Users' questions 

Should I divorce my husband before he retires?

Leia Doyle

Should I divorce my husband before he retires?

When you and your spouse divorce, each of you is entitled to your equitable share of all retirement accounts that were acquired during the marriage. Retirement will not change that fact. Accordingly, waiting until retirement with an eye toward somehow shielding retirement accounts will be wholly ineffective.

What are the rules for transition to retirement?

Under the current Transition to Retirement (TTR) rules, once you reach your superannuation preservation age and your fund allows it, you can:

  • stay in your current job.
  • reduce the number of hours you work.
  • supplement your income by accessing a limited amount of super, divided into periodic payments.

What are the three phases of retirement?

Financial planners and other advisors sometimes divide retirement into three basic phases: an early, active phase when retirees may travel widely or embark on other adventures they had to put off during their career years, a more settled and somewhat less active phase, and a third phase in which the effects of aging …

How do you know it’s time to retire?

Here’s how to tell if you’re ready to retire:

  • You are financially prepared.
  • You have eliminated debt.
  • You have a plan to cope with emergencies.
  • You have health insurance.
  • You have a social network.
  • You have something else to do.

    Is transition to retirement still worthwhile?

    Transition to retirement may still be a worthwhile option, depending on your personal circumstances and whether you are looking to reduce your working hours, save tax or boost your super. The numbers can be complex so talk it over with your super fund or financial adviser.

    Is transition to retirement tax free?

    Cut back your working hours without reducing your income. The taxable component of TTR pension payments attract a 15% tax offset between preservation age and 59 and all payments are tax-free1 at age 60 or over. Investment earnings are generally taxed at a maximum rate of 15%.

    What should I do 1 year before retirement?

    The Most Important Money Steps to Take the Year Before Retirement

    1. Build Your Retirement Budget.
    2. Adjust Your Portfolio for Income.
    3. Learn How Medicare Works.
    4. Refinance Your Mortgage.
    5. Time Social Security Benefits.
    6. Decide What You’ll Do.
    7. The Bottom Line.

    Does early retirement shorten your life?

    The previous studies do not imply that you will die soon after you retire. If you retire at 65, you have a 76 percent chance of living ten more years, a 38 percent chance of living 20 more years, and a 5 percent chance of living another 30 years. The life expectancy for men in the United States is 78.54 years.

    Are transition to retirement pensions tax free?

    Cut back your working hours without reducing your income. The taxable component of TTR pension payments attract a 15% tax offset between preservation age and 59 and all payments are tax-free1 at age 60 or over.