⚠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!
Hi Rui, your video is concise yet covers every relevant issue in a way that can be understood by anyone researching this complex topic. A remarkable achievement and a truly valuable public service.
Thank you so much for your thoughtful feedback! I’m thrilled to hear the video was clear and helpful. Your kind words mean a lot and motivate me to keep creating valuable content! 😊
Thanks Rui for a very easy to follow spreadsheets and examples. You are explaining something that is very hard to teach an average person yet you have done a fantastic job! My hats off to you. Thanks again, Rui
Thank you so much for your kind words and support! 😊 I’m thrilled to hear the spreadsheets and examples were easy to follow. It means a lot to know the effort to simplify complex topics is appreciated. Your encouragement keeps me motivated-thank you! 🎉🙏
Thank you so much! 😊 I’m glad you found it clear and easy to understand, and I’m thrilled you liked the graphics too. Really appreciate your kind words!
Fantastic advice. I’m getting very close to 60 and have to start thinking hard about our finances going forward. Thank you for posting this excellent video. I’ve subscribed to your channel for more advice and really wish you were my financial advisor.
Thank you so much for the kind words and for subscribing! 😊 It’s great to hear that the video resonated with you as you plan for this important stage. Wishing you all the best with your financial journey! 🌟
You forgot the situation where your super doesn't amount to much say under $200,000 ... which is probably the vast majority of people that are reaching 67 at this moment. If you have a mortgage then just pull all your super and put it on your mortgage. This then gives you a redraw that Centerlink doesn't even see, so therefore is not included in your asset test. I did this and reduced my monthly interest from $1,300 down to $275 and I have a redraw available of over $200,000.
Thanks for sharing your experience-it’s a smart example of using your resources strategically. While pulling super to pay off a mortgage can be effective in some cases, it’s important to consider all factors, like future income needs and eligibility for Centrelink benefits. Everyone’s situation is unique, so seeking advice tailored to individual circumstances can be a good step. 😊
Love your videos Rui Shi. Very informative indeed. I'm looking forward to the video on defined benefit super you mentioned. Thanks again for the info and I enjoy your lovely smile and presenting style. 🙂
Thank you so much for your kind words and support! I’m glad you’re finding the videos informative. The video on defined benefit super is on its way, so stay tuned. I really appreciate your encouragement-it means a lot! 🙂
🔗 Download the Excel here: ruishi.gumroad.com/l/AustralianAgePensionExcelForCoupleHomeowner 🍿 WATCH NEXT: ►How to Calculate Australian Age Pension in 2024 [Free Excel Template] th-cam.com/video/ds_xro7li4U/w-d-xo.html
Thank you, this is an excellent explanation that anyone can follow. I would really like to see a video showing how the 15% tax on a super accumulation fund affects the returns versus a pension account. Also, just a bit more related info for anyone else looking into this. If you are under the age of 60 and switch your super to a pension account, you need to draw 4% from your super each year and this income will be taxed.
Thanks for your thoughtful comment! 😊 I’m glad you found the explanation easy to follow. A video comparing the 15% tax on super accumulation funds versus pension accounts is a great idea-I’ll add it to my list! With the preservation age now higher, starting a TTR pension typically requires being over 60. You might find this video helpful: ►How to Use Transition to Retirement Strategy Effectively th-cam.com/video/ZfCOMH4kJ_Y/w-d-xo.html
Thank you so much! 😊 I’m really glad you’re finding the channel useful, and it’s great to hear the key considerations part was especially worthwhile for you!
Your videos are so clear and sensible, and easy to understand. Many thanks. Can you do a video on Centrelink Age Pension and Superannuation limits. Single person 68 years of age. No home. Rents. Asset limits for single with no home. Income tests for single with no home. An example of $300,000 superannuation. $120,000 in bank account. No other assets. And what is best way to access the superannuation. Or what are the different possibilities. If you can, and when you can, that would be great.
Thank you so much for your kind words! 😊 I’m glad you find the videos clear and helpful. Your suggestion is excellent. I’ll definitely consider creating a video based on the scenario you described. Stay tuned 🌟😊
Hi, Rui, I found your video very informative. At the beginning I felt a bit confused with a lot of numbers, however I found the information you provide are real stuff. They worth me rewind again and again till I can understand!! Thank you
Thank you so much! 😊 I really appreciate your patience and effort in rewinding to understand the content. I’m glad you found the information valuable-your support means a lot!
With a Roth IRA, contributions are made with after-tax dollars, meaning you can withdraw your contributions at any time, tax-free and penalty-free. Additionally, any investment gains can also be withdrawn tax-free and penalty-free upon meeting certain conditions. I’m currently debating whether to continue contributing or to liquidate my $338k stock portfolio-I'm at a crossroads.
For the average investor, navigating investment strategies can be challenging. In reality, professionals with the right skills and knowledge often excel in this space.
Thank you for the feedback! 😊 I’m glad you found the content helpful. A single renting retiree example is a great idea, as it’s a unique scenario with its own challenges. I’ll add this to my list for future videos-stay tuned! 🙌✨
Very interesting but there is one thing you may not realise if your partner is still working and you are receiving a aged pension. The aged pensioner must report their partners income for the fortnight and the pension paid for that fortnight in adjusted accordingly. Thanks again for a great vlog
Thanks for pointing that out! 😊 That’s an important detail, and it highlights how income testing can impact the aged pension. I appreciate you adding this-it’s great to have a community sharing knowledge! 🌟
I’m surprised the government hasn’t made a law against some of the things you suggest ie: “ hiding money from Centrelink” 😂 nice video , I’m glad I found your yt !
Thanks for your comment! 😊 These are smart strategies that financial planners often recommend to their clients-perfectly legal and all about making the most of the system. So glad you found the channel-welcome aboard! 🙌
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Thanks for putting this out, curiously inputted Lorrie on the web, spotted her consulting page and was able to schedule a call session, she actually shows a great deal of expertise.
