Max your super, Retirement planning tips, When to retire? Financial advice specialists, Ageing parents, SMSF compliance, Longevity plans
Highlights of the June 2020 edition of the SuperGuide Premium newsletter include:
- SUPER FUND RETURNS FOR MAY: Super funds continued to make up for lost ground in May and early June. While it’s been a tough year for super, returns for diversified funds are holding up well as we approach the end of the financial year.
- WHY SQUIRRELING MONEY INTO SUPER MAKES CENTS: The combination of compound interest, tax and time make contributing extra into super an attractive proposition, and younger Australians have the most to gain.
- READY, STEADY, RETIRE: As retirement draws near there is a lot to think about, and it’s not all about the money. We provide some tips to get you thinking about life after retirement.
- FINDING THE RIGHT ADVICE: Just because all financial advisers offer the same range of services, doesn’t mean they’re all the same. If you are after special advice, it pays to find a specialist.
- TEEING UP A HOME CARE PACKAGE: If you’re in need of aged care but want to remain in your own home then an aged care package could provide the solution. We show you how.
- VIDEO: WE NEED TO TALK ABOUT MUM AND DAD: Tracey Spicer and Jean Kittson go fearlessly where many families fear to tread, with practical tips on caring for ageing parents.
SUPERANNUATION
Why it can pay to put as much as possible into super
If your super balance is underwhelming, even small personal contributions can supercharge your retirement savings once compound interest and tax do the heavy lifting.
Super news for June 2020
Accelerating Australia’s economic recovery, More financial advice sought, ACCR examines voting records, Streamlined support for SMSFs, ATO’s mailout bungle, Investment funds on notice.
Super fund performance: Monthly returns to June 2024
There were some nail-biting moments along the way, but super funds put a smile on the dial of members in latest financial year with impressive returns for all risk categories.
RETIREMENT PLANNING
Countdown to retirement: Tips to help kickstart your retirement plans
Working out your retirement plan isn’t just about how much money you need. There are lots of other issues to consider when you’re planning life after work.
What age should I retire?
It’s a common question and the short answer is that age is only one of many considerations when you are weighing up when to retire.
Planning to retire before turning 60? What you need to consider
If you want to retire early you will need sources of income other than super now that the super preservation age has increased to age 60.
Planning to retire at 60? What you need to consider
Once you turn 60 it is easier to access your super provided certain conditions are met.
Planning to retire at 65? What you need to consider
While the Age Pension age has crept up to 67, the average age of retirement in Australia is closer to 65. Filling the income gap with super will require careful planning.
FINANCIAL ADVICE
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How much does financial advice cost?
There’s a perception that financial advice is just for the wealthy. While the cost can be high, the amount you pay will depend on the complexity of the advice and where you get it.
SMSFs
How to prepare for an SMSF auditor and fill in your SMSF tax return
Even if you outsource most of the boring SMSF admin, there are two annual tasks trustees can’t avoid.
SMSF compliance: What are trustees’ responsibilities?
SMSFs provide members with a high degree of control and flexibility, but there are strict rules attached.
What are the SMSF residency requirements?
Proposed legislation will relax the residency rules for SMSF members, but until then it pays to understand the current rules before heading overseas for an extended stay.
SMSF trust deeds: Rules and guidelines
Before you set out on your SMSF journey, you will need a road map known as a trust deed.
The SMSF trustee declaration explained
An SMSF trustee declaration is an Australian Taxation Office (ATO) document that summarises the duties and obligations of an SMSF trustee or director.
Which SMSF expenses are tax deductible?
The expenses associated with running your own super fund can add up, so it’s important to understand which expenses you can, and can’t, claim as a tax deduction.
ATO SMSF supervisory levy: Cost and guidelines
In a world of ever-increasing prices, the ATO’s annual SMSF supervisory levy has been remarkably stable for almost a decade.
IN RETIREMENT
Video: We need to talk about Mum and Dad
In this video Tracey Spicer talks to Jean Kittson about her book We need to talk about Mum and Dad, a practical guide to supporting ageing parents. Jean shares tips about confronting the taboos around ageing, deciphering a whole new world of jargon and finding the right specialists to help you navigate headaches such as Centrelink, aged care and enduring powers of attorney.
How to work for longer to improve your retirement lifestyle
Just because many people your age are retiring doesn’t mean you have to. Whether by necessity or desire, more Australians are continuing to work for longer.
What is a Longevity Plan, and how do they work?
In this video interview David Williams from My Longevity talks about the benefits of having a Longevity Plan and how to create one.
How do I arrange a Home Care Package?
Government-supported packages to allow elderly Australians to remain living at home are in high demand, but what you get is not always what you want.