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Retiring Early @ 55

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Luke83, 29th Sep, 2019.

  1. Luke83

    Luke83 Active Member

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    So i want to retire early @55 ( or at the very least only be working a 3-4 days per week). Are there any CONDITIONS to accessing your Super early as right now i am assuming i cant touch my SUper until 67ish so i will be force to also invest outside of Super to support me in my goal.

    Now if there was some Condition to getting it out early i would max out my Pre-Tax super contribution and build most within Super ( currently i am already matching my company contribution so it should end up a nice value on its current trajectory).
     
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  2. twisted strategies

    twisted strategies Well-Known Member

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    in 2011 i claimed 'hardship ' in 2010 ( i was between jobs at the time ) to liquidate my super , which i pumped into AMP shares ( which i exited in late 2018 )

    the right choice but maybe i should have selected a different company ( did make a profit but i still in hindsight , could have selected better .. maybe a major bank

    but yes i smelt such conditions coming .. so now just call it my 'investment portfolio ' what i lose in tax concessions i make up for with flexibility ( in decisions )

    i turn 65 at the end of the year , but pension age is now 66 ( as of July 1st this year ) for me , be careful of constantly shifting rules ( don't expect 67 to be 'the age ' in 10 or 20 years time )

    if i was still working now ( am currently on a desability pension ) i would be putting the 'surplus' cash into desired investments OUTSIDE my super ( unless your super offers some compelling reasons to pump up that contribution .. mine was fee-hungry and being an employer super fund focused on propping up the company leadership )
     
  3. Terryw

    Terryw Well-Known Member

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    Is that early!?

    To access super you need to meet a 'condition of release' - generally 60 years of age or more.
     
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  4. Luke83

    Luke83 Active Member

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    Lol, it will be the earliest i will be able to have one million dollars in Asset Producing assets OUTSIDE of super And that is assuming a consistent 5% return each year ( which i am hopping is easy to achieve). Sure if other factors change it could be quicker or longer but for now its my target range.
     
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  5. Terryw

    Terryw Well-Known Member

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    55 is earlier than most people retire so it is no small effort!
     
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  6. Hodor

    Hodor Well-Known Member

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    Come on Terry you are better than that :p
     
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  7. Terryw

    Terryw Well-Known Member

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    I should point out that was a joke.
     
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  8. twisted strategies

    twisted strategies Well-Known Member

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    i might call that adventurous , considering the 10 year period ( so far ) in my ' race to retirement ( and pension @ 66 years old )

    i would argue for keeping plenty of options open in your plan in the journey

    i would also suggest a FULL health check at the start of the adventure ( unlike i did, having one just after half-way )

    but GOOD WORK , trying to make plans early ,
     
  9. Luke83

    Luke83 Active Member

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    I find it interesting, i mentioned to a guy at work who was asking me about investing and when i said i wanted to be out by 55 and he said it would never work :) so i showed him the numbers and he shut up. On here, 55 is "not Early" :) I guess it all comes down to your world view and how much effort your willing to put in to achieve it.
     
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  10. Terryw

    Terryw Well-Known Member

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    Also comes down to when you start too. Some people get their first pay check and save 80% from day 1. Those smart people could potentially retire by 30
     
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  11. twisted strategies

    twisted strategies Well-Known Member

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    job security when you are saving plays a big part

    in 1972 when i started working many had ' a job for life ' ( a career if you were paid a salary )

    nowdays 5 years employed at the same firm classes you as 'dead wood ' ( liable to be cut in any restructure )

    when that attitude become prevalent i changed to casual jobs ( often multiple employers in the same week ) bad for the super but heck loyalty is a dinosuar , ( at least i had some work lined up for next week .. and grew my skills base )

    save , indeed i encourage you , but don't forget to work on your education as well ( say in financial matters

    thrifty is good

    thrifty and financially savvy is better ( you have that saved money working for you earlier )