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Paul Benson<\/a>Money contributor<\/p>\nJanuary 18, 2026 \u2014 5:01am<\/p>\n
January 18, 2026 \u2014 5:01am<\/p>\n
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Remove items from your saved list<\/a> to add more.<\/p>\n Save this article for later<\/p>\n Add articles to your saved list and come back to them anytime.<\/p>\n Got it<\/p>\n AAA<\/p>\n I will be receiving a significant inheritance next month. My first port of call will be to clear the mortgage, but after that, I\u2019m lost. Super, shares, property, term deposits, Lambo? I\u2019m 51 and single. No urgency to retire.<\/p>\n I\u2019d go a Porsche rather than a Lambo myself, but each to their own!<\/p>\n 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.<\/p>\n 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?<\/p>\n Once your goals are clear, sit down with a financial planner to develop a strategy. You won\u2019t get two bites at solving this one, so get some help and nail it the first time.<\/p>\n 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\u2019s unlikely to qualify for a home loan. I\u2019m 63, work part-time, own my home outright, have around $200,000 in super and $250,000 in savings. I\u2019d like to help my son avoid paying rent.<\/p>\n 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?<\/p>\n 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.<\/p>\n 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\u2019ve worked hard to raise him and build your own financial security. There is no need to sacrifice that now.<\/p>\n 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\u2019t contribute for the next two years. But can I make tax deductable contributions still? I am 62 and retired.<\/p>\n Editor’s pick 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.<\/p>\n Two things to note. Be careful you don\u2019t go over the $30,000 \u2013 perhaps due to some employer contributions \u2013 as the excess will be applied to the non-concessional cap, and you don\u2019t 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.<\/p>\n 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.<\/p>\n Paul Benson is a Certified Financial Planner at Guidance Financial Services<\/a>. He hosts the Financial Autonomy podcast. Questions to: paul@financialautonomy.com.au<\/a><\/p>\n Advice given in this article is general in nature and is not intended to influence readers\u2019 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.<\/p>\n Expert tips on how to save, invest and make the most of your money delivered to your inbox every Sunday. Sign up for our Real Money newsletter<\/a>.<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n Remove items from your saved list<\/a> to add more.<\/p>\n![\"Once](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/01\/129e7504863c6bae090940bcb57b1bb080d96144.jpeg\")
Once you get your house in order, there\u2019s no reason you can\u2019t spend a bit of your inheritance on a sports car.Simon Letch<\/p>\n![\"In](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/01\/822378c9dbec3125b7dca949227c4241c9462289.jpeg\")
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