By Paul Benson

Copyright theage

It can be a difficult mental switch to go from accumulating wealth to then using that wealth to support you later in life. But there’s no trophy handed out to the richest person in the cemetery, so just ensure you are clear on why you are pursuing this strategy.

Hi Paul. I am able to access my superannuation early next year, on my 65th birthday. I will have just over $1 million available. My super fund has not provided me with much in terms of advice. I wish to pay off my $200,000 mortgage but am unsure of how I should invest the remainder. I am single, with no dependents, and I have no other debts.

Thanks for your question, and congratulations on having built such a robust retirement savings pool. Using super to become debt-free makes a lot of sense. Regarding your remaining superannuation savings, it depends on whether you are still working or are retired.

The end game with superannuation is to create an income stream. The whole point of superannuation is to facilitate your being able to live a comfortable life once your years in the workforce have come to an end.