Q: It is a shame that someone with $1 million in super has to rearrange their super to get the age pension as your recent column reported. He and his wife could live well on the interest without touching the capital given super was introduced to reduce dependence on welfare. At 5 per cent interest that is $50,000 a year. I am 71 and still working full-time. I only have $253,000 in super, but I’m salary sacrificing an extra $1000 per fortnight because while I’m hoping to work for another 18 months, this could change if I stop enjoying my job.

I live in an apartment with no mortgage but also own an investment apartment worth about $750,000 with a $40,000 mortgage that I hope to pay off within a year. It currently pays me an income of $700 a week. When I retire, I will probably live in that apartment and sell or rent the apartment I live in now. What concerns me is the thought of my grown-up kids having to pay tax on my super when I die. How can I deal with this? I know I can’t do anything until I retire but should I take it out of super and invest it in a term deposit or something else? Merryl