Quote:
Originally Posted by Larryp
Hi Paul
He suggested rolling most of my super and proceeds from the sale of my business into an allocated pension, keeping back about $10,000 in a cash management account for high interest/ready availability.
The money was, of course, invested with the bank's investment/superannuation arm using a safe strategy of only having 30% in Aust/International shares.
Since I am still working part time, the adviser suggested I draw the minimum annual amount allowed by the government, and consequently the value of the investment is increasing even after I draw a set fortnightly amount, and this is not taxable or considered as income when applying for the aged pension.
To sum up, I get a part aged pension, an allocated pension, income from work, and I have a Centrelink concession card-pretty good!
There is no fee for the advice-only a relatively small fee for setting everything up if you decide to go ahead, and a small ongoing annual management fee.
Don't know if I can say WHICH BANK here.
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Hey Larry,
thanks so much for that detailed reply. I appreciate the details cos that's where the real information is. Can you tell me how much you're allowed to take as an 'allocated pension' from your fund such that it isn't considered income as you've described. That wouldn't be considered 'prying' would it? It must be a figure that applies to all of us I'd think
Thanks again Larry - all the best in your executive semi-retirement
