Quote:
Originally Posted by PCH
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 
|
Paul, the minimum amount you can take is dependent on how much you have invested-a percentage. I don't have the actual figures with me at the moment, but this is something a financial adviser can tell you. You can take much more on a fortnightly basis if you want, but then your money will eventually run out.I can tell you my bank adviser's annual fee is .44% of my investment, but they are increasing the value of my investment-mine has increased by about 5% since March this year, and thats AFTER they make my fortnightly payments.
All I can suggest is you talk to your bank's financial adviser and get all the information. I do like having my money invested by the bank-I think its much safer.
When I retire completely, I won't have it so good-just the aged pension + allocated pension, but its a whole lot better than just the aged pension.
As I said in a previous post, divorce knocks the hell out of retirement finances, and I would be far better off without the divorce.