Most of us look forward to retirement. We envisage having the time, money and freedom to pursue our favourite hobbies and interests, take that course we’ve always wanted to, travel, spend more time with family or simply slow down and smell the roses. While retirement can be a wonderful time, for many couples it is ... Read more
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.
Government to announce more home care packages for aged before Christmas
More federal government money will be announced within weeks for home care for the aged, after a damning royal commission finding that many people die before their packages arrive. Scott Morrison on Friday said he had been waiting for the commission’s report to inform the government’s decisions on in-home aged care ... Read more
The aged care royal commission’s 3 areas of immediate action are worthy, but won’t fix a broken system
After many months of hearings across the country, the Royal Commission into Aged Care Quality and Safety has published its interim report. Titled Neglect, the commissioners were courageous and accurate in laying out the fundamental issues facing the aged care system in Australia. They demonstrated an under-resourced ... Read more
The small business retirement exemption explained
What is it? Small businesses have a number of capital gains tax exemptions and concessions available to them when it comes to selling assets. There is the 15-year exemption, which enables business owners to transfer the proceeds from the sale of an active asset owned for 15 or more years if they are aged 55 or over and ... Read more
Best performing pension funds over 5 years (to September 2019)
According to the 10/30/60 rule, 60% of your retirement income comes from the investment returns you achieve during your retirement. While this rule originated from a US study, the principle holds broadly true for Australian retirees and underlines how important it is to continue to earn a good investment return in your ... Read more
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Best performing super funds over 5 years (to September 2019)
Being in a good performing super fund is one of the key factors for growing your super balance. The recent Productivity Commission (PC) review of superannuation identified that members of consistently poor performing funds would have substantially lower super balances at retirement. The PC produced an example of a ... Read more
What are lifecycle super funds, and how do they perform?
Click here to jump to the latest returns for lifecycle super funds. Close to 70% of Australians with super in one of the major funds are invested in their fund’s MySuper option, the default option for employees who don’t choose a super fund. If you are a member of a retail fund, this is most likely a lifecycle product ... Read more
Super fund performance: Monthly returns to September 2019
In this article you can discover the latest monthly performance for super funds over 5 investment options. We’re grateful to Chant West for providing the statistics in this article. For annual and long-term super fund performance see the following SuperGuide articles: Super fund performance over 27 financial years (to ... Read more
Commonwealth Seniors Health Card: What it is and how to apply
If you don’t qualify for a government payment when you retire, it can seem like there isn’t much help available when it comes to your living expenses. But many people overlook just what the Commonwealth Seniors Health Card (CSHC) can provide. If you’re eligible, this concession card gives you access to cheaper health ... Read more
How to structure your super if you’re going overseas
There are lots of rules that apply to your super if you’re going overseas for work or play for an extended period. If you are a member of an SMSF, it’s essential you understand the restrictions that apply to the fund under these circumstances or you could potentially face a serious reduction in your wealth. The rules ... Read more
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Is a bucket strategy the solution for your retirement income plan?
When you retire, how you put your investment portfolio together is more important than ever if you want your retirement savings to last as long as you do. Your investments need to not only keep pace with inflation, they also need to grow to pay for your lifestyle and to be protected from investment risk. Balancing all ... Read more
How does SAPTO work? (Senior Australians and Pensioners Tax Offset)
A tax offset can reduce the amount of income tax you pay, but it doesn’t mean you get a refund. You’ll also still need to pay the Medicare Levy if you’re not eligible for an exemption or reduction. The Australian Taxation Office (ATO) assesses your eligibility when you submit your tax return. BackgroundThe Senior ... Read more
Should I retire overseas?
Alan and Ros Cuthbertson are living their dream. The Queensland couple, both in their 60s, spend half the year in Thailand, and the other six months housesitting throughout Asia and Europe. Their website, Frequent Traveller, is full of advice on planning the perfect holiday with tips on how to make your travel dollars ... Read more
Financial coaching: What is it and why may you need it?
Australians are familiar with the idea of financial advice, but the new kid on the block in wealth creation is financial coaching. So, what’s the difference between the two and why should you see a financial coach? Same goal – very different approach The end result of financial advice and financial coaching is ... Read more
Super fees and returns calculator
Hands up if you know what fees your super fund charges? No idea? You’re not alone. Most super fund members are aware that being in a fund with superior investment performance will mean a bigger retirement balance. One of the key findings of the Productivity Commission report on super was the negative effect being in a ... Read more