I retired 2 years ago at 60 absolutely exhausted, taking a superannuation pension. 3 months later the cost of living exploded and I’ve had to return to part time work. Poor planning but I don’t think I could have worked a day longer in my high stress call centre job.
Many people that are over 67 are not in this financial position. Due to health issues early on we had to draw on our superannuation early and we didn’t have much in the account anyway. Our health never improved so we were never able to accumulate more money. Now we are in our early 70s and retired but only receive the aged pension. We have a small mortgage on our house still so my husband mows lawns to help pay the mortgage. I doubt we will ever see the mortgage fully paid. We thought if we downsized and went into a retirement village, the land lease type, we thought we could free up some money. Nope those small houses in those villages cost more than we can sell our large house. We are content to live out our lives never paying off our mortgage because it’s our cheapest option. Our heirs will have to sell the property and payout what is owed. I don’t think we could have changed anything about our circumstances because our money was spent on operations and medical expenses so we didn’t have a choice. Young people today need to plan better for their future.
Thank you for sharing your story-it’s a powerful reminder of the challenges many people face later in life, especially when health issues and unexpected expenses impact finances. It sounds like you’ve made thoughtful decisions under tough circumstances, and it’s inspiring that you’ve found peace with your situation. Your advice to young people is incredibly valuable-planning for the future is so important. Wishing you and your husband all the best. 😊
Thanks for the suggestion! 😊 I’ll definitely plan another video diving into the numbers and calculations. Glad you’re enjoying the content-thank you for your support! 🌟
Yeah good video imo. First one that I have seen that includes other assets other than just financial. I'm a couple of years away from pension age and starting to look at options etc for when the time comes.
@@OZRuiShi Thank you. You made it a few things much clearer for me which was great. I'm thinking about getting your spreadsheet but don't have excel at this point. How much do you like to get for it as a download?
@@oldbloke204 Thank you! 😊 I’m so glad the video helped clarify things for you. You can download the spreadsheet for free or pay however much you like-it’s completely up to you!
Thank you for walking us through this very complex stage of funding our living costs just as our mental and physical abilities start to decline. Seems like whichever account one puts money in, the tax department will tax is anyway. Is there a better way for Australians to keep more of our own past earnings for our elderly years?
Thanks for your comment! 😊 Retirement funding can feel complex, speaking with a licensed financial adviser could provide personalised options for your situation. Wishing you the best in planning for the future! 🌟
hi Rui, the best explanation of how it all works and how to maximize your center-link entitlements, thank you very much. i am having trouble purchasing the Excel working calculator, it just keeps coming up with "Temporary card problem" which ever way i try to pay, is anyone else having the same??
Hi, thank you for your kind words! 😊 To bypass the payment issue, simply enter "0" above the "I want this!" button to get the Excel calculator for free. This should let you skip the payment step. Let me know if you run into any other issues! 🙌📊
Hi, any earnings or income outside of your account based pension -such as from investments, rental properties, or employment-are subject to normal income tax rules. If your total taxable income is below the tax-free threshold, you may not pay tax on it. For higher amounts, the usual marginal tax rates apply. Hope this helps! 😊
Could you please do a video that covers age pension eligibility for non-homeowner couple where one is 70 years old looking at retiring and other is 60 years but still in full time employement and not yet eligible for the age pension.
Thanks for the suggestion! 😊 That’s a great topic with some unique considerations, especially with one partner still working full time. I’ll add it to my list for a future video-stay tuned! 🙌
Thanks for your interest! 😊 The defined benefit video hasn’t been made yet, but I’d love to know what questions you have about it. Let me know, and I can include those in the video! 🌟
Hello Rui, your video is very helpful. Don't know why I can not download the Excel spreadsheet from the link provided. Are you able show me the steps to download this Excel spreadsheet. Thank you
Thanks for your comment! 😊 To download the Excel spreadsheet, click the link provided, enter a dollar amount above the "I want this!" button (you can put "$0" to get it for free), and then click "I want this!". You should be directed to a download link for the spreadsheet.
Thanks for your question-it’s an interesting one! 😊 In Australia, the Age Pension is funded from general tax revenue, not a specific pension fund that individuals contribute to directly. This means there’s no guarantee that everyone who pays taxes will qualify for the Age Pension. Eligibility is based on factors like residency, age, and income/asset tests. So yes, some people may pay taxes for decades but not receive the Age Pension if they don’t meet the criteria. Conversely, those who qualify may receive the pension even if they didn’t pay much tax during their working life. It’s a unique system, and that’s part of why it sparks so much discussion! 🌏💡
@@pataleno Also keep in mind that the rate of pay of these Centrelink pensions is poverty line for cost of living in Australia. And we also have contributions towards Superannuation accounts that is entirely our own savings and/or employer co-contributions and we have some choice over investment strategies. Superannuation accounts are low-tax during accumulation and zero tax during retirement (I believe). But current retirees only had super for part of their working lives, as it's a scheme that started around 1990.
@@pataleno Also in this video she didn't include the pension payment from the wife's superannuation account (that was listed in the assets, and is probably more than the deemed earnings listed in the Centrelink assessment) so this video only shows the income from government benefits payments, nor the husbands work place income as he is yet to retire! So the video doesn't show the couple's total income.
Can I know if I do the lump sum withdraw and spend most of them before I completely have my retirement, am I going to be eligible to have most aged pension？ thanks
Spending can help reduce assessable assets; however, whether this allows you to receive most of the Age Pension depends on other factors, such as ongoing income. Before spending most of your assets, it’s important to also consider future needs in retirement to ensure a balanced approach, as even the full Age Pension offers a limited lifestyle. Consulting a financial planner is a great way to ensure your strategy aligns with the rules and supports your long-term goals. 🌟
Thanks for your comment! 😊 There’s already a video for singles, and I’m currently working on another one with even more strategies to increase the age pension. Here’s the link:th-cam.com/video/ds_xro7li4U/w-d-xo.html Stay tuned!
