Category: FP – Pre – Retirement Planning
Will these super changes affect you?
Will these super changes affect you? As our superannuation balances grow larger, it makes more sense than ever to keep track of the many rules changes that have recently happened or are coming up soon. Australians are investing more in super – almost $151 billion dollars in the year ending March 2023, an increase of 11.3 per cent.i Those extra contributions, plus the rebound in the financial markets, have resulted in super assets of around …
6 ways you can generate an income in retirement
6 ways you can generate an income in retirement The time has come. You’ve worked hard over the years contributing to your superannuation to build up your retirement savings. Now you need to think about the best way to convert your savings into an income stream that replaces your regular pay cheque. Here are six ways you could generate a steady and reliable source of income in retirement: An account-based pension allows you to access …
How much do you need to retire comfortably in Australia?
How much do you need to retire comfortably in Australia? Knowing how much money you might need, how long it will last can be tricky. Working out how much is enough for retirement depends on many factors, such as your lifestyle, plans for the future, and the number of years you’ll spend retired. Additionally, estimating how much you’ll have when you plan to retire depends on factors such as your current salary, super balance and …
9 money mistakes people make in retirement
9 money mistakes people make in retirement How to keep your finances on track once you leave the workforce When you’ve worked hard all your life to build up your nest egg, the last thing you want to do is fritter it away too quickly. In this article, we look at the common money mistakes people in retirement make, and how you can do your best to avoid them. 1. Not taking control of your …
Guide to your preservation age
Guide to your preservation age If you’re thinking about retiring, it can be helpful to understand what your preservation age is and how it affects your ability to access your super. What is preservation age? Your preservation age is generally the earliest age you can access your super, and it’s calculated based on your date of birth. It’s called preservation age because your super is a preserved benefit – locked away until you reach a …
When can I access my super?
When can I access my super? Generally, you can access your super when you reach your preservation age and retire, but there could be special circumstances under which you might access your super early. Super is there to help you fund the years after you finish working, so normally to withdraw your super savings, you need to have reached a certain age and retired permanently. However, there are certain situations where you might be eligible …
The benefits of reaching your 60s in Australia
The benefits of reaching your 60s in Australia The upside to getting older is becoming eligible for government benefits that could help lower the cost of living. So, it’s the big one. Sixty years old. It’s hard to believe… In a youth-obsessed culture it seems we’re constantly being reminded about the downside of getting older. And it’s true there are some aspects of ageing that are less than optimal. The body can get a bit …
What happens to my super when I move overseas?
What happens to my super when I move overseas? If you’re a permanent Aussie resident, your super will remain subject to the same rules. If you’re a temporary resident, you can apply to have your super paid to you after you leave. You might be leaving the country for a variety of reasons – career, love, new opportunities – or returning home. You’ve probably got a checklist of things to do before you go, so …
Your 7-point retirement planning checklist
Your 7-point retirement planning checklist AMP’s 2022 Financial Wellness report reveals confidence about retirement is on the slide. Here are some big points to consider to help you start planning. Socialising with mates, enjoying leisurely activities and indulging in the odd trip away are all things that have likely crossed your mind when thinking about how you’ll spend retirement. Beyond that though, have you given much thought to the logistics and what it’ll cost? If …