My Wife retired around 65 as was only working weekends then I was made redundant 3 weeks after I turned 60 in a restructure.(September 2023)That was my queue to retire.Started an income stream from both our super accounts.I had started a spouse super account back in 1993 when my wife wasn’t working due to raising a family then used every super rule to our advantage to give my wife a reasonable balance spouse continuations, co contributions,split contributions. I have now rolled my super back to accumulation and wife gets full age pension. I’m 62 It is difficult to get financial advice on this strategy as it depends on super returns after tax as to whether it’s viable.Its also a lifestyle choice to retire at 60 but would rather travel while I’m young enough to do all the walks.
Regarding the age gap between partners, I've had clients who informed me it wasn't the money aspect which caused problems but rather the emotional issues. For instance, one client complained, when he retired and his younger wife continued to work, each morning as she left their home she sarcastically said, "It must be nice!" When she returned after a day's work, her immediate question as she entered was, "Well, what did you do today?" Then continued to complain about her work load. The result was high tension which began to erode the relationship. Rick Atkinson
I can't believe how much this resonated with me. I am 56 with a 65 year old husband. He retired quite suddenly last year due to a work restructure. I have never felt our age gap so acutely after 28 years together.
Bec, I was very impressed with your feature story on couples where two partners are of quite different ages. It really helped with planning and setting expectations, touching on both the age pension planning aspects and the emotional aspects. keep up the great work!
I am 5 years older then my spouse. I find myself looking at the stresses she is going through and I subconsciously say to myself I remember feeling like that. It is almost like our emotions have some sort of natural timeline. What bothered me 5 years ago no longer does as I am close to retirement. I expect she will be where i am - in 5 years
This is the situation we are currently navigating. I’d say now more than ever communication is the absolute key during this period. What are the milestone dates?, what is the SMSF dollar figure drawdown amount (where applicable)?, what is the budget?, will the pension need a “top up” and if so, how? how will your time be filled in retirement (I’ve created a structured plan)? and also what’s in it for the “working half” of the partnership? This might be less burden with stuff like housekeeping and meal prep. (doing even than current), but as we all know, everyone’s situation is different.
Bec, this really does resonate with me. My husband is 73, I'm 64. My husband had medical concerns so after I reduced work to 4 days for 2 years I retired from teaching to support him. After many medical tests and a cataract surgery he is clear and we can now enjoy life knowing he is healthy. I miss the structure of work and we are creating that with pickle ball, walking groups and other things and some travel. I hope to return to work in some form. It's a complex situation as you mentioned.
My Wife retired around 65 as was only working weekends then I was made redundant 3 weeks after I turned 60 in a restructure.(September 2023)That was my queue to retire.Started an income stream from both our super accounts.I had started a spouse super account back in 1993 when my wife wasn’t working due to raising a family then used every super rule to our advantage to give my wife a reasonable balance spouse continuations, co contributions,split contributions. I have now rolled my super back to accumulation and wife gets full age pension. I’m 62 It is difficult to get financial advice on this strategy as it depends on super returns after tax as to whether it’s viable.Its also a lifestyle choice to retire at 60 but would rather travel while I’m young enough to do all the walks.
Regarding the age gap between partners, I've had clients who informed me it wasn't the money aspect which caused problems but rather the emotional issues. For instance, one client complained, when he retired and his younger wife continued to work, each morning as she left their home she sarcastically said, "It must be nice!" When she returned after a day's work, her immediate question as she entered was, "Well, what did you do today?" Then continued to complain about her work load. The result was high tension which began to erode the relationship. Rick Atkinson
I can't believe how much this resonated with me. I am 56 with a 65 year old husband. He retired quite suddenly last year due to a work restructure. I have never felt our age gap so acutely after 28 years together.
Bec, I was very impressed with your feature story on couples where two partners are of quite different ages. It really helped with planning and setting expectations, touching on both the age pension planning aspects and the emotional aspects. keep up the great work!
What if the younger partner does accesses thir super at 60 on ttr does this count as asset. For context spouse is 5.5 years older
I am 5 years older then my spouse. I find myself looking at the stresses she is going through and I subconsciously say to myself I remember feeling like that. It is almost like our emotions have some sort of natural timeline. What bothered me 5 years ago no longer does as I am close to retirement. I expect she will be where i am - in 5 years
This is the situation we are currently navigating. I’d say now more than ever communication is the absolute key during this period. What are the milestone dates?, what is the SMSF dollar figure drawdown amount (where applicable)?, what is the budget?, will the pension need a “top up” and if so, how? how will your time be filled in retirement (I’ve created a structured plan)? and also what’s in it for the “working half” of the partnership? This might be less burden with stuff like housekeeping and meal prep. (doing even than current), but as we all know, everyone’s situation is different.
Bec, this really does resonate with me. My husband is 73, I'm 64. My husband had medical concerns so after I reduced work to 4 days for 2 years I retired from teaching to support him. After many medical tests and a cataract surgery he is clear and we can now enjoy life knowing he is healthy. I miss the structure of work and we are creating that with pickle ball, walking groups and other things and some travel. I hope to return to work in some form. It's a complex situation as you mentioned.