Should we upgrade from an apartment to a house?

Will buying a house require you to take on a bigger mortgage, which then restricts your ability to enjoy life? Do you want the maintenance associated with owning a house? Are there good parks near your apartment that can provide outdoor space without you needing to mow the lawn and pull out the weeds? Can you afford to buy a house in an area where you want to live? I think questions like these are the more important ones to be answered.

If you decide to stick with the apartment, consider establishing an investment plan where you add a regular amount each month into a share-based portfolio. This will give you a growth asset to substitute for the growth you might have experienced shifting to a house.

My wife and I, both 67 years old, have a lump sum to invest. My wife does not have any superannuation, so ideally we’d like to get this money into super for her. However, we are uncertain about the eligibility criteria, particularly regarding the work requirements.

I’ve got good news for you. Provided you are not looking to claim the contribution as a tax deduction, there is no longer a work test for those under 75 when it comes to contributing into super.

There’s even more good news, because you now also have access to the bring-forward rule. Until about a year ago, this switched off at age 67, but eligibility now exists until age 75.

The current after-tax contribution limit is $110,000, rising to $120,000 next financial year. Assuming you have not triggered the bring-forward rule in the past three years, you can use the bring-forward rule to make three years worth of contributions in a single year.

Paul Benson is a Certified Financial Planner. Questions to: paul@financialautonomy.com.au

• Advice given in this article is general in nature and not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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