Should I repay my home loan or boost my super? Both options make good financial sense—we look at some pros and cons to help you decide. Retirement may not be as far off as it used to be. With this in mind, are you finding there’s a trade-off between home loan repayments and your retirement nest egg? Adding money to super has its advantages and so does paying off your home loan. So if you’ve …
What happens to my super when I die? As uncomfortable as it can be to think about, no one lives forever. And because you’ve worked hard to earn your super money, you’ll want to make sure that when the time comes, your remaining super goes to your loved ones. Like many people, you may not know that your super money isn’t covered in your will. Or how to make sure your money goes to the …
The virtue of (salary) sacrifice When you make a sacrifice, you’re usually giving something up with the expectation of future gain. Salary sacrificing into your super is no different—you’re giving up ready access to your money in your take-home pay. But in return you’re boosting your retirement savings and saving on tax. You can pay extra cash into your super from your pre-tax salary at the concessional 15% rate of tax1 —up to a limit …
Government pulls back on proposed changes to super The government has announced changes to three key 2016 Federal Budget proposals—the most significant being that it would not go forward with its proposal to introduce a $500,000 lifetime cap on non-concessional (after-tax) super contributions. In a nutshell the new proposals include: From 1 July 2017, the existing annual cap of $180,000 on after-tax super contributions will be reduced to an annual cap of $100,000. The proposed …
What’s worth more – your belongings or your livelihood? At least one in five of us will be unable to work due to injury or illness in our lifetime, yet we’re still more likely to insure our car than our most important asset–ourselves. You might have the attitude ‘she’ll be right’ but looking at the statistics, there is more chance of something going wrong than you might think. Over 80% of Australians insure their …
A growing family doesn’t have to blow the budget If you’re thinking of expanding your family, be sure to keep on top of things financially. Having a family usually comes not just with extra expenses but also a drop in income as one or both of you take time off work. Raising children and growing your family can be one of life’s greatest joys. But it can also be costly. You’ll need to plan ahead …
Blinded by optimism We’re designed to believe bad things won’t happen but it pays to think clearly and put plans in place, ahead of time. Behavioural science reveals that it’s in our nature to believe bad things won’t happen to us in the future, even if we’re accustomed to bad things occurring in the past. It may be illogical but it’s something we’re hardwired for according to the experts—it’s a phenomenon known as the human …
Thinking about managing your own super? If you’re wondering what’s involved in self managed super and whether it’s a good option for you, here are some things to consider. There’s a lot to consider when it comes to managing a self managed super fund (SMSF). Setting up a compliant fund and managing your investments takes time and can give you the freedom to have more control over your future. Of course acting as a trustee …
What’s your biggest obstacle to financial success? Science reveals how our human-hardwiring can get in the way and cost us much more than we think. As humans we have changed a lot over time. Vast periods of time have seen us adapt and evolve—from hunting for food to ordering online and as our behaviour has changed, our brains have developed. But even though we no longer live in caves, some of our ancient hardwiring still …
Be a senior entrepreneur on your own terms! Many people over 50 are putting their skills and experience to work in their own businesses. Retirement is no longer the destination it used to be. If you’re like many Aussies who are heading into their later years after a lifetime of developing skills and expertise, you undoubtedly have more to offer, not less. If you’re thinking about starting your own business or considering how you’ll keep …