Thank you for the suggestion! 😊 That’s an important topic, and I’ll definitely consider making a video addressing options for people 50+ with limited assets and superannuation. Stay tuned! 🎥
I'm thinking to have 1 mill in annuities, 600K in account based pension, keeping my shares invested and collecting dividends. When my wife retires about 2 years after I do, her 300K goes into the ABP. This should give us enough to live on.
Thanks for sharing your plan! 😊 It sounds like you’ve put a lot of thought into structuring your retirement income. Having a mix of annuities, account-based pensions, and shares can provide diversification and stability. Wishing you and your wife all the best with your retirement plans!
Check out this video-it focuses on singles and includes a template you might find helpful! 😊 ►How to Calculate Australian Age Pension in 2024 [Free Excel Template] th-cam.com/video/ds_xro7li4U/w-d-xo.html
Thank you for the great vid and calculator. I have downloaded the spreadsheet. As we still have some income, if I insert the fortnightly income $amount into the lower threshold cell (currently $372), will the calculations adjust correctly? TIA. Grant.
Thanks, Grant! 😊 Glad you found the video and calculator helpful. This Excel template isn’t designed to adjust for fortnightly income directly in the lower threshold cell, so the calculations might not work as expected.
Beautiful presentation. Have a question. When you say Jenny can transfer funds from her super to John’s super, while considering this is within contribution caps, is this transaction considered as a gift? Which will fall under the 5 year rule assessment??
Hi there, thanks for watching. It is great question! The $80,000 transfer from Jenny to John’s superannuation accumulation account is not treated as gifting, as the money remains within the couple’s total pool of assets. Additionally, this strategy is commonly used to reduce assessable assets and maximise Age Pension entitlements, when one spouse is under Age Pension age. It’s always advisable to confirm with a Centrelink Financial Information Service officer or a financial adviser to ensure compliance with the rules and understand the impact on entitlements.
Are there any good financial advisers in South Australia. I am 62 and have only been paying super for 8 years. I am still working and honestly can't see myself retiring any soon due to not having enough income. And I don't own a home. I do need some advice. Thank you
Thanks for your comment! 😊 You can find licensed financial advisers through the Financial Advice Association of Australia (FAAA) website or by visiting moneysmart.gov.au, where you can search for professionals in South Australia. Make sure to check their qualifications and areas of expertise to ensure they align with your needs. Wishing you the best as you plan for your future! 🌟
My superannuation fund offered to help me with the forms for applying for the aged pension for a fee. Is it worth it, or is the process straightforward?
Thanks for your question! 😊The Age Pension application process can be straightforward for some, but it depends on your circumstances. If you feel confident navigating the forms, you could save the fee. Otherwise, professional help might give you peace of mind.
Thanks for your comment 🙏 If you haven’t already, check out this video-it provides a detailed explanation of how investment properties are assessed. Hope it helps! 😊 th-cam.com/video/ds_xro7li4U/w-d-xo.html
Thanks for your question! 😊 At age 65, you can generally access your superannuation without restrictions, as this is a condition of release. You should be able to use it to pay off your house if that aligns with your goals. However, it’s a good idea to seek advice from a licensed financial adviser to ensure it’s the best strategy for your situation. Wishing you all the best with your retirement planning!
Thanks 🙏🏻 I live in Thailand with my Thai wife. We don’t own a house in Australia but my wife owns our house in Thailand where we live. Will her house be exempt or counted as an asset? Cheers
You're welcome! 😊 If your principal residence is overseas and you live there permanently, it is generally considered exempt from the assets test for the Age Pension. Since you and your wife live in her house in Thailand as your principal residence, it is likely to be treated as an exempt asset by Centrelink. It's always a good idea to check directly with Centrelink or the Financial Information Service to confirm how this will apply to your specific situation. Cheers! 😊
You need to be in Australia to apply and if you are living overseas for a few years before age 67 the pricks make you stay in Australia for two years it's a lot of drama for 550 a week
@@philliproberts7294 Do you mean after you turn 67. I plan on returning after 67 to claim the pension will be signing over all my assets in Australia to my son except the house and some shares which will be sold and put into supa just before I retire.
It depends on the context, but Centrelink's assessments are designed to ensure fairness and compliance with policy. Employing strategies to increase entitlements is smart planning, not taking advantage of Centrelink-it’s about understanding and working within the rules. 😊
Can you explain it to me like im in prep. I hear the words but its like they dont sentence. And im not saying its you. I feel like the basic stuff was never taught and now its a whole different language now that im trying to maximise my super gains.
Hi! I completely understand-it can feel like a whole new language at times. I’m releasing a video this coming Monday called "An Easy Guide to Australian Age Pension." Be sure to check it out-it’s designed to cover the basics and help get you started! 😊
I’m 68 years old now. I’m single. I’m an Australian citizen. If I go back Thailand forever, Will I get Age pension $1,157 per fortnight?? My Superannuation is $290,000. I don’t have any house in Australia and Thailand. Thank you very much ❤❤
Thanks for your question! 😊 I’m releasing a video on Age Pension while overseas shortly-I believe you’ll find the answers you’re looking for there. Stay tuned! ❤❤
Many can’t walk after 70 and the mind they loose into dementia. I have a neighbor who is retired just now and he can’t even walk around. He worked for 40 years. Rich but no health 😢
Thank you for sharing this perspective-it’s a powerful reminder of how important health is alongside financial security. Working hard for many years can take a toll, and it highlights the need to balance wealth-building with maintaining physical and mental well-being. Wishing your neighbour comfort and support. ❤️🌟
If a partner reaches retirement age, why would their younger partner’s assets be included if the younger partner isn’t eligible for the pension? It’s a sick joke put on towards hard working people.
