Opinion
Paul BensonMoney contributor
January 18, 2026 — 5:01am
January 18, 2026 — 5:01am
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I will be receiving a significant inheritance next month. My first port of call will be to clear the mortgage, but after that, I’m lost. Super, shares, property, term deposits, Lambo? I’m 51 and single. No urgency to retire.
I’d go a Porsche rather than a Lambo myself, but each to their own!
Once you get your house in order, there’s no reason you can’t spend a bit of your inheritance on a sports car.Simon Letch
Your starting point here should be to think about your goals. What do you want to achieve over the next decade in particular? Locking in long-term financial security provides great peace of mind. And with the mortgage gone, and a nest egg set aside, perhaps you could pursue fun things like a sports car.
Travel is a common goal for many. Maybe you could use some of this money to walk the Camino, see the big seven in Africa, or explore your family history. Money is an enabler. What do you want it to enable?
Once your goals are clear, sit down with a financial planner to develop a strategy. You won’t get two bites at solving this one, so get some help and nail it the first time.
My son has recently separated from his partner; they have an eight-month-old child and were renting. He is self-employed with a variable but decent income and about $80,000 in savings. He’s unlikely to qualify for a home loan. I’m 63, work part-time, own my home outright, have around $200,000 in super and $250,000 in savings. I’d like to help my son avoid paying rent.
Would it be better for me to buy a property in my own name and have him rent it (with the intention it eventually passes to him), or to buy in joint names?
I appreciate your desire to help your son, but can you really afford to purchase a property to support him? This would use up your savings and require you to take out a mortgage. You are in a sound financial position to take care of yourself once retired, but from what you have outlined here, it looks to me like you need all of your financial assets to ensure you are financially secure.
Your son has many working years ahead of him, and his income is likely to rise as he gains more experience. He will get through this, and no doubt prosper in the years ahead. You’ve worked hard to raise him and build your own financial security. There is no need to sacrifice that now.
I used the bring-forward rule last financial year to put $360,000 into super following the sale of a property. It was explained to me that with this done I can’t contribute for the next two years. But can I make tax deductable contributions still? I am 62 and retired.
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Yes, you can. The bring-forward element refers to after-tax (non-concessional, to use the jargon) contributions. Tax-deductible (concessional) contributions have a separate limit of $30,000 per year.
Two things to note. Be careful you don’t go over the $30,000 – perhaps due to some employer contributions – as the excess will be applied to the non-concessional cap, and you don’t have any room here. Also, be mindful that 15 per cent tax will be applied when your concessional contribution hits your fund, so ensure that makes sense for you.
If you are retired and living off a tax-free account-based pension, a tax-deductible contribution provides no benefit for you, and may, in fact, be disallowed since you would have no taxable income to put it against.
Paul Benson is a Certified Financial Planner at Guidance Financial Services. He hosts the Financial Autonomy podcast. Questions to: paul@financialautonomy.com.au
Advice given in this article is general in nature and is 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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Paul Benson is a Certified Financial Planner, and host of the Financial Autonomy podcast.From our partners