Building for Retirement

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Retirement is the time to do the things you want, and there are lots of different strategies that can help you get there.

The sooner you start to plan for your retirement, the sooner you can see if you are on track. It’s all about looking at ways to maximise your savings while you are earning an income, and ensure you achieve the retirement you’ve dreamed of.

From the age of 55, there are a number of tax effective opportunities that can help boost your retirement wealth. The great thing is, the boost comes from using tax savings, not a reliance on investment returns. This gives you the opportunity to convert some of the money you would have otherwise paid in tax, into additional super contributions.

Do I have enough to retire on?

The Association of Superannuation Funds of Australia (ASFA) says that a couple who own their own home and are looking to enjoy a comfortable retirement would need $55,249 a year, while a modest retirement would require $31,675 a year.1

You may wonder whether you have enough to live the way you want and to do the things you have been planning. Having a financial plan will help you work out how to make the most of your situation to achieve your goals.

How do I build my wealth before I retire?

If you’re still working, you may be able to increase your retirement savings by using tax-effective strategies, having a mix of income sources and engaging in different investment options (such as shares, fixed interest, property and cash).

If you’re aged 55 or over, are still working and have existing super, a Transition to Retirement (TTR) strategy may boost your super without reducing your take-home pay. It may also allow you to reduce your working hours without reducing your after-tax income.

How do I maintain my wealth in retirement?

If you’ve already retired, it’s important to look into ways of managing your wealth, especially with the volatile conditions affecting global markets. Your investments should mirror the goals you hope to achieve and level of risk tolerance.

Better budgeting is also important. This can give you greater control over your spending and means you know how much to withdraw from your portfolio without depleting it. A detailed budget is a great way to assist you in identifying your current assets and debts as well as your expenses.

To arrange a complimentary review of your retirement plans simply call us on 9583 3400 or visit our contact us page, complete the enquiry form and we will call you.