Thanks for raising this concern. The inclusion of a younger partner’s assets in the age pension assessment is a frustration for many. The rules are designed to assess a household’s overall financial situation, but it can feel unfair when one partner isn’t eligible for the pension. It’s an issue that highlights the complexities of the current system and why so many people find it challenging. Thank you for sharing your perspective!
we should have the same pension as the politicians,the more you work based on income and tax ,i wont retire in australia as the pension amount is struggle street
Thanks for sharing your perspective! 😊 The disparity in pension systems is a common frustration, and many people explore alternatives for a more comfortable retirement. Wishing you all the best!
Thanks for sharing your thoughts. It’s definitely a debated topic-whether certain asset thresholds should impact eligibility for taxpayer-funded support. It’s a complex issue with strong opinions on both sides!
Wake up, lady. Superannuation was introduced by the Keating government due to the very foreseeable retirement of the boomers. There will be no age pension in Australia in 2035. The retirement age has already been lifted from 65 to 67, phased over four previous years. How many pensioners died in those four years & how many retired with super funds that exceed the pension limit during those same four years. The number of the population that is eligabe for the pension is falling rapidly due to the $4 trillion (and growing) already in super funds. Add to that intergenerational wealth as families have shrunk, with fewer beneficiaries, while family estate capital accumulation has grown exponentially. Lets also remember that compulsory employer contributions rose to 11.5% in 2024, with further increases envisioned, and we will soon see the Australian government, of whatever stripe, declare that there are so few eligible and so the age pension will be scrapped.
Thanks for your comment! 😊 You’ve shared a lot of interesting points about superannuation and its impact on the Age Pension. It’s definitely a topic that sparks debate, and the future of retirement policies will be one to watch closely.
Just a reminder to be cautious of misinformation around superannuation. Super is protected by regulations in Australia, and it’s always best to rely on trusted sources or consult a licensed professional for accurate information. 😊
Yes, members of parliament in Australia are subject to superannuation rules, but they often have different arrangements compared to the general public. The rules discussed in this video don’t apply to defined benefit schemes like the PSS or CSS. Whether the rules are relevant depends on the type of superannuation arrangement in question.
Hey , I am a videos editor and I saw your post freelancing platform looking for someone to edit videos on TH-cam, and I am happy to be that person, Even if you find someone else, I will be happy to have you answer my message. Thank you .
Hi, thank you for reaching out! 😊 I’m currently trialing an editor, but I really appreciate your interest. If things don’t work out, I’ll keep you in mind. Thanks again!
⚠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!
Good warning! Do a DSP Pension rules to get, keep and maximise it within the rules
Hi Rui, your video is concise yet covers every relevant issue in a way that can be understood by anyone researching this complex topic. A remarkable achievement and a truly valuable public service.
Thank you so much for your thoughtful feedback! I’m thrilled to hear the video was clear and helpful. Your kind words mean a lot and motivate me to keep creating valuable content! 😊
Amazing!!!!!! I'm a numbers guy and love the detail in this video. Thank you for your efforts put into it. Much appreciated.
Thank you so much! 😊 I’m thrilled you enjoyed the detail-comments like yours make the effort worthwhile. Much appreciated!
Thanks Rui for a very easy to follow spreadsheets and examples. You are explaining something that is very hard to teach an average person yet you have done a fantastic job! My hats off to you. Thanks again, Rui
Thank you so much for your kind words and support! 😊 I’m thrilled to hear the spreadsheets and examples were easy to follow. It means a lot to know the effort to simplify complex topics is appreciated. Your encouragement keeps me motivated-thank you! 🎉🙏
Thanks Rui. Excellent video to explain such a very complicated topic.
Thank you! 😊 I’m glad you found the video helpful. 🌟
Thanks, Rui. That was so clear and easy to understand. Your graphics are brilliant as well.
Thank you so much! 😊 I’m glad you found it clear and easy to understand, and I’m thrilled you liked the graphics too. Really appreciate your kind words!
Yes, graphics are very helpful for us non-accountants. They make a complex subject easier to understand.
A great easy to understand explanation Thank you
Thanks so much! 😊 Glad you found it easy to understand!
This is an outstanding video brilliantly explained - thank you
Thank you so much! 😊 I really appreciate your kind words and support. Glad you found the video helpful! 🌟
very clear - really liking the spreadsheet examples - this is a great tube
Thank you! 😊 I’m so glad you’re enjoying it.
Your best video yet!! ❤
Thank you so much! ❤ I’m glad you think so-it means a lot!
THIS presentation, is as good as it gets on this topic. Congrats, Rui
Thank you so much for your kind words! 😊 I'm thrilled you found the presentation helpful. Your support means a lot! 🌟
Fantastic advice. I’m getting very close to 60 and have to start thinking hard about our finances going forward. Thank you for posting this excellent video. I’ve subscribed to your channel for more advice and really wish you were my financial advisor.
Thank you so much for the kind words and for subscribing! 😊 It’s great to hear that the video resonated with you as you plan for this important stage. Wishing you all the best with your financial journey! 🌟
Great advice thanks , Love your smile .
Thank you! 😊 Glad you found the advice helpful, and I appreciate the kind words! 🌟
Thanks. Will definitely be keen to watch your defined benefit version of this video 👍.
Thank you! 😊 I’m glad you’re interested. Stay tuned!
You forgot the situation where your super doesn't amount to much say under $200,000 ... which is probably the vast majority of people that are reaching 67 at this moment. If you have a mortgage then just pull all your super and put it on your mortgage. This then gives you a redraw that Centerlink doesn't even see, so therefore is not included in your asset test. I did this and reduced my monthly interest from $1,300 down to $275 and I have a redraw available of over $200,000.
