Your retirement questions answered If you’re wondering what you might do with your super money when you do access it, remember there will be a number of things to weigh up and look into. How can I take my super? Taking super as a lump sum A lump sum could help you pay off your home loan or other outstanding debts, but there may be tax implications to consider and you should think about what …
Investment bonds – a possible alternative to superannuation Because many people can no longer put as much money into super, an investment bond may provide another way to save for retirement. On 1 July last year, the amount of money many Australians could put into superannuation was reduced as a result of the introduction of more restrictive contribution caps. Consequently, some people were left asking the question – I have money or I expect to …
New legislation aims to benefit first home buyers and downsizers Changes aimed at improving housing affordability have passed through parliament. See what the new rules could mean for you. Government proposals around improving housing affordability in Australia were passed through parliament on 7 December 2017.i As part of the changes, first home buyers will be given a tax concession through the ability to save for a home deposit inside super, while Australians aged 65 and …
Why it pays to contribute to your partner’s super If your other half is a stay-at-home parent, working part-time or out of work, adding to their super could benefit you both financially. If your spouse (husband, wife, de facto or same-sex partner) is a low-income earner or not working at the moment, chances are they’re accumulating little or no super at all to fund their retirement. The good news is, if you want to help …
Should you make your kids pay rent? Either way, some form of agreement should be reached so that what everyone wants is considered, and it’s not a one-sided affair. When your kids grow up, at least enough to hold down a steady job, one question many parents and carers might ask themselves is, should I charge my kids board? Some people will tell you yes, some people will tell you no, but at the end …
How would your superannuation stack up if paid as a monthly salary? Your super balance might look good as a lump sum figure, but would it suffice if divided into regular monthly repayments in retirement? Superannuation is likely to be one of the biggest assets most of us will ever own, with expectations it could become the average Aussie’s greatest asset, overtaking the family home, in the coming decades1. If you checked your super balance …
Retirement lifestyles: What comfortable looks like What do you need to live comfortably in retirement? This will be different for everyone but it’s useful to think about whether you’ll have enough super for a modest or comfortable retirement. It’s important for you to decide what a comfortable lifestyle looks like for you. Here’s a guide from the Association of Superannuation Funds Australia (ASFA) Retirement Standard on what you might need. Lifestyle in today’s dollars A modest …
Separating fact from fiction when it comes to superannuation If you’re wondering whether super is improving retirement outcomes for Australians, we take a look at some of the findings. If you’ve got compulsory super contributions coming out of your wages or salary, or you’re making voluntary contributions, or both, you’re probably keen to know how super is making a difference to everyday Aussies, if at all, given it’s a system that has now been in …
What is the retirement age in Australia? With no definitive retirement age in Australia, the date you exit the workforce will probably come down to personal circumstances and whether you can afford it. The age you retire in Australia isn’t set in stone. You can really retire whenever you want to, but health, financial commitments and your ability to fund the lifestyle you want will play a big part. For this reason, you may want …
Ways to grow your Super, Value of Advice and More 1. Five ways to grow your super Are you looking for ways to boost your super account balance? Watch our video (3.01) and hear how Greg Elias, an AMP Client Adviser, explain five ways his client could grow their super to save for a comfortable retirement. He discusses five ways to grow super: 1. Bring together all your super accounts 2. Choose your super fund …
