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RETIREMENT PLANNING

Retirement should be all that you’ve dreamed it to be and the reward you deserve for all that hard work. Whether you see it as a time to travel the world, pursue new interests or even work part-time, your goal is to retire from your job and not your life. There are many ways to make your retirement an enriching one.

The amount of annual income you will need when you retire is completely personal. It depends on the kind of lifestyle you have today and the kind of lifestyle you want to lead after you stop working.

When you retire, you might be reliant upon more than one source of income, for example, your superannuation fund, personal investments and the Government Age Pension scheme, if you are eligible.

If you have reached your preservation age and are still working, you could boost your super savings or reduce your working hours without affecting your take home pay.

What is the preservation age?

The preservative age is the age at which you can access your super. It’s currently 55 for those born before 1 July 1960.

With a transition to retirement strategy, you could roll all or part of your existing superannuation account into an account-based pension. This will pay you a regular income while you continue to make contributions into your super account. So what’s the benefit? You could pay less tax on your regular salary by paying it into your super than you would if you took it as take home pay. This would give your super an additional boost before you retire.

There are many ways you can use your super when you retire depending on how you intend to fund your retirement. Taking out an account-based pension can give you a regular income. This helps it last longer as the money stays invested and you don’t pay any tax on its earnings.

Call us today to book an obligation-free chat with one of our friendly financial planners.