about $80k to invest now that large-cap stocks are trading at a discount.
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.
I looked her up online and have already sent an email. I’m eager to hear back soon.
One of the biggest mistakes I see is underestimating healthcare costs in retirement. It's easy to assume Medicare will cover everything, but there are many expenses that it doesn't, like dental, vision, and long-term care. Have you accounted for those?
Absolutely! Another mistake I often come across is people keeping too much of their portfolio in one type of investment, like stocks, and not diversifying enough. When markets are volatile, this can really hurt. It's important to consider a mix of bonds, real estate, and other assets for stability.
Oh, taxes are a huge issue! Many people fail to plan for the tax impact of withdrawals from retirement accounts. Drawing too much from a tax-deferred IRA or 401(k) can push you into a higher tax bracket. A tax-efficient withdrawal strategy is essential.
I think delaying Social Security for too long is another costly mistake. Sure, you get a higher monthly benefit if you wait until 70, but it's a tradeoff-you're missing out on years of benefits. Sometimes it's smarter to start earlier, especially if your health isn’t great.
A common mistake I made was not having a clear spending plan for retirement. I didn’t realize how much small expenses could add up over time. It’s vital to track spending closely and adjust as needed, so you're not left scrambling later.
I totally agree! It’s also worth considering long-term care insurance or setting up a dedicated savings account for unexpected medical costs. Not planning for these things could lead to some really tough financial situations later on.
Started TTR 1 month ago, plan to draw out 4% each year till 65. This makes paying for a few big house repairs a lot easier
That sounds like a solid plan! 😊 Drawing 4% annually can definitely help cover those big expenses, like house repairs, without too much strain. Glad to hear it’s working out for you!
You just keep on producing spot-on and such useful and informative videos!! I particularly liked those function capacity plots and they seem so accurate when applied to myself. I also downloaded the original source paper publication for even more detail. Keep ‘em coming girl!! 💕
Thank you so much! 😀 I’m thrilled to hear you found the video and those functional capacity plots so relatable and useful. Glad you went the extra mile with the original paper, too! I’ll definitely keep the content coming!
Thank you for these videos they are a big help in planning my strategy.
You're very welcome! 😊 I’m so glad the videos are helping you with your planning!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@@NaufalKnoechel Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* ..
@@MeirPamela Oh please I’d love that. Thanks!
*MARGARET MOLLI ALVEY*
Lookup with her name on the webpage.
Excellent content. Please keep the videos coming.
Thank you so much! 😊 I’ll definitely keep the videos coming!
Thank you very much for educating us.
You're very welcome! 😊 I'm so glad to hear the content is helpful. Thanks for watching!
@@OZRuiShi hi, may I ask you? For TTR, can we contribute monthly or has to be yearly ? Is there any minimum initial contribution into TTR? Thank you again.
@@yr6178 Hi! 😊 Great question. You start a TTR pension by rolling over part or all of your accumulation account to a TTR pension account. Once it's started, you cannot add more to it unless you roll it back to the accumulation phase and then start another TTR pension. There is no set minimum initial contribution to start a TTR, but each fund may have its own requirements for the minimum initial account balance. Hope that clarifies things, and thank you for watching!
@@OZRuiShi thank you very much for explanation. I will digest your videos about TTR again and will come back to you for any further questions. Many thanks.🙂
Thank you very much Rui for being so helpful and understanding in answering her audience query. Appreciate it so much
Thank you so much for the kind words! 😊 I’m really glad to hear that the answers are helpful. I appreciate your support!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family...
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.
@@ЕленаФирсова-ц6м Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* , a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help...
@@ThamaraSchlossarek Oh please I’d love that. Thanks!
*MARGARET MOLLI ALVEY*
Lookup with her name on the webpage.
This video is very informative, thank you.
I quick question, if I am over 60 and working full time, start a 2nd part time job and the quit, will that for fill a condition of release? Or is that too sneaky?.
Thank you! 😊 I’m glad you found the video informative. Regarding your question, it all comes down to genuine intention. If the sole purpose of starting a part-time job is to quit shortly after to meet the condition of release, that could be questionable. However, if you start the job with other reasons in mind, work there for a while, and then your circumstances change, requiring you to stop, you may satisfy the retirement condition of release. I recommend consulting with a financial adviser to ensure everything aligns with the rules. Hope this helps!
Thank you for the information . It is very informative. I can apply to my situation
You're very welcome! 😊 I’m so glad you found the information helpful and applicable to your situation!
Can you make a video on where/who has to pay the tax to keep the country running, after all the people who can avoid/reduce/claim back their tax from the Government(Aust public)???
In the same way that the cost of store theft from Coles/Woollies is factored into their pricing, doesn't tax dodging behaviour by those who can mean that their tax burden is just shifted onto those who can't? And ... does this mean that the taxation system is designed to advance more wealthy investors whilst simultaneously shackling less wealthy ones?
