QUESTION:
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I am 60 and would like to retire in about a year. I am a single woman with about $430,000 in super, an investment property I could sell for about $200,000 (debt free) and about $100,000 in cash. I am salary sacrificing the maximum into super now I am 60. I am reluctant to sell my investment unit ($290 a week rent) and invest the proceeds and the $100,000 into my super fund. What would you suggest I do?
ANSWER:
You should be talking to a good adviser, as there are many issues to consider and these include estate planning. Have you given someone a Power of Attorney and have you done an Advance Health Directive? I see no reason to sell the unit if you think it’s got good potential. In any event, if you do decide to sell your unit, you are better off to defer it until after you retire. Then you should be able to minimise capital gains tax by making a tax deductible super contribution with part of the proceeds.