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3rd July 2018 - Private Wealth
Regardless of your age, or how much money you have in your super and investments, it pays to know what “retirement planning” is and how it works.
In your 30’s and 40’s, you might spare a thought about retirement, even though it seems a long way off. Usually you’ll make a wish list of the type of lifestyle you’d like to have, where you want to live and the type of activities you want to pursue. Travel is high on the list of most Australians when they think about life after work. Into your 50’s and 60’s you need to take a more realistic look at when you will retire, what you can reasonably expect by way of an income while you enjoy the years ahead, and how it should be paid to your maximum benefit.
This is probably the factor that most affects your retirement plan. The age you retire may depend on your health, your desire to stop work or even keep working. By planning now you’ll know how your financial position is going to impact the age you retire. Personal preferences aside, in Australia the two most important things to consider are the age when you can access your super benefits, and the age when you can access the age pension.
In the retirement phase, you may choose to have your super fund pay you an income stream that is exempt from tax. To qualify for this type of pension, your super must meet an annual minimum requirement.
If you’d rather transition to a retirement pension, you may be able to begin receiving an income from your super before you officially retire, called a pre-retirement pension. This can be handy if you want to reduce your working hours and supplement your income with your super.
For the sake of long term planning, often your adviser will suggest that you invest some of your money into shares and property – assets that can grow over time, help you keep pace with inflation, and provide an income stream.
Giving up work may not be as difficult as you imagine, when the days and years are yours to fill with friends, family and personal interests. But, to get the most out of your retirement financially, you need to start planning now.
At Elston, we can work with you to tailor a retirement plan to your circumstances and requirements, professionally and expertly from the start.
If you would like more information please call 1300 ELSTON, contact us or email info@elston.com.au and an adviser will be in touch.
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.
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