Financial advisers are supposed to act in the best interests of their clients. That’s not a vain hope or fluffy belief, it’s enshrined in law. But confidence in financial advisers has been rocked lately by a series of financial scandals and instances of serious misconduct unearthed by the Hayne Royal Commission. Most ... Read more
Planning for retirement
A Super Guide
Planning for retirement is a big topic that covers the key decisions you need to make when looking ahead to the lifestyle that you hope to have, after you finish working. One of the first steps in making a successful transition to retirement is to have a plan, or at least start thinking about a plan.
For those new to the topic, or for those readers needing a refresher, why not start with our ‘Retirement planning for beginners’ section (see link below). If you’re looking for more specific information on retirement planning, such as the age you can retire, or the magic amount of super you need for a worry-free retirement, or whether you will be able to claim the Age Pension, then this special SuperGuide section can help you.
Note: The term ‘retirement’ has a special meaning for when you can access your superannuation benefits (see Retirement definition).
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
- Will I get the Age Pension?
- Obtaining financial advice
Set out below are key SuperGuide articles on Planning for retirement:
Set out below are all SuperGuide articles referring to Planning for retirement.
Lifecycle investment options (returns to February 2019)
If you haven’t chosen your own super fund, or you haven’t actively selected an investment option, then you need to be aware that your super money may not be invested within a traditional default growth investment option (which has at least 60% of your super money invested in growth assets such as shares and listed ... Read more
Investment performance: Latest super returns (to February 2019)
Note: For investment returns over 1 month, 3 months, 1 year, 3, 5, 7, 10 and 15 years to 28 February 2019 for 5 main investment options offered by super funds, see Table 1 later in the article. For month-by-month performance data, going back 5 years (62 months), for the 5 main investment options offered by super ... Read more
Surely I don’t need a testamentary trust will (TTW)?
It is amazing how many times I have been told when taking instructions on a new or updated will that “my affairs are quite simple”. That statement may be true of course but simple is a relative term. As an example, if you want to achieve the more common goals of protection of assets and reducing tax, and who doesn’t, ... Read more
Never stand between a politician and a big pot of money: How greed is destroying super
An Act of Betrayal Many of today’s retirees are feeling betrayed. In 1992, Australians entered into an agreement. They agreed with a plan made by the politicians of the day that, in order to reduce the burden of the Age Pension on future generations of working taxpayers, everyone would save super for their own ... Read more
Stop political bullying: Retirees deserve respect and a ‘fair go’
As a voter, and as a taxpayer, I am comfortable with most current retired Australians paying no income tax, and for other retirees paying a lower rate of tax than the younger population (and when I refer to younger, I include myself in that category). Many of our current Australian retirees paid taxes (higher than ... Read more
What makes a financial adviser independent?
Just because a financial planner’s business card doesn’t display the logo of a bank or insurance company doesn’t mean he or she is independent. Five years ago 40,000 people were surveyed by Roy Morgan Research on the perceived independence of their financial planner. It turns out that a disturbing number are totally ... Read more
A super guide to understanding the bring-forward rule
Putting money into your super account is easy. But to ensure you don’t take too much advantage of the generous tax benefits within the super system, the government has progressively tightened up the rules around making contributions. One way to get some extra money into your super account is by using a ‘bring-forward’ ... Read more
Super advice: How to find a suitable financial adviser
So, you’ve decided to see a financial adviser. With 28,279 financial advisers and planners currently listed on ASIC’s Financial Advisers Register, you are not short of choice. Although too much choice can be daunting, especially if you’ve never consulted a professional adviser before. You are also not alone. Roy ... Read more
What concession cards are available for Seniors and Pensioners?
There are a range of concession cards that Australian seniors and pensioners may be eligible for and entitle holders to cheaper services such as public transport, council rates, and utilities like electricity. Seniors Card Who is eligible In Australia, you’re generally eligible to apply for a Seniors Card from your ... Read more
What are the Age Pension residency requirements?
There are specific residency requirements that you must meet to be eligible to receive the Age Pension from the Australian government. These residency requirements are in addition to the age eligibility and the income and assets tests that you must also pass to receive the Age Pension. What are the Age Pension ... Read more
What age can you access your super (Preservation Age)?
You can access your super in Australia once you have reached your preservation age and met a condition of release. Your preservation age in Australia depends on your date of birth, as outlined below. If you were born before 1 July 1960, your preservation age is 55 If you were born between 1 July 1960 and 30 June ... Read more
Commonwealth Seniors Health Card: What it is and how to apply
The Commonwealth Seniors Health Card (CSHC) is a concession card that allows you to access cheaper health care in Australia if you meet certain eligibility requirements. What are the benefits of the Commonwealth Seniors Health Card? If you hold a Commonwealth Seniors Health Card, you’re entitled to receive the ... Read more
How superannuation affects the Age Pension
Superannuation can affect the Age Pension in different ways, depending on whether you or your partner have reached Age Pension age, and what you do with any super payments you access. How the Age Pension is assessed For a detailed explanation of how the Age Pension is assessed, see SuperGuide article Case studies: How ... Read more
Case studies: How is the