Today’s retirees are being given a masterclass in risk, thanks to the brutal impact of the coronavirus on global markets.
Planning for retirement
A Super Guide
People often don’t start thinking about retirement until they are about to stop work or have the decision forced on them. And that’s a wasted opportunity.
Now that we are living longer, retirement may last three decades or more. That’s a long time to regret not doing more to plan and save for a personally fulfilling, financially secure retirement.
With a little planning, you can make a big difference to your retirement outcome.
In our article How to plan for your retirement we outline how to start planning for retirement in seven easy steps. These include thinking about your dream retirement, how long it might last, what it will cost, how much you need to fund it, how much you have now, whether your savings are on track and what you can do to close the gap.
Set out below are key SuperGuide links on Planning for retirement:
- Retirement planning for beginners
- What age can I retire?
- Age-based Super Guide
- How long will I live?
- How much super do I need?
- Retirement Calculators and Reckoners
- $1.6 million transfer balance cap
- Types of super benefits
- Am I eligible for the Age Pension?
- Obtaining financial advice
Set out below are key SuperGuide articles on Planning for retirement:
Set out below are all SuperGuide articles that relate to Planning for retirement.
Sequencing risk and pension income: A tale of two market journeys
A major market fall is always bad news for investors, especially retirees who have limited time and opportunity to recoup losses. But the impact of losses on your pension income is all in the timing.
Keep a healthy perspective on the virus
Our community is being economically hit ‘to save the oldies’ – especially with existing health conditions. Should we older people be grateful? How and why could we contribute?
Advance care plans: Why everyone should have one
Old age isn’t the only time you may need to rely on someone you trust to make decisions concerning your medical treatment. As highlighted by the rapid onset of COVID-19, people of any age can become critically unwell. Ensure your decisions are adhered to with an advance care directive.
Video: How do you plan your income needs in retirement?
How to plan your income in retirement can be one of the most confusing aspects of retirement planning. In this video members of the Profession of Independent Financial Advisers provide some insights into how they approach it.
Video: What are some key factors that help us in later life?
In this video interview David Williams from My Longevity talks about some of the insights he found when researching what benefits us in later life.
Worried about your post-virus finances? 10 tips to help stretch your retirement dollars
With sharemarkets swooning, interest rates being cut and super balances dropping, many retirees are starting to worry about their finances. Here’s our 10 suggestions to stretch your retirement income.
Australians are living longer but what does it mean?
With life expectancy projected to continue to rise, along with the cost of living, older Australians face both opportunities and challenges as they head into their ‘third act’ of life.
Rise of the three-quarter life crisis
Move over midlife crisis. New research shows more of us are going through a major life reassessment much later in life.
When can I access my super? All conditions of release explained
To legally access your super in Australia you must satisfy a condition of release. Different conditions of release have different payment conditions and tax implications.
How do I transfer a UK pension to an Australian super fund?
If you’re thinking of transferring a UK pension into an Australian super fund, the process has become much more difficult in recent years, but not impossible.
What strategies can I consider to reduce tax on my super pension?
One of the benefits of retirement is that you can start to withdraw your superannuation tax-free. That doesn’t mean it’s a rule-free zone.
Minimum pension drawdown rates halved for 2019/20 and 2020/21
On 22 March 2020 the Federal Government announced that the minimum pension drawdown rates would be halved for the 2019/2020 and 2020/2021 financial years.
How to find low cost (or free) financial advice
There is excellent advice available that is low-cost, and even no-cost. The government’s Financial Information Service and your super fund are a great place to start.
Case studies: How is the Age Pension assessed?
In this article we detail how the Age Pension is assessed, how the income and assets tests work, and illustrate with case studies for a Single and a Couple.