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Retirement Planning

Retiring – Sooner or Later?

Whether you are just a few years away from retirement or just starting your retirement planning, our professionals can help you maximise your retirement income to ensure that all of your needs are fully covered. Even if you are already retired, we can re-evaluate your situation for you and make sure you are on the right track.

Retirement Still More Than 10 Years Away

When you are in your 30s or 40s, chances are good that you haven’t given much thought to retirement, what with kids to put through school, mortgage payments, travelling and enjoying life. However, studies have shown that your pension won’t be nearly enough to fund the comfortable lifestyle you want in your retirement years, so you are better off starting to save right now.

Common Questions To Consider

Some questions you may wish to consider:

  • How much money will I need for retirement?
  • What is the best way to fund my retirement?
  • How far off is my retirement?
  • How much should my employer contribute towards my superannuation?
  • Can I fund my retirement with the Super Guarantee, alone?
  • What is salary sacrifice?
  • Why is it recommended that women make higher extra super contributions than men?
  • How do I know which fund is the best place to put my superannuation?
  • My superannuation is spread throughout a few different funds. Should I move it or keep things the way they are?

How We Can Help

We can:

  • Thoroughly review your financial situation.
  • Help you set short- and long-term financial goals.
  • Determine how much money you will need for retirement based on your lifestyle.
  • Identify your income and commitments.
  • Help develop a new budget and investment plan that will allow you to achieve your short-term goals.
  • We can recommend strategies that will help you accumulate the money you need to fund your retirement plans.
  • Review and recommend the appropriate insurance you need.
  • Recommend if you need to create a new will or update your existing one.

 What To Do Next

  • If you want us to help you with planning your retirement, contact us today!

Retiring Within The Next 5 – 10 Years

Many Australians will end up spending more than a quarter of their lives in retirement, due to earlier retirement ages and longer lifespans. This may seem like a good thing, but this places even more emphasis on carefully planning for your retirement well in advance.

Common Questions to Consider

Some questions you may wish to consider include the following:

  • How much money will I need for retirement?
  • How soon can I access my super?
  • What are my options for retirement?
  • Will I pay tax on my superannuation if I take it in a lump sum?
  • What are the benefits of taking my superannuation as an income stream?
  • Am I eligible for the Age Pension?
  • How does the Income Test affect eligibility for the Age Pension?
  • How does the Assets Test affect eligibility for the Age Pension?
  • What is deeming?
  • Why are income streams treated differently?
  • What are the different types of income streams?

How We Can Help

We can:

  • Establish when you want to retire and look at how much you need, helping us devise the right strategy for your specific situation.
  • Establish a plan to accumulate enough retirement savings within the timeframe you have.
  • Review and recommend retirement income products, allowing you to manage your money in retirement and maximise any entitlements to social security benefits.
  • Review and update your insurance arrangements to make sure you are have the proper coverage.
  • Advise whether you need to create a comprehensive will or update your current will.

What To Do Next

  • If you want us to help you with planning your retirement, contact us today!

Centrelink Assistance

We assist our clients apply for the Aged Pension and liaise with Centrelink on our clients behalf ensuring all Centrelink details and payments continue to be correct and current. For more information on how we can help, please contact us.

Already Retired

If you’ve already reached retirement age, you may feel you’re not yet ready to give up work altogether. If you’re eligible for the Age Pension, the government offers incentives for working people to defer claiming it.

On the other hand, if you’ve independently funded your retirement, you may benefit from keeping track of or restructuring your finances so you maximise any government entitlement.

Common Questions to Consider

Some questions you may wish to consider include:

  • I’ve already retired. Isn’t it just about living off what I’ve managed to save now?
  • I have been retired for two years. Isn’t it too late to change my financial arrangements?
  • What is the Pension Bonus Scheme?
  • What are the eligibility requirements for the Pension Bonus Scheme?
  • How much is the Pension Bonus Scheme and when is it paid?
  • Apart from social security benefits, are we eligible for anything else now we’ve retired?
  • Now that we’ve retired, should we move house?

How We Can Help

We can:

  • Monitor your investments and retirement income.
  • Provide regular updates about social security changes that might affect you.

What To Do Next

  • If you want us to help you with your retirement, contact us today!

This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.