Hello, I need some advice regarding my finances. I migrated late to Australia and because of this I am afraid my circumstances at retirement will not be good financially.

I have two mortgages; one is my residence valued at $600,000, owing $410,000, and an investment property valued at $600,000, owing $435,000.

I have recently purchased another property worth $580,000, owing $580,000.

My super balance to date is $203,000.

I am the sole earner as my wife has health issues and is not able to work. She has no super or earnings.

I am 56 and not sure how I can plan for my retirement. Any help would be wonderful for me. Thank you.

Hello,

First, the good news.

You already have some equity (home value less the loan balance) built up in your properties. There’s nearly $200,000 in your home residence and $165,000 in one investment property. That you also have more than $200,000 in super after being a late migrant to Australia is also a solid start.

You potentially have another decade or so of work still ahead of you, in which time your finances should continue to strengthen.

On top of this, Australia has a good safety net in the age pension when reach age 67.

All in........

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