Question 1: I am retired, aged 67. My husband is retiring age 60 in March 2022. In preparation for his retirement, we bought a retirement home in March 2021 using $700,000 from my personal super, leaving my balance at $72,000. Our new residence has a mortgage of $500,000, and the rent is covering the mortgage. My husband will retire with approximately $1.5 million in his super. We believe we will sell our home we are currently living in for over $800,000.
The question is what to do with the money from the sale of our current home? I am 67 and not working, so can no longer contribute to super unless I meet the work test – I do not work. We can’t use the downsizing [contribution] from the sale of our existing home into my husband’s super, as we have only owned it for seven years and he does not meet the age requirement.
