Hello FoolsI wasn't sure what other board to put this on so I thought someone here might know and it doesn't look like fool.com.au even has discussion boards. Basically I just got married a couple months ago and my wife's superannuity account seems terrible but I don't know how to get the money out. I took the money out of my 401k to invest myself, though I don't see any similar option for superannuities. The only thing I see is the self managed supers which seem to require too much money in audits and everything for the relatively meager amount in her super account. Is there a method whereby she can withdraw the money in her super to put it into an american IRA or is there something similar that won't have a huge drain in fees to manage the money?Thanks!
Hi Alexei,We'd recommend you get specific legal/taxation advice.However, from my reading of the ATO rules, there is no release mechanism until your wife retires or meets another 'condition of release' (usually disability or severe financial hardship).The reason seems to be that as an Australian citizen, she has the opportunity to return to Australia to retire - so the system requires any superannuation to be held until retirement for that reason.Again - the system is very complex, please seek personal advice before taking action either way.I hope that's helped somewhat.ScottTMFGilla
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