I'm 70yrs and about to retire and have approx: $500,000 in super and I want t help the kids getting their first home, when I check how much they need to pay if they borrow the above amount - it's over $350,000 in interest .
As my super money will sits around with my super company but I'm will get a pension from it every year, it's easier to withdraw the money and give it to the kids so they don't have to pay that huge amount in interest - What do you recommend?

Hi Jean-Renaud,
This is a great question, I’m sure many parents are having these exact thoughts as their kids look to purchase a home.
I think that you should speak with a great financial planner to ensure that your needs are securely met first and then any assistance you can provide to your children is done in the most effective way. A short answer on here is not going to be able to address everything that you should consider.
Connect with James Wrigley here on Simply Askit or contact Endorphin Wealth or Arrive accountants directly
to get some personal advice
Best of luck
Scott

Hi Jean-Renaud,

You really need to talk this through with a financial adviser - I’m happy to help. Thanks Scott for mentioning me.

If you take the money out and give it to your kids, what will you love off? You’ll need to be extra careful with the age pension as Centrelink will count the gift to your children under the gifting rules and deprive you of age pension.

Let’s talk and see if there is some way you can help your children as you seem keen to do, but also don’t leave yourself short of an income.

Regards
James
James.wrigley@firstfinancial.com.au
03 9909 5826