Some days it can feel hard enough managing your own money without needing to be totally across ‘couples’ rules and how they can affect both partners’ income.
Today we’ve compiled a list of the five most commonly asked ‘couples’ questions, with answers to help you stay on top of the rules that affect your household the most. These answers cover contributions, tax, downsizing and younger spouse options, so read on to ensure you have the information you need for your own money management.
Chris and Sandra had recently retired, but had a nagging feeling that they could have organised their super better. Their balance was substantial, but they wanted a second opinion on whether they had missed anything that mattered when it came to accessing this money. They recently contacted Retirement Essentials adviser, Sharon Sheehan, to double check their numbers. It was a great call – her suggestions to restructure their super have led to an $50,000+ . Here’s what she found.
Chris (age 66) and Sandra (age 63) booked an advice consultation. They wanted to discuss their retirement plans and explore options to maximise their finances before Chris turned 67 and was eligible for an Age Pension. They knew it was important to find out about strategies to make the most of their money but were unclear where and how to start.
They were in the fortunate position of owning their home with no mortgage. They believed that they would need $80,000 per annum in retirement to meet their ongoing household and lifestyle expenses. Chris had $900,000 in an income stream (an Account-Based Pension), while Sandra had $450,000 in super in addition to a small amount of cash, a car, and their home contents. This meant that the total value of these assets (excluding their home) was around $1.4 million.