"OK financially" can imply different things to different people, according to the expert. First Question

 

My wife is 65 and I am 66. We have about $150,000 in super and own our house. Do you believe that our financial situation will be satisfactory? We own our autos and have no other loans.

You are in a reasonable position because you own your own house and have some super. But a lot will depend on how much money you need or want in retirement.

The savings goals for retirees that Super Consumers Australia just released are displayed below.

For instance, they calculate that if you and your spouse are homeowners and just want a "modest" income in retirement, that amount would be $46,000 annually. You simply need to have $96,000 in super or savings to reach that salary. This is because the age pension will account for 92% of your income.

On the other side, they predict that a "middle" amount of income would be $62,000 annually. To do this, you would need $421,000 in super or savings, as the age pension would cover 70% of your income needs.

You will earn a full age pension when you reach the age of 67, and your wife will receive the same benefit when she reaches the age of 67.

A couple's joint full-age pension is around $45,000 annually. Additionally, you can supplement it with tax-free withdrawals from your super.

Depending on how much you take out and how long you want your super to last, this should provide you with an annual income of well over $50,000.

Although there is not a lot of money, you do not have any rent or a mortgage to pay. Additionally, you will receive two annual increases in your age pension payments.
Your expectations will determine if you will be "OK."
On that income, some people can live quite comfortably, while others would find it difficult.

Second query

I have $700,000 in super in pension mode, am 62 years old, retired, and unmarried. No additional noteworthy resources. I recently sold my Sydney home, which will be settled in April.
I will save $500,000 for a flat in far-north Queensland, clear about $1.75 million, and likely owe $400,000 in capital gains tax. After owning it since 2001, I rented it for 17 years before moving in for the remaining time.
Although I am having trouble getting this verified, I believe I qualify for a down-sizer payment into super because it is partially capital gains exempt. I want to put as much as possible into Super. Does it matter if the down-sizer contribution is made at a time other than within ninety days of settlement?

In order to avoid risking the money before I have to pay, what are the safest ways to invest the money for capital gains tax and an apartment? Thank you.

You seem to have complied with the requirements to contribute to the downsizer. That is, you are older than fifty-five, you have owned the house for more than ten years, and you have used it as your primary residence for at least some of that time.

Within ninety days following the transfer of ownership, all down-sizer contributions must be deposited into the individual's super fund. At the time of settlement, ownership usually changes. You may request a 90-day extension from the ATO, but only if circumstances beyond your control resulted in the delay.

You can contribute in the following ways to maximize your super contributions:

Downsizing: up to $300,000.
$360,000 non-concessional (post-tax) contribution made under the bring-forward regulations
A $30,000 concessional contribution
Making a contribution to super and then claiming a tax reduction on that amount is known as the concessional contribution. This will help you pay less in capital gains taxes.

Simply keep the money in a safe, conveniently accessible, high-yielding online account if you know you will have to pay taxes soon.

Third Question

We are in our mid-80s, my husband and I. Our house is ours. Each of us receives a partial government pension. In addition, my spouse takes out $4000 a month from his quickly declining account pension. In addition, I make $350 a month from renting out my residence. Additionally, we spend about $1000 a year renting a lodge at our house or property for vacations.
Since our 60th birthday, we have not filed tax returns. Does this arrangement provide any tax challenges for us?

Since your account pension is tax-free, you can ignore that.
Both age pension income and rental revenue are considered taxable income. However, senior Australians in a partnership who make less than $28,974 (2023–2024 numbers) are exempt from filing taxes.

A capital gain or loss will result from the sale of the vacation home or rental property, and a tax return will be necessary.

Although there do not appear to be any tax obligations to be concerned about, you may theoretically need to send the ATO a "non-lodgement advice" form. To be sure, I advise getting in touch with the ATO or consulting a tax expert.