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 …
Understanding different types of retirement pensions We explain the difference between the government’s Age Pension, a transition to retirement pension, and an account-based pension. If you’ve heard the term ‘pension’ being thrown around, you may have picked up that there are many types of pensions available in Australia. We explain the difference between three commonly used pensions, including the government’s Age Pension, a transition to retirement pension, and an account-based (or allocated) pension, so you’re …
Downsizing should be a choice, not a wealth strategy Downsizing to a coastal town or regional hub can hold lifestyle appeal, but don’t bank on it as a strategy to fund your retirement. For many empty nesters, who may not have had the benefit of employer-paid super throughout their working life, the value of the family home can be seen as the jewel in the crown of a retirement funding strategy. After all, who cares …
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 …
How to retire, your way How you’d like to spend your retirement is as unique as you. From the big life changing goals, to the smaller, more personal ones that give your life meaning. There’s no defined age you must retire by, and it isn’t just about your finances. Your state of mind, where you live, how you spend your time as well as your goals, all play a big part. Living well in retirement …
Money mistakes people make in their 50s and 60s Avoid these common money traps to make sure you have enough put aside for a comfortable retirement. When you’re in your 50s and 60s, you know you’ve worked long and hard for what you’ve achieved in life and probably have a fair idea of how you want to live in your future retirement. But it’s important not to become complacent and ignore the warning signs of …
Millions but not all to benefit from 2017 super changes With changes to super now in effect, numerous Australians will get a leg up, many being low-income earners. According to the Association of Superannuation Funds of Australia (ASFA), more than four million Australians will benefit from the super changes that came into effect on 1 July 2017.i The industry body said while many would be impacted by new rules and restrictions, millions would benefit from …