Thanks for sharing your experience-it’s a smart example of using your resources strategically. While pulling super to pay off a mortgage can be effective in some cases, it’s important to consider all factors, like future income needs and eligibility for Centrelink benefits. Everyone’s situation is unique, so seeking advice tailored to individual circumstances can be a good step. 😊
@@stevegrigg383 nice work
Love your videos Rui Shi. Very informative indeed. I'm looking forward to the video on defined benefit super you mentioned. Thanks again for the info and I enjoy your lovely smile and presenting style. 🙂
Thank you so much for your kind words and support! I’m glad you’re finding the videos informative. The video on defined benefit super is on its way, so stay tuned. I really appreciate your encouragement-it means a lot! 🙂
Thanks Rui. I am also looking forward to your video on Defined Benefits Super Pension.
🔗 Download the Excel here:
ruishi.gumroad.com/l/AustralianAgePensionExcelForCoupleHomeowner
🍿 WATCH NEXT:
►How to Calculate Australian Age Pension in 2024 [Free Excel Template]
th-cam.com/video/ds_xro7li4U/w-d-xo.html
Thank you, this is an excellent explanation that anyone can follow. I would really like to see a video showing how the 15% tax on a super accumulation fund affects the returns versus a pension account.
Also, just a bit more related info for anyone else looking into this. If you are under the age of 60 and switch your super to a pension account, you need to draw 4% from your super each year and this income will be taxed.
Thanks for your thoughtful comment! 😊 I’m glad you found the explanation easy to follow. A video comparing the 15% tax on super accumulation funds versus pension accounts is a great idea-I’ll add it to my list!
With the preservation age now higher, starting a TTR pension typically requires being over 60. You might find this video helpful:
►How to Use Transition to Retirement Strategy Effectively
th-cam.com/video/ZfCOMH4kJ_Y/w-d-xo.html
Your channel is an excellent resource, thank you for putting in the time to cover everything. I found the last chapter very worthwhile as well.
Thank you so much! 😊 I’m really glad you’re finding the channel useful, and it’s great to hear the key considerations part was especially worthwhile for you!
Your videos are so clear and sensible, and easy to understand. Many thanks. Can you do a video on Centrelink Age Pension and Superannuation limits. Single person 68 years of age. No home. Rents. Asset limits for single with no home. Income tests for single with no home. An example of $300,000 superannuation. $120,000 in bank account. No other assets. And what is best way to access the superannuation. Or what are the different possibilities.
If you can, and when you can, that would be great.
Thank you so much for your kind words! 😊 I’m glad you find the videos clear and helpful. Your suggestion is excellent. I’ll definitely consider creating a video based on the scenario you described. Stay tuned 🌟😊
Thank you.....just outstanding
Thank you so much! 😊 I’m really glad you enjoyed it!
Thanks, great information. Can you do one on defined benefits pension please.
Thanks for your support! 😊 I’m currently working on a video about defined benefit pensions-stay tuned! 🌟
Hi, Rui, I found your video very informative. At the beginning I felt a bit confused with a lot of numbers, however I found the information you provide are real stuff. They worth me rewind again and again till I can understand!! Thank you
Thank you so much! 😊 I really appreciate your patience and effort in rewinding to understand the content. I’m glad you found the information valuable-your support means a lot!
That was so well explained THANKS
Thank you! 😊 I’m so glad you found it helpful! 🎉
Greatly appreciate this video. Thanks for sharing and I have just subbed. 🙏
Thank you so much for subscribing! 😊 I’m glad you enjoyed the video-your support means a lot🙏
With a Roth IRA, contributions are made with after-tax dollars, meaning you can withdraw your contributions at any time, tax-free and penalty-free. Additionally, any investment gains can also be withdrawn tax-free and penalty-free upon meeting certain conditions. I’m currently debating whether to continue contributing or to liquidate my $338k stock portfolio-I'm at a crossroads.
For the average investor, navigating investment strategies can be challenging. In reality, professionals with the right skills and knowledge often excel in this space.
Thank you for the recommendation. I looked her up online, found her website, and she seems highly knowledgeable. I appreciate you sharing this!
Great Video.
Thank you! 😊 I’m glad you enjoyed it.
Really excellant explanation thanks
Thank you so much! 😊 I’m glad you found it helpful!
you are the best of best.♥
Thank you so much! 😊 Your kind words mean a lot. ♥🌟
I turn 50 this year and am looking towards reirement. I am glad you put this out there. I am wondering if you can do a single renting retiree example?
Thank you for the feedback! 😊 I’m glad you found the content helpful. A single renting retiree example is a great idea, as it’s a unique scenario with its own challenges. I’ll add this to my list for future videos-stay tuned! 🙌✨
no, there is no hope for you. renting is a fast track to nowhere.,
Very interesting but there is one thing you may not realise if your partner is still working and you are receiving a aged pension. The aged pensioner must report their partners income for the fortnight and the pension paid for that fortnight in adjusted accordingly. Thanks again for a great vlog
Thanks for pointing that out! 😊 That’s an important detail, and it highlights how income testing can impact the aged pension. I appreciate you adding this-it’s great to have a community sharing knowledge! 🌟
@OZRuiShi you are very welcome much appreciated the information have a great day
Very useful information 👌
Thank you! 😊 I’m glad you found it useful!
I’m surprised the government hasn’t made a law against some of the things you suggest ie: “ hiding money from Centrelink” 😂 nice video , I’m glad I found your yt !
Thanks for your comment! 😊 These are smart strategies that financial planners often recommend to their clients-perfectly legal and all about making the most of the system. So glad you found the channel-welcome aboard! 🙌
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
This is huge! would you mind revealing info of your advisor here please? in dire need of portfolio rebalancing
Thanks for putting this out, curiously inputted Lorrie on the web, spotted her consulting page and was able to schedule a call session, she actually shows a great deal of expertise.
