Suddenly, it occurred to me that I am aged 58 – and have little super. What do I do now? | OPINION by George Cochrane
I am a 58-year-old female, have always lived life to the full, owned my own business, and meant to put more into superannuation, but often spent the money on trips to Europe instead. However, I now find myself becoming concerned about my future income, as it has suddenly occurred to me that I am 58! I have no plans to stop working in the foreseeable future. I jointly own a property with my husband valued at $1.4 million, with a $480,000 mortgage, and $200,000 in a mortgage offset account.
If you both contribute $1000 a month towards the mortgage, it should be repaid by the time you retire, assuming mortgage interest rates average about 5 per cent. I presume the property you mention is your home. Make sure you use a tax accountant to claim all possible deductions, including the maximum “carry forward” concessional contribution, which could presumably be increased by $27,500 to $61,500, including this year’s employer contributions.In the early to mid-2000s, I bought small parcels of shares through Rivkin Stockbroking, since taken over by Commsec. I sold them seven years ago. This has presented a problem with my tax return for that financial year, and later years.
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