We have low super but four properties. How should we plan for retirement?

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I started a pension using the full $1.6 million cap that was applicable at the time. The balance has since grown to $2 million. I am soon to sell an investment property. Am I able to start a superannuation accumulation account and deposit any of the proceeds in, either pre- or post-tax?

To make after-tax (non-concessional) contributions your total super balance would need to be under $1.9 million on 30 June in the financial year before your contribution. Your balance is $2 million now, but maybe it was under that $1.9 million 9 months ago. It’s worth taking a look.

With regards tax-deductible contributions (concessional), the $1.9 million is not applicable, however if you are over 67 years of age you will need to satisfy a work test, and if over 75 no contribution will be possible. The maximum tax-deductible contribution that can be made is $30,000 however, which in the context of your financial position, would not appear to be especially impactful.

I think you’ve done well to squeeze all the juice out of the superannuation system. Perhaps a share portfolio with a healthy weighting to fully franked Australian shares would provide a good alternate solution for you.

I have had a pretty big drop in my super for the last 10 days. Should I give contributions a rest while Trump is so volatile and buy $25,000 of solar and batteries, then come back to contributions later this year? We have a combined super of $700,000 and no mortgage and I am aged 59.

When you contribute to super, you are buying investments. As a buyer, would you prefer higher prices or lower prices? Keep contributing to super and stop looking at your super balance.

Paul Benson is a Certified Financial Planner at Guidance Financial Services. He hosts the Financial Autonomy podcast. Questions to: [email protected]

  • Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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