Maximize your retirement and look after your assets

Dreaming of retirement? Start planning today.

Retirement isn’t what it used to be. Australians are living longer, healthier and more active lives in retirement.

How will you choose how to spend your time?

What will your first day of retirement look like? Have you considered how you’ll fund the lifestyle you’re dreaming of? While you’re still working, you may have more flexibility to make changes and more opportunity to boost your retirement savings.

There’s a lot to think about when planning your retirement. 

For many people, their big concerns are whether they’ll be able to maintain their lifestyle, and if they’ll have enough money. But before you can answer those questions you’ll need to understand what retirement may look like for you.

  • What type of lifestyle do you want in retirement?
  • How will you spend your time? How will your partner spend theirs?
  • Are there any ‘must haves’ on your dream list?
  • When you’re not working do you expect your living costs to go up or down?
  • Have you estimated how much you’ll need a week to live on?
  • Be honest with your finances. Take a good look – will you have enough?
  • Are there things you can be doing today that will boost your retirement savings?
  • How will you manage your transition to retirement?

The sooner you start planning the better chance you have of getting the retirement lifestyle you want.

Do you know your retirement number?

Do you know how much you need to live the retirement you want? If the answer is no – you’re not alone.

Many people don’t know how long their money will last or how much money they’ll need to live the lifestyle they want.

So…your retirement?

Depending on what your stage of life is; a long way off retirement, close to retirement or already retired, retirement will hold a different level of importance.

Here we look at how you can maximise your income in retirement, whether you’re:

 

Retirement still more than 10 years away

Retirement can seem irrelevant when you’re in your 30s or 40s. There are so many other things you can do with your money – go overseas, buy a house, raise a family, or just have fun.

However, according to research by the Investment and Financial Services Association (IFSA)1, the Age Pension won’t be nearly enough to fund the lifestyle we’d like when we’re no longer working. So the best thing to do is to start saving now.

 

Common questions to consider

  • What is estate planning? Is estate planning just about making a Will?
  • What is a Will and why do I need to make one?
  • What is a Power of Attorney?
  • Is it true that a person’s debt dies with them?
  • What should I consider when I make a Will?
  • How often should I update my Will?
  • What happens if I don’t have a will?
  • What happens to my super when I die?
  • As I have my own business with business partners, what happens to my part of the business if I die?
  • Is there anything I can do to protect my estate?

 

How we can help

  • Conduct a complete review of your financial situation
  • Recommend strategies to meet your retirement lifestyle goals.
  • Work with you to develop a new budget and investment plan to achieve your short-term and long term goals
  • Review and recommend wealth protection plans

What to do next

If you need help in planning your retirement contact us today

 

Retirement within the next 5 – 10 years

The combined effect of earlier retirement and living longer means that many Australians will spend more than a quarter of their life in retirement. While this sounds like good news, it does emphasise the importance of planning carefully – and well in advance – for your retirement.

 

Common questions to consider

  • How much do I need to retire on?
  • When can I access my super?
  • What are my options when I retire?
  • Will I pay tax on my super if I take a lump sum?
  • Am I eligible for the Age Pension?
  • How does the Income and asset tests affect eligibility for the Age Pension?
  • What are the different types of income streams?

 

How we can help

  • Establish how much you need and work out when you can retire based on your plans.
  • Establish a plan to accumulate enough retirement savings within your timeframe.
  • Review and recommend retirement income products so you can manage your money in retirement
  • Make sure you can maximise any entitlements to social security benefits.
  • Make sure you are not under insured.
  • Help you create or update your will

 

Already Retired

Have you reached your retirement age yet you 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 can maximise any government entitlement.

 

Common questions to consider

  • I’ve already retired. Isn’t it just about living off what I’ve got now?
  • I have been retired for two years. Is 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 we’ve retired should we move house?

 

How we can help

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

What to do next

If you need help in planning your retirement contact us today
 

Estate Planning

When you’ve worked hard to get where you are, you want to make sure that you and your family can enjoy the benefits. But if the unforeseen happens, how do you ensure your family are well looked after and that your assets are handed down according to your wishes?

 

Common questions to consider

  • How much do I need to retire on?
  • What is the best way of funding my retirement?
  • Is my superannuation enough to fund my retirement?
  • What is salary sacrifice?
  • How much should I be contributing now for a comfortable retirement
  • Why are women recommended to make higher extra super contributions than men?
  • My super is sitting in a few different funds. Is it worth moving it?

 

How we can help

As part of a good, comprehensive financial plan, a Will is essential to ensure your wishes for what happens to your assets after you die are executed properly.

If you have a Will we will usually recommend you review it regularly to keep it up-to-date with your circumstances. We can’t advise you on inheritance laws or write the Will for you. However, we can advise the social security benefits that could benefit your family after you die.

What to do next

If you need help in planning your retirement contact us today

Call us today at (08) 8563 2874 or Email us at admin@barossafs.com.au

It’s about every-day people in our community with real-life worries and forward thinking.

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