QUESTION:
I turn 65 in September. My wife is 60, working full time with an income of $50,000 per year. I have $90,000 in super, we do not own any property and have no money in the bank. We presently rent.
Am I better off working until I am 70, or should I retire in September, and draw down my super? Will I get the pension and how much should I get a fortnight?
ANSWER:
You are way underfunded for retirement, so my advice is to work as long as you can. If you do stop working, you would get a small pension, but it would be reduced by your wife’s income. This would be a good time to be talking to the FIS people at Centrelink.