1.First Question

My wife is two years younger than me, and I am 56. Since she was not working full-time, she is currently unemployed and receiving a little compensation payout of roughly $1000 every two weeks. Over the following four years, I hope to work less hours and retire at age 60. I currently make $150k a year, including super, and I currently have roughly $400k in super. My wife has a substantially lesser super. I believe her super gets paid out with her permanent disability benefit, if she is successful in her application. In addition to our house, we also own a little rental property. I worry that because of our assets, we will not be eligible for a pension when we turn 67. I am aware that the evaluation takes into account both my super and the rental. Could you provide us advice on how to maximize our retirement income at each stage?

It is not necessary for your wife's super to be paid out if she is successful in obtaining a disability support pension.

The disability assistance pension is subject to asset and income testing, just like the age pension. Your super savings are not assessed while they are accumulating and while you are younger than the pension age.

You can now receive a partial pension as a couple who owns a home with assets of slightly over $1 million, excluding your primary residence.

I suppose you will be taking money out of your super to pay for your retirement income from the time you retire (at age 60) until you reach pension age (at age 67). Your eligibility will thereafter be determined by your balance at age 67.

You can consider taking out a portion of your super and adding it to your wife's super. In this manner, the money can be protected from Centrelink for a further two years, after which it will be evaluated.

You might also think about a pension or lifetime annuity. This entails putting your money away in exchange for a consistent, lifetime salary. In general, this indicates that only 60% of the purchase price is taken into account by Centrelink, which can be sufficient to make you eligible for a Centrelink payout.

Consider what to do with your investment property as well. Retirement may come with recurring expenses, a lack of flexibility (you can not sell a few rooms), and a potential inability to generate the necessary income.

But age pension is not the only factor in maximizing your retirement income, and it is definitely not the only factor from the start.

Determining the kind of retirement you desire and the associated costs is more crucial. This can help you determine how much super you will need to take out as a lifetime annuity, account-based pension, or a combination of the two.

You can factor in the age pension once you start using your money and your total assets drop to less than $1 million after determining what a realistic quality of living in retirement is for you.

2.Second query

My super for the fiscal year 2022–2023 indicated a -2 percent return for the year, and I am 70 years old. $350,000 is the super that is held in this fund. According to an article I read, the majority of the funds are yielding 8.5% for the year. I have a well-rounded choice. I do not want my return to disappear or be consumed by the poor return because the amount stored in this fund is the consequence of years of diligent effort. In Australia, my super fund is ranked among the top five. Can I take out the entire amount and place it in a term deposit with a large bank that offers 5% interest without having to deal with any hassles? Would my pension be impacted if I did this? I looked at the cash option investment fund, but their fees are not reasonable.
Comparing apples with apples is crucial. Not just when comparing funds with comparable risk and asset allocations, but also when comparing funds over the same time frame.

Examining performance over a longer time frame—say, five years or more—is even more crucial.

All things considered, a negative 2 percent for the previous fiscal year does seem like a very bad outcome.

To get a personalized analysis of how your super stacks up against others, log in if your MyGov account is connected to the ATO. If not, you can utilize the generic "YourSuper" comparison tool from the ATO.

After expenses, picking a high-performing fund is crucial. Selecting an investment option that aligns with your risk tolerance is even more crucial.

Once you have selected the fund, they need to be able to tell you which option is best for you without charging you extra.

You always have the choice to withdraw the funds and place them in a high-yield cash account or a term deposit, depending on your age.

From the standpoint of Centrelink, this is irrelevant. Although there might be tax benefits, it is not always simple to get the money back into super, and you could build up a monthly income from it, I would be cautious about withdrawing money from super.

Before making that choice, I advise getting guidance.

3.Question 

 My hubby is five years younger than me. If he is still employed, can I still receive my pension?
You can apply for the age pension after you reach the age of 67.

Nonetheless, your husband's earnings—including those from his job—will be considered.

You would not be entitled for any age pension payment if your total income, including presumed investments, exceeded $3666.80 per two weeks ($95,337 annually).