Covid-19: Is now the right time to retire? | Q&AMP

Coronavirus (COVID-19) is changing elements to the superannuation and retirement of Australians. AMP Capital senior economist Diana Mousina and technical strategy manager John Perri discuss whether now is the right time to retire, or whether it’s better to delay retirement plans. Watch to find out the factors to consider before deciding to retire, including when you plan to leave the workforce, your super contributions and any other retirement income, as well as what you can …

FAQs, tips and traps with COVID-19 superannuation relief | AMP Capital

FAQs, tips and traps with COVID-19 superannuation relief The federal government has allowed a raft of temporary superannuation changes in response to COVID-19. There are technical considerations in relation to accessibility and eligibility, and importantly, long-term challenges to think about before going ahead. The human health emergency that is COVID-19 has had a rapid and radical impact on basic societal functioning. As we now well know, it’s also pummelled local share markets, wiping about a …

Innovative income streams untangled [CPD Quiz] | Money & Life

On July 1, 2019, innovative superannuation income streams became a viable offering for product providers, financial planners and clients. However, the rules governing these new income streams, also referred to as Comprehensive Income Products for Retirement (CIPRs), are complex. On July 1, 2019, innovative superannuation income streams became a viable offering for product providers, financial planners and clients. Such income streams, also referred to as Comprehensive Income Products for Retirement (CIPRs), were given a significant …

Superannuation Changes

Superannuation Changes Learn more about the latest super reforms and what they could mean for you.  Putting Members’ Interests First legislation Putting Members’ Interests First (PMIF) law was passed in September 2019. It aims to prevent certain people being charged for insurance inside their super that they may not need. The PMIF law affects: members with a super balance under $6,000 new members aged under 25 People with a super balance under $6,000 Under the …

How Much Superannuation is enough?

How Much Superannuation is enough? When you plan for retirement you will probably develop a financial plan intended to increase the amount you have for retirement. If you are on an average wage of about $85,000 p.a. before tax, you’ll need to save about 15 to 20 times that amount for retirement – about $1.3 to $1.7 million at today’s prices. You’re probably nowhere near that. There are other ways of estimating what you may …

Can I go back to work if I’ve accessed my Super?

Can I go back to work if I’ve accessed my Super? When you access your super at retirement your super fund may ask you to sign a declaration stating that you intend to never be employed again. But there may be compelling reasons why someone would subsequently return to work. According to the Australian Bureau of Statistics (ABS) the most common reasons retirees return to full or part-time employment are financial necessity and boredom.i Regardless of …

9 money mistakes to avoid in retirement

9 money mistakes to avoid 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 …

Take control of your finances now for the new financial year.

Take control of your finances now for the new financial year. If you set yourself money goals at the start of 2019, the upcoming new financial year is a great time to check if you’re on track. And if you didn’t set any goals – or if you have strayed off track – this is the perfect time to get organised, write a checklist and stick with it! Don’t wait until 1 July to start. …

Scaling down to retirement – tips and tricks

Scaling down to retirement – tips and tricks If you were scaling down to retirement, what would it mean to you? Would you draw a line in the sand where one day you’re working full-time and the next day a whole new world of recreation opens up to you? Or would you gradually reduce paid work and swap it for travel, hobbies, looking after the grandchildren or other things? I was speaking to a good …