We know even the thought of planning for retirement can cause anxiety while you are working and very much active today. But it’s always wise to plan ahead to balance the life you want to live today with the life you want to live in retirement.
Are you saving enough to cover your future retirement needs? Plan ahead to secure your retirement.
We know even the thought of planning for retirement can cause anxiety while you are working and very much active today. But it’s always wise to plan ahead to balance the life you want to live today with the life you want to live in retirement.
The age you plan to retire can have a significant impact on your retirement planning and strategy.
Contribution into your super is one of the ways to save for retirement planning. Currently, employers are required to contribute 9.5% of their employee’s gross income into super. However it may not guaranty to fund your lifestyle in retirement. You may look for other ways like additional contribution to super, salary sacrifice, super consolidation to save more for retirement.
Another way to grow your super balance is to investment it. You can choose from MySuper which is a default fund, SMSF, Retail fund, Industry fund or Corporate fund. All of them have pros and cons and may generate low, high or sustainable returns. Depending on your financial circumstance and retirement planning goals, a suitable super investment strategy can grow it substantially.
Transition to retirement (TTR) strategy allows you to withdraw maximum of 10% from your super savings as a form of pension before your retire from work. You will reduce your working hours and get an income stream from your super savings. However you cannot draw any lump sum amount. The criteria of TTR is to reach at the preservation age (between age 55 to 60 depends on when you born). The income from TTR is taxable at your marginal tax rate but you also can get 15% tax offset. After age 60, it will be tax free in most cases.
It pays out a steady income to help the retirees. Depending on your birth year, you may be entitled to the Pension from age 65 to 67. The pension can give upto $834.40 (single maximum normal rate) or $1,258.00 (couple maximum normal rates) per fortnight based on eligibility. To qualify for the pension, you must be 67 or older Australian resident and live in Australia. Your pension amount will be based on the income you earn and the value of your assets (known as Income – Asset test.)
Talk to our Retirement Planning advisor to plan a smooth retirement and finances to continue your lifestyle
CONTACT NOWWith the extensive experience of retirement planning and best knowledge of the industry practices, our financial advisors are best in addressing the changes over lifetime and help to remove difficulties and build a retirement plan that is effective in stretching the planning your retirement income for as long as possible and also grow your income for an enjoyable post retirement life with a peace of mind.
Contact us to make a free appointment for free initial consultation and we will organise a meeting as per your convenient time and location.
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At Concurrence Financial Planning, our financial advisor helps clients to achieve their financial goals.
We are specialised in life insurance advice, investment advice, superannuation, retirement planning, estate planning and tax advice.