How fast can you access your super?

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Alex P Keaton, 26th May, 2018.

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  1. Alex P Keaton

    Alex P Keaton Well-Known Member

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    Hi

    Does anyone know how fast you can access your super and how much you can take out at any one time for someone who is retired and over the age of 65.

    I just need to know as a last resort just in case Im not able to qaulify for a personal loan and I need to get rescued by the parents so settlement can go through.

    Thanks
     
  2. datto

    datto Well-Known Member

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    I think once you reach presevation age you just go to the ATM and take it out.

    Thank god for the hole in the wall.
     
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  3. Alex P Keaton

    Alex P Keaton Well-Known Member

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    Ok thanks. I’ve been looking at a few sites and haven’t been able to find the info I’m looking for. When I spoke to Mum tonight she seemed to think it would take her some time. She said she will look into it tomorrow.
     
  4. Lizzie

    Lizzie Well-Known Member

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    You may need to talk to a SMSF specialist because, once the super is taken out, they may not be able to roll the full amount back in straight away when you pay it back.

    You can always request a short delay in settlement - happens all the time, but usually due to bank stuff ups - as long as both parties agree. If longer than one week then you can ask for a delayed settlement as you pay rent for the intervening time.
     
  5. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Taking a step back... is it really ok to ask your parents to extract their super urgently to bail you out of your situation? They've worked hard their whole lives for a bit of security... don't mess it up for them.
     
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  6. Alex P Keaton

    Alex P Keaton Well-Known Member

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    Thanks yeah that might be an option requesting a delay in settlement.
     
  7. Alex P Keaton

    Alex P Keaton Well-Known Member

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    This might be the only option as I don’t have cash or equity. Otherwise settlement can’t go through. Hopefully I’ll qualify for the personal loan.
     
  8. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    At the end of the day you need to decide if it's better for the sale of the unit to fail if you can't get the personal loan. Is it better to keep the unit and rent it out again than dip into your parents Super?
    This is a personal decision but remember that the cost is high and you need to be sure that continuing to Settlement is the right answer for you and your parents. You do have another choice and that is to not settle.
     
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  9. Joynz

    Joynz Well-Known Member

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    Can you get a second job or increase your hours to earn more money?
     
  10. Alex P Keaton

    Alex P Keaton Well-Known Member

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    Unfortunately not going through with settlement isn’t an option as the properties are bleeding me dry.
     
  11. Alex P Keaton

    Alex P Keaton Well-Known Member

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    I’ve thought of this but I find it’s a struggle to keep my main job which is 5 days pw. I would be a lot healthier working part time (& really need to be working 4 days per) but right now I have to stay tough and keep going.
     
  12. Alex P Keaton

    Alex P Keaton Well-Known Member

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    If my parents were to take out half the amount I need which is around $15,000 from their super that shouldn’t impact them too much should it? And then I could get the rest as a personal loan
     
  13. SatayKing

    SatayKing Well-Known Member

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    I know what I'd say if one of my children asked me this as a result of a hole they dug themselves. They won't as they already know the answer. It revolves around taking personal responsibility for their decisions.
     
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  14. 738

    738 Well-Known Member

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    I’d help my kids if they were in a position like above. F
     
  15. kierank

    kierank Well-Known Member

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    I am confused. Your “properties are bleeding you dry” and you are buying another one?

    I would have thought you would be selling and want settlement as soon as possible.

    You need a total of $30,000. I would have thought most property investors would have that in their cash reserves or could get it on a credit card.
     
  16. Joynz

    Joynz Well-Known Member

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    Could you move in with your parents for a couple of years and rent out your PPOR to save money?
     
  17. Angel

    Angel Well-Known Member

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    Ouch, @kierank, that is a bit harsh. That's not like you, is it.

    You do not seem familiar with this lady's situation. She is selling and is in a very similar situation to mine a few years ago.


    Battlers like me cop mountains of discrimination from the other end of town when we dare to try and raise ourselves up. We don't all have a spare $30k lying around.
     
    Last edited: 27th May, 2018
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  18. Angel

    Angel Well-Known Member

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    Alex, go to the ATO website and your Super company's website . Just withdraw your own Super to cover the shortfall.
     
  19. Joynz

    Joynz Well-Known Member

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    I think Kierank may not have read all the threads. However, I don’t recall Alex indicating she was a battler from the wrong side of the tracks?
     
  20. Angel

    Angel Well-Known Member

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    Good point, I'll edit that.
    Should be Battlers, ie low income earners trying to make a go of it. Same as me.
     
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