I retired 2 years ago at 60 absolutely exhausted, taking a superannuation pension. 3 months later the cost of living exploded and I’ve had to return to part time work. Poor planning but I don’t think I could have worked a day longer in my high stress call centre job.
Move to another country
Many people that are over 67 are not in this financial position. Due to health issues early on we had to draw on our superannuation early and we didn’t have much in the account anyway. Our health never improved so we were never able to accumulate more money. Now we are in our early 70s and retired but only receive the aged pension. We have a small mortgage on our house still so my husband mows lawns to help pay the mortgage. I doubt we will ever see the mortgage fully paid. We thought if we downsized and went into a retirement village, the land lease type, we thought we could free up some money. Nope those small houses in those villages cost more than we can sell our large house. We are content to live out our lives never paying off our mortgage because it’s our cheapest option. Our heirs will have to sell the property and payout what is owed. I don’t think we could have changed anything about our circumstances because our money was spent on operations and medical expenses so we didn’t have a choice. Young people today need to plan better for their future.
Thank you for sharing your story-it’s a powerful reminder of the challenges many people face later in life, especially when health issues and unexpected expenses impact finances. It sounds like you’ve made thoughtful decisions under tough circumstances, and it’s inspiring that you’ve found peace with your situation. Your advice to young people is incredibly valuable-planning for the future is so important. Wishing you and your husband all the best. 😊
ok and your question is ? or just sounding off for fun.
You should look around at those retirement places more, I'm doing so for a family member and have found depending on location places at
could you please do another video "into the numbers and calculations ... 11min;45s" please .. love the videos ... thank you
Thanks for the suggestion! 😊 I’ll definitely plan another video diving into the numbers and calculations. Glad you’re enjoying the content-thank you for your support! 🌟
You a gem
Thank you! 😊 You’re too kind-your support means so much! 🌟💎
I love seeing the excel calculations.
Thank you! 😊 I’m glad you’re enjoying the Excel calculations. I’ll definitely incorporate this format where it fits in future videos!
Thanks Rui - you're Ace!
Thank you so much! You're awesome too! 😊🎉
How can I get a copy of your spreadsheet please?
2.1k+...Thanks Rui Shi
Thank you so much! 😊 I’m glad you’re enjoying the content-your support means a lot! 🌟
great information
Thank you! 😊 I'm glad you found it helpful!
looking forward to defined benefit super video
Thank you! 😊 I’m excited to work on the defined benefit super video-stay tuned! 🌟📽️
Yeah good video imo.
First one that I have seen that includes other assets other than just financial.
I'm a couple of years away from pension age and starting to look at options etc for when the time comes.
Thanks for watching! 😊 I’m glad you found it helpful. Wishing you the best as you prepare for the next stage! 🌟
@@OZRuiShi Thank you.
You made it a few things much clearer for me which was great.
I'm thinking about getting your spreadsheet but don't have excel at this point.
How much do you like to get for it as a download?
@@oldbloke204 Thank you! 😊 I’m so glad the video helped clarify things for you. You can download the spreadsheet for free or pay however much you like-it’s completely up to you!
Thank you for walking us through this very complex stage of funding our living costs just as our mental and physical abilities start to decline. Seems like whichever account one puts money in, the tax department will tax is anyway. Is there a better way for Australians to keep more of our own past earnings for our elderly years?
Thanks for your comment! 😊 Retirement funding can feel complex, speaking with a licensed financial adviser could provide personalised options for your situation. Wishing you the best in planning for the future! 🌟
Beautiful thank you
You're very welcome! 😊 So glad you enjoyed it!
hi Rui, the best explanation of how it all works and how to maximize your center-link entitlements, thank you very much.
i am having trouble purchasing the Excel working calculator, it just keeps coming up with "Temporary card problem" which ever way i try to pay, is anyone else having the same??
Hi, thank you for your kind words! 😊 To bypass the payment issue, simply enter "0" above the "I want this!" button to get the Excel calculator for free. This should let you skip the payment step. Let me know if you run into any other issues! 🙌📊
Hi Rui
Re income test family situation single, what does the $2500.80 mean please?
So , what is a conditional release qualification?
Hi Rui, when over 67, there is no tax for pension based accounts. What about earning outside of pension based accounts?
Hi, any earnings or income outside of your account based pension -such as from investments, rental properties, or employment-are subject to normal income tax rules.
If your total taxable income is below the tax-free threshold, you may not pay tax on it. For higher amounts, the usual marginal tax rates apply. Hope this helps! 😊
Could you please do a video that covers age pension eligibility for non-homeowner couple where one is 70 years old looking at retiring and other is 60 years but still in full time employement and not yet eligible for the age pension.
Thanks for the suggestion! 😊 That’s a great topic with some unique considerations, especially with one partner still working full time. I’ll add it to my list for a future video-stay tuned! 🙌
Can you direct me to the defined benefit video mentioned please
Thanks for your interest! 😊 The defined benefit video hasn’t been made yet, but I’d love to know what questions you have about it. Let me know, and I can include those in the video! 🌟
Hello Rui, your video is very helpful. Don't know why I can not download the Excel spreadsheet from the link provided. Are you able show me the steps to download this Excel spreadsheet. Thank you
Thanks for your comment! 😊 To download the Excel spreadsheet, click the link provided, enter a dollar amount above the "I want this!" button (you can put "$0" to get it for free), and then click "I want this!". You should be directed to a download link for the spreadsheet.
I don’t live in Australia but this facinates me. So do people pay into the pension system and potentially get zero back themselves?
Thanks for your question-it’s an interesting one! 😊
In Australia, the Age Pension is funded from general tax revenue, not a specific pension fund that individuals contribute to directly. This means there’s no guarantee that everyone who pays taxes will qualify for the Age Pension. Eligibility is based on factors like residency, age, and income/asset tests.
So yes, some people may pay taxes for decades but not receive the Age Pension if they don’t meet the criteria. Conversely, those who qualify may receive the pension even if they didn’t pay much tax during their working life.
