When are you hoping to retire? Retirement financial tips
Jason 0 Comments Retirement Planning
– When will you retire? There’s been much social
and political debate since the federal government
pushed out the age that you can access the age pension. Although most occupations don’t have a legislative retirement date, there’s no doubt that when
you can access an age pension does have an impact on the retirement date for many people. So, here’s a few examples around when you might choose to retire. The first one is when I
can access the age pension. Unfortunately for many people, this will be the only option. If you don’t have significant
assets behind you, superannuation, investment properties, savings, you may not be able to retire until you’re eligible for the age pension. This is going to be age 67 by 2023. If the government’s
current proposal is passed, it will be age 70 by 2035. If your retirement plans don’t line up with when you would be
eligible for an age pension, you may choose to withdraw
funds out of superannuation for a year or two until you become eligible
for the age pension to help subsidize your income. You might choose to stop work as soon as you can get your
hands on your superannuation. For most people, this is age 60. However, if you were
born before the mid-’60s, it can be as low as 55, increasing to 60 over that timeframe. There are other options
you may wish to consider if you wish to retire this early or earlier as well and that is using assets
other than superannuation. This is because you are still taxed on accessing superannuation
until you’re age 60. So, in a lot of cases, it can make sense to wait. So, that’s the third option. Waiting until you can access
your super tax free at age 60. The downside of retiring early is that your retirement savings have to last a long time. So, this generally means you either have to have a large balance to begin with or have a low amount of drawings to ensure it’s going to
last a long enough period and generally retirement
there’s three phases. The first phase of retirement is when you’re the fittest
and healthiest usually and you start to do the things perhaps on your bucket list. Do the travel thing, great nomad thing, maybe go overseas, do all the things you’ve wanted to do but haven’t had time because maybe you’ve had
kids growing up at home, had a mortgage to pay and obviously time taken
up by paying the bills and working your job. However, with the right advice, there can be effective strategies that we can use to make sure that you can retire when you want to retire
and live the lifestyle you want to live. If what you’re trying to
achieve isn’t feasible, it’s important to speak
with somebody’s who’s going to tell you exactly that as well. The decision on when to hang up the boots for the last time is a challenging decision both
financially and emotionally. I can assist in helping ensure that the day you choose puts you in the optimal position. (upbeat music)
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10 tips to ensure a successful retirement
Jason 0 Comments Retirement Planning
Are you looking forward to retirement? Of course you are. Check out our top 10 tips to make sure you’re on track. The sooner you get started, the more likely you’ll have a happy and healthy retirement.
Tip one is to take stock. How do you want to live in retirement? Do you want to move to a new area? Do you want to do a bit of traveling? How much is it going to cost? How much do you have saved? Are you on track? If not, what are you? What are you going to do to get there?
Tip two: plan for the rest of your life. Most people are in retirement longer than they expected. While your health and family history will influence the length of your life, most people are living longer. In fact, you could easily live into your 90s. Plan for the long term, and don’t forget that you may need extra assistance as you get older.
Tip three: Review your investments. For your savings to last the rest of your life, you need to have the right mix of growth and defensive assets, and you also need to have something to bring in an income and also a bit of growth. Diversifying your assets across cash, fixed interest, shares, and property can help smooth the returns.
Tip four: Stick to your plan. Investments can quickly change in value, and while it’s tempting To sell out of shares when markets go south, this is often the worst thing that you can do. It’s important to remain focused on the long term as they usually recover if given a long enough period of time.
Tip five: Get the structure right. By changing the way you own investments and the way you receive income, you can reduce the amount of tax you pay and also increase the
amount of age pension or DVA pension you receive. Even if you aren’t If you are entitled to an age pension, you may be eligible for discounts, which can save you money over the long term.
Tip six: Get your affairs in order. Estate planning allows you to pass on the right assets to the right people at the right time. Unfortunately, we are all going to pass away at some point. The first step in a good estate plan is getting a will. You should also speak with your solicitor about an enduring power of attorney and an advanced medical directive. And remember to review your estate plan every few years as Circumstances change over time.
Tip seven: Stay fit and healthy. If you stay physically and mentally active, you’re more likely to enjoy a longer, healthier life. Take up a hobby, learn a new skill, or maybe volunteer in the community.
Tip eight. Rethink the move. Some retirees move to a new location that they’ve always wanted to retire in, but it hasn’t been measured. up to what they expected. If this is something you want to do, perhaps move there. temporarily, just to make sure it lives up to your expectations.
Tip nine: Review your investments. For your savings to last the rest of your life, you need to have the right mix of growth and defensive assets, and you also need to have something to bring in an income. and also a bit of growth. Diversifying your assets across cash, fixed interest, and shares and property can help smooth the returns.
Tip ten: Stick to your plan. Investments can quickly change in value, and while it’s tempting To sell out of shares when markets go south, this is often the worst thing that you can do. It’s important to remain focused on the long term as they usually recover if given a long enough period of time.
Tip eleven: Get the structure right. By changing the way you own investments and the way you receive income, you can reduce the amount of tax you pay and also increase the amount of age pension or DVA pension you receive. Even if you aren’t If you are entitled to an age pension, you may be eligible for a discount.
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