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I am 60, will retire at 67 and get the single age pension. I rent from the department of housing and pay 20% of my income in rent. What should I do with my $90,000 super that dose not earn 'income' and increase the rent?
Amanda
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Hi Amanda,
A little confused by your question - sorry.
As it stands gather you are employed for the next 7 years as such your super is not deemed for the purpose of Centrelink calculations.
Once you retire it will be - by deemed I mean that Centrelink will apply a percentage to the balance that is recognised as income - say 4% or in your case $3,600.00 per year.
While it Le a while away, once you retire you should investigate setting up an Allocated Pension. Currently there are benefits of these structures for Centrelink calculations - though it will be important to seek professional advice closer to your retirement to see if legislation still supports this.
Hope this answers your question, let me know if you need some more clarification.
Regards,
Damien Linn
CEO - Squirrel