It’s a unique system, and that’s part of why it sparks so much discussion! 🌏💡
@@OZRuiShi Thanks for this. Incredible.
@@pataleno Also keep in mind that the rate of pay of these Centrelink pensions is poverty line for cost of living in Australia. And we also have contributions towards Superannuation accounts that is entirely our own savings and/or employer co-contributions and we have some choice over investment strategies. Superannuation accounts are low-tax during accumulation and zero tax during retirement (I believe). But current retirees only had super for part of their working lives, as it's a scheme that started around 1990.
@@pataleno Also in this video she didn't include the pension payment from the wife's superannuation account (that was listed in the assets, and is probably more than the deemed earnings listed in the Centrelink assessment) so this video only shows the income from government benefits payments, nor the husbands work place income as he is yet to retire! So the video doesn't show the couple's total income.
Can I know if I do the lump sum withdraw and spend most of them before I completely have my retirement, am I going to be eligible to have most aged pension？ thanks
Spending can help reduce assessable assets; however, whether this allows you to receive most of the Age Pension depends on other factors, such as ongoing income. Before spending most of your assets, it’s important to also consider future needs in retirement to ensure a balanced approach, as even the full Age Pension offers a limited lifestyle. Consulting a financial planner is a great way to ensure your strategy aligns with the rules and supports your long-term goals. 🌟
What about examples for singles??
Thanks for your comment! 😊 There’s already a video for singles, and I’m currently working on another one with even more strategies to increase the age pension. Here’s the link:th-cam.com/video/ds_xro7li4U/w-d-xo.html Stay tuned!
Can you do a video for 50+ who have no assets, no savings and only 50k in superannuation and show what the options are please.
Thank you for the suggestion! 😊 That’s an important topic, and I’ll definitely consider making a video addressing options for people 50+ with limited assets and superannuation. Stay tuned! 🎥
I'm thinking to have 1 mill in annuities, 600K in account based pension, keeping my shares invested and collecting dividends. When my wife retires about 2 years after I do, her 300K goes into the ABP. This should give us enough to live on.
Thanks for sharing your plan! 😊 It sounds like you’ve put a lot of thought into structuring your retirement income. Having a mix of annuities, account-based pensions, and shares can provide diversification and stability. Wishing you and your wife all the best with your retirement plans!
Re full pension from/on Super. How can it be termed "Income" when the money is already taxed and yours?
Hi, do you have a template for singles?
Check out this video-it focuses on singles and includes a template you might find helpful! 😊
►How to Calculate Australian Age Pension in 2024 [Free Excel Template]
th-cam.com/video/ds_xro7li4U/w-d-xo.html
Thankyou. Happy 2025🎆
HI do have a video for somebody having an investment property thanks
Hi there, 😊 I’m planning to create more videos on investment properties in the coming months. Stay tuned! 🙌
Thank you for the great vid and calculator. I have downloaded the spreadsheet. As we still have some income, if I insert the fortnightly income $amount into the lower threshold cell (currently $372), will the calculations adjust correctly? TIA. Grant.
Thanks, Grant! 😊 Glad you found the video and calculator helpful. This Excel template isn’t designed to adjust for fortnightly income directly in the lower threshold cell, so the calculations might not work as expected.
Beautiful presentation. Have a question. When you say Jenny can transfer funds from her super to John’s super, while considering this is within contribution caps, is this transaction considered as a gift? Which will fall under the 5 year rule assessment??
Hi there, thanks for watching. It is great question! The $80,000 transfer from Jenny to John’s superannuation accumulation account is not treated as gifting, as the money remains within the couple’s total pool of assets. Additionally, this strategy is commonly used to reduce assessable assets and maximise Age Pension entitlements, when one spouse is under Age Pension age.
It’s always advisable to confirm with a Centrelink Financial Information Service officer or a financial adviser to ensure compliance with the rules and understand the impact on entitlements.
Are there any good financial advisers in South Australia. I am 62 and have only been paying super for 8 years. I am still working and honestly can't see myself retiring any soon due to not having enough income. And I don't own a home.
I do need some advice. Thank you
Thanks for your comment! 😊 You can find licensed financial advisers through the Financial Advice Association of Australia (FAAA) website or by visiting moneysmart.gov.au, where you can search for professionals in South Australia. Make sure to check their qualifications and areas of expertise to ensure they align with your needs. Wishing you the best as you plan for your future! 🌟
My superannuation fund offered to help me with the forms for applying for the aged pension for a fee. Is it worth it, or is the process straightforward?
Thanks for your question! 😊The Age Pension application process can be straightforward for some, but it depends on your circumstances. If you feel confident navigating the forms, you could save the fee. Otherwise, professional help might give you peace of mind.
Thanks 🙏 well explained but as we have investment properties although we still owned from the banks almost $900,000😢
Thanks for your comment 🙏 If you haven’t already, check out this video-it provides a detailed explanation of how investment properties are assessed. Hope it helps! 😊 th-cam.com/video/ds_xro7li4U/w-d-xo.html
I have superannuation and no pension.
Hi Rui Shi,I’m 65 atm retiring next 2 years.Can I withdraw my superannuation to pay off my house? Thank you.
Thanks for your question! 😊 At age 65, you can generally access your superannuation without restrictions, as this is a condition of release. You should be able to use it to pay off your house if that aligns with your goals. However, it’s a good idea to seek advice from a licensed financial adviser to ensure it’s the best strategy for your situation. Wishing you all the best with your retirement planning!
Big thanks
Thanks 🙏🏻
I live in Thailand with my Thai wife. We don’t own a house in Australia but my wife owns our house in Thailand where we live. Will her house be exempt or counted as an asset?
Cheers
You're welcome! 😊
If your principal residence is overseas and you live there permanently, it is generally considered exempt from the assets test for the Age Pension. Since you and your wife live in her house in Thailand as your principal residence, it is likely to be treated as an exempt asset by Centrelink.
