How would tax affect super at early retirement?
Q.
My husband will be turning 55 at the end of next year. After
being with the same company for 25 years he is looking at early
retirement, and we want to pay off our $250,000 mortgage. He has
been in a great super fund since 1981. How would the tax affect him
with his super at early retirement?
A.
Once he turns 55, the non taxable component can be withdrawn
tax-free and the first $145,000 of the taxable component can be
withdrawn tax-free. Your adviser will be able to do the sums for
you and also discuss other important issues such as estate
planning.
Each week financial advisor Noel Whittaker answers your
questions.
