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We understand that contemplating retirement can be daunting while you're actively working today. However, planning ahead ensures a balance between your current lifestyle and your desired retirement lifestyle.
The age at which you intend to retire can significantly influence your retirement planning and strategy.
Contributing to your superannuation is one way to save for retirement. Currently, employers are mandated to contribute 9.5% of an employee’s gross income to superannuation. However, this may not fully fund your retirement lifestyle. Exploring additional contributions, salary sacrifice, or consolidating superannuation accounts can increase your retirement savings.
Investing your super balance is another method to grow your retirement savings. Options include MySuper, SMSFs, retail funds, industry funds, or corporate funds, each offering varying levels of returns and considerations. Choosing a suitable superannuation investment strategy can substantially increase your savings based on your financial circumstances and retirement goals.
This strategy allows you to access up to 10% of your super savings as a pension before fully retiring. It involves reducing work hours while receiving an income stream from your super savings, albeit without the ability to withdraw lump sums. To qualify, you must reach your preservation age (between 55 and 60, depending on birthdate). Income from this arrangement is taxable at your marginal rate, with a potential 15% tax offset. After age 60, income is often tax-free.
The Age Pension provides regular income support for retirees. Eligibility starts between ages 65 to 67, depending on birth year. The pension amount can reach up to $834.40 per fortnight for singles or $1,258.00 for couples (maximum normal rates), subject to income and asset tests. To qualify, you must be an Australian resident aged 65 or older living in Australia.
Consult with our Retirement Planning advisor to strategize for a seamless retirement and maintain your lifestyle.
Let's begin with a straightforward dialogue. Our complimentary consultation serves as the initial step towards gaining clarity and fostering confidence in your financial path.
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