It's always a good idea to check directly with Centrelink or the Financial Information Service to confirm how this will apply to your specific situation. Cheers! 😊
@ thanks 🙏🏻
That’s what I think as well but you never know sometimes.
You need to be in Australia to apply and if you are living overseas for a few years before age 67 the pricks make you stay in Australia for two years it's a lot of drama for 550 a week
@@philliproberts7294 Do you mean after you turn 67. I plan on returning after 67 to claim the pension will be signing over all my assets in Australia to my son except the house and some shares which will be sold and put into supa just before I retire.
No, you cant claim pension while living overseas and only visiting overseas for 4 weeks receive pension payment that is it
Clever girl
Thank you! 😊
so the centrelink is at lose this time?
It depends on the context, but Centrelink's assessments are designed to ensure fairness and compliance with policy. Employing strategies to increase entitlements is smart planning, not taking advantage of Centrelink-it’s about understanding and working within the rules. 😊
Can you explain it to me like im in prep. I hear the words but its like they dont sentence. And im not saying its you. I feel like the basic stuff was never taught and now its a whole different language now that im trying to maximise my super gains.
Hi! I completely understand-it can feel like a whole new language at times. I’m releasing a video this coming Monday called "An Easy Guide to Australian Age Pension." Be sure to check it out-it’s designed to cover the basics and help get you started! 😊
I’m 68 years old now. I’m single. I’m an Australian citizen.
If I go back Thailand forever, Will I get Age pension $1,157 per fortnight??
My Superannuation is $290,000. I don’t have any house in Australia and Thailand.
Thank you very much ❤❤
Thanks for your question! 😊 I’m releasing a video on Age Pension while overseas shortly-I believe you’ll find the answers you’re looking for there. Stay tuned! ❤❤
Did she break the law of centrelink information? Did she sack form Centrelink?
Many can’t walk after 70 and the mind they loose into dementia. I have a neighbor who is retired just now and he can’t even walk around. He worked for 40 years. Rich but no health 😢
Thank you for sharing this perspective-it’s a powerful reminder of how important health is alongside financial security. Working hard for many years can take a toll, and it highlights the need to balance wealth-building with maintaining physical and mental well-being. Wishing your neighbour comfort and support. ❤️🌟
Are you in Perth and company name?
Thanks for your question! 😊 I’m not in Perth, and I don’t provide personal advice at the moment. I hope you find the content helpful!
@ ok thanks, looking for a good advisory in Perth 🙂
If a partner reaches retirement age, why would their younger partner’s assets be included if the younger partner isn’t eligible for the pension? It’s a sick joke put on towards hard working people.
Thanks for raising this concern. The inclusion of a younger partner’s assets in the age pension assessment is a frustration for many. The rules are designed to assess a household’s overall financial situation, but it can feel unfair when one partner isn’t eligible for the pension. It’s an issue that highlights the complexities of the current system and why so many people find it challenging. Thank you for sharing your perspective!
Young partner is not disability
we should have the same pension as the politicians,the more you work based on income and tax ,i wont retire in australia as the pension amount is struggle street
Thanks for sharing your perspective! 😊 The disparity in pension systems is a common frustration, and many people explore alternatives for a more comfortable retirement. Wishing you all the best!
ONLY IF YOU ARE NOT A GOVERNMENT OFFICIAL OR PRIME MINISTER OF AUSTRALIA...
if your got a 1m home and over 800k in the bank you should not be getting anything off the tax payer.soon as this system changes the better.
Thanks for sharing your thoughts. It’s definitely a debated topic-whether certain asset thresholds should impact eligibility for taxpayer-funded support. It’s a complex issue with strong opinions on both sides!
Agree. We need DOGE 🇦🇺
Why the British flag?
Where is an Australian flag!
This is an Australian example, it does not apply to the US system.
That’s correct-this is an Australian example and doesn’t apply to the US system. 😊
Wake up, lady. Superannuation was introduced by the Keating government due to the very foreseeable retirement of the boomers. There will be no age pension in Australia in 2035. The retirement age has already been lifted from 65 to 67, phased over four previous years. How many pensioners died in those four years & how many retired with super funds that exceed the pension limit during those same four years. The number of the population that is eligabe for the pension is falling rapidly due to the $4 trillion (and growing) already in super funds. Add to that intergenerational wealth as families have shrunk, with fewer beneficiaries, while family estate capital accumulation has grown exponentially. Lets also remember that compulsory employer contributions rose to 11.5% in 2024, with further increases envisioned, and we will soon see the Australian government, of whatever stripe, declare that there are so few eligible and so the age pension will be scrapped.
Thanks for your comment! 😊 You’ve shared a lot of interesting points about superannuation and its impact on the Age Pension. It’s definitely a topic that sparks debate, and the future of retirement policies will be one to watch closely.
If you dont take out your super in the next 5 years you will all lose it. This is fact not an opinion
Why sir?
Just a reminder to be cautious of misinformation around superannuation. Super is protected by regulations in Australia, and it’s always best to rely on trusted sources or consult a licensed professional for accurate information. 😊
Sounds like complete BS and it is a fact.
👎👎
Do this apply to the members of parliament too?
Yes, members of parliament in Australia are subject to superannuation rules, but they often have different arrangements compared to the general public. The rules discussed in this video don’t apply to defined benefit schemes like the PSS or CSS. Whether the rules are relevant depends on the type of superannuation arrangement in question.
Hey , I am a videos editor and I saw your post freelancing platform looking for someone to edit videos on TH-cam, and I am happy to be that person, Even if you find someone else, I will be happy to have you answer my message.
Thank you .
Hi, thank you for reaching out! 😊 I’m currently trialing an editor, but I really appreciate your interest. If things don’t work out, I’ll keep you in mind. Thanks again!