Thanks for the thoughtful suggestion! 😊 I’m actually planning a video that touches on this subject. . You might find it interesting. Stay tuned!
Very good infomation. Thank you. At 8:17 of the video, with the TTR 10% annual withdrawal limit, for a moment I was unsure whether this is minimum or maximum withdrawal limit. Perhaps my mind is too slow. If you don't mind, it would help me by labelling the limits as upper or lower bounds in future videos. Thanks again.
Thank you so much for your feedback! 😊 I appreciate you pointing that out-it can be confusing. The 10% annual withdrawal limit for TTR is indeed the maximum. I’ll make sure to label these limits as upper or lower bounds in future videos to make it clearer. Thanks again for the suggestion!
Dave and co have all satisfied sufficient conditions of release to open a proper pension account which has all the advantages of a ttr including the ability to withdraw lump sums and the added significant benefit of earnings and capital gains within the fund being free of tax. This alone significantly increases the funds performance.
Great point! 😊 A proper pension account does offer significant tax advantages over a TTR, especially with tax-free earnings and capital gains, which can really boost fund performance. Thanks for sharing!
Thank you well informed ❤
Thank you! ❤ I’m glad you found the information helpful!
The Notice of Intent to Claim a Tax Deduction is required for any contribution made into the Accumulation account regardless of whether you have a TTR account or not, isn't it?
Great question! 😊 Yes, a Notice of Intent (NOI) is needed if you intend to claim personal contributions as concessional contributions, regardless of whether you have a TTR account or not. The key point mentioned in the video is that the NOI must be completed before starting a TTR pension.
So what I f you don’t do a NOI first? What are the ramifications? Does it mean you can’t make any concessional personal contribution to the accumulation account?
@@scokim Great question! 😊 The point of this video is to highlight the importance of doing a Notice of Intent (NOI) after making a personal contribution but before starting a TTR pension. If you don’t submit a NOI, your personal contribution will be treated as a non-concessional contribution, and you won’t be able to claim a tax deduction for it. Hope this clears things up!
Thanks so much Rui, best video ever, you explain it really well!. if I have 3 jobs, and now quit 1, left with 2 jobs, can I be consider like Joe? I am 60th too, what is the consideration for Full retirement condition? based on biggest earning job?
Thank you so much! 😊 I’m glad you found the video helpful! Your understanding is correct-investments in a Super account and TTR account generally work the same way, with similar tax treatment. The main difference is the required 4-10% annual withdrawal for TTR accounts. So, if you don’t need the extra funds, moving it back to Super could be a good option. Always worth double-checking with a financial adviser to make sure it’s the best choice for your situation!
I would like to purchase a studio apartment when I turn 60 with my super leaving approx 10,000 to 20,000 in my super which I will add to if I become reemployed. The apartment will pay me enough to fund my onsite caravan and give me a small extra income
Thanks for sharing your plan! 😊Wishing you all the best with your retirement planning!
I already made a big mistake back in 2021. I put $100k into my superannuation from my savings account, didn’t know anything about Notice of Intent, so I missed out the tax deduction, huge mistake.
Thanks for sharing your experience! 😊 Missing out on the tax deduction can feel frustrating, but it’s a learning curve many of us go through. The important thing is you’ve contributed to your super, which will still benefit you in the long run!
Hi Rui great video I am turning 65 in January do I need to create another SMSF to have account based super and will still be working
Hi, and thanks for the kind words! 😊 If you're turning 65 and still working, you don’t need to create a new SMSF to start an account-based pension. You can generally convert your existing SMSF accumulation account into an account-based pension. However, it’s a good idea to check with your SMSF provider or financial advisor for guidance specific to your situation!
Hi Rui. Am having few questions. Do you have retirement financial planner services? How can I contact you please. Thank you
Hi! 😊 Thanks for reaching out. I don’t offer retirement financial planning services, but I hope my videos help answer some of your questions. For tailored advice, I’d recommend speaking with a licensed financial adviser.
@ thank you so much. Does money I get from super in transition phase affect the aged pension amount that my husband will have ? Thank you
What about defined benefit accounts?
Defined benefit schemes can be pretty unique, so it’s important to understand the specific rules of your fund. Because they can be quite complex and vary a lot, it’s a good idea to chat with a financial adviser or your scheme administrator. They can help you make the most of your benefits and guide you through strategies like TTR or early retirement.
If a Super fund allows someone who's about to TTR to close their accumulation account then you need to seriously question why this was allowed by the fund and question the advice given by the fund.
Great point! 😊 Super funds typically don’t question if someone chooses to close their accumulation account before starting a TTR. They often assume the individual may have another accumulation account elsewhere. It’s important to remember that super funds won’t act as the last line of defence against financial decisions, so having informed advice is crucial. Thanks for highlighting this!
Can you keep adding super to an accumulation account while having an account based pension? I’m 70 and still working fulltime.
Great question! 😊 Yes, you can continue adding contributions to an accumulation account while having an account-based pension, at 70 and working full-time. Just keep in mind that new contributions will go into the accumulation phase and not directly into the pension account. Hope this helps!
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.
@@chrisjoe48 If you are in cross roads or need sincere advice on the best moves to take now its best you seek an independent advisor who knows about the financial markets. It's better to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.
You’ve highlighted some real challenges facing many people today. Rising costs, stagnant wages, and housing issues are making it harder for people to build a secure retirement. It’s definitely a complex situation that will need attention going forward. Thanks for sharing your thoughts!
Woild lvoe a viodeo for people with not much super. and waht to add uis as mcuh as possible for the next 5 years so at 60 or 65 thet can retire.
Like non concenal contirbs' for this and year 6 & 5 and then after tax doolar. then next yeatr the 30,,000 concessional and then years 4&3. and then after tax $'as then the next year 30,00 non concessional and thenh years 2&1. etc and then after tax dollars.
Thanks for the suggestion! 😊 I’ve actually made some videos covering these strategies-feel free to check them out:
►7 Superannuation Strategies to SAVE TAX for FY24
ua-cam.com/video/B1SdtUSXNEM/v-deo.html&ab_channel=RuiShi
►Superannuation Bring Forward Rule Made Simple FY25
ua-cam.com/video/bhUsdQI7CeQ/v-deo.html
I have a Dumb question. What if I file a notice of intention and not makeanycontributions.
Not a dumb question at all! 😊 If you file a notice of intention but haven’t made any contributions, there wouldn’t be any deduction to claim. The notice only applies to contributions actually made, so no worries if you haven’t contributed yet!
So your saying if you are getting Centrelink or job seeker at 60 you loss that if you TTR
Thanks for the question! 😊 Whether a TTR pension affects Centrelink or JobSeeker payments depends on your individual income and assets. For instance, if you're well below the lower threshold for full payments, adding a bit from a TTR pension might not impact your payments at all. However, if you're receiving partial payments, a TTR pension could reduce them. The key here is keeping a TTR pension open-you can still open a TTR pension, take a one-off annual payment, and then roll it back into the accumulation account. Hope this clarifies things!
Oops, dropped the Aussie ‘e’ in acknowledgement! Consider this my official acknowledgement of that! 😅🇦🇺
Jenny should have stopped working at 60 given her massive super account and start an account based pension as early as possible and save taxes on the earnings.
Thanks for sharing your thoughts! Starting an account-based pension early can indeed be a smart way to reduce taxes on super earnings, especially for someone with a substantial balance like Jenny. Timing can make a big difference! 😊
@@OZRuiShi in the case like Jenny, what happen if after few months she decided to work again because she loves her job 😀
@@simplelife6467 Great question! 😊 Once Jenny meets the retirement condition of release, her existing super benefits become unrestricted non-preserved, meaning they remain fully accessible even if she later returns to work for more than 10 hours per week. The trustee assesses her intent regarding future work at the time of release-usually confirmed by a declaration that she doesn’t plan to be gainfully employed. If circumstances change unexpectedly, allowing her to work again, her current pension remains accessible. However, any new contributions after returning to work will be preserved until she meets another condition of release. So, there’s flexibility to adapt if her situation changes!
I'm a male and these videos with the PowerPoint like animations are extremely helpful for me to understand..... ;)
Thanks so much! 😉 I’m glad the animations are helping make things clearer.
I've been quite unsure about investing in this current market, but at the same time, I feel it's the best time to get started. I heard some guy speaking about making over a million dollars from a $300k capital, and I'm driven to ask what skillset and strategy can generate such profit?
You should avoid impulsive decisions driven by short-term fluctuations. It's important to prioritize patience and have a long-term perspective. Most importantly, consider financial advisory for informed buying and selling decisions. I think a lot of people minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, after a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She helped my reserve increase from $160k to $890k despite inflation.
You seem to know the market better than we do, so that makes great sense. Who is the guide you worked with?
Her name is Jennifer Maria Lanza, a well known authority in this field. I would recommend looking into her credentials because she has a great deal of expertise and is a great resource for anyone looking for advice on how to navigate the financial market.
She appears to be well-educated and well-read. I ran an online search...
Your "better alternatives" case study examples are garbage. They are in no way alternatives and just discuss changes in circumstance.
Sorry to hear you didn’t find that part of the video helpful. It was meant to highlight how people don’t always realise changes in circumstances can serve as trigger points for better strategies. You’re clearly already on top of this-good on you!
Great job. Thank you so much.
Thank you! 😊 I’m really glad you enjoyed it!