Money Matters Interview - Senator Nick Sherry
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Last Sunday on the show, we interviewed the federal Minister for Superannuation and Corporate Law Mr Nick Sherry…
Kel, (Our radio show anchor and web guy) has been a little ill since the interviewed aired so apologize for the delay in the posting of the audio.
For those of you that tuned into Money Matters Sunday you’ll notice that there’s an extra 3 minutes of audio on the podcast….I’d like to say it’s bonus content, but it’s just the raw unedited version of the interview….
you can listen to the interview by clicking the play button below or choose the download option and listen to it later…..This is a must listen for anyone concerned about your Superannuation…. Read more
I am 60 and have $100K in super. Should I leave in super or withdraw?
August 14, 2008 by Josie Kay · 3 Comments
Q. I have approx $100,000 in Superannuation and I want to retire at the end of the financial year this year. I turned 60 at the end of May. Do I have to invest in a particular income stream for it to be tax free or can I withdraw my Super & put it into, say, ING at 7.9% & draw a small income from this & still be tax free? Do I pay tax on the interest the money earns in the account? I would appreciate your advice.
A: Thanks for the question and congratulations on seeking advice and doing your homework. Far too often we see people making financial decisions without really understanding the impact on their future wealth.
In order to be sure your income will be tax free, it needs to stay within the superannuation environment. It is common for people to transfer their super to an account based pension (previously called allocated pensions) which is simply the vehicle used when you start drawing an income from superannuation. Read more
I was born in 1964. I heard they will be stopping the age pension?
June 21, 2008 by Josie Kay · Leave a Comment
Q. Can u tell me, at what birth year does the aged pension stop. I was born in 1964 and need to know whether I will receive the aged pension.
A: A great question and I suspect many people reading this question will think you have gone bananas. Most Aussies have the attitude that it is their god given right to receive the age pension as they have paid taxes all their life.
A fair point, but there is only so much money in the Government kitty. Remember they are simply managers of the tax we have to pay them.
A huge problem facing most Governments is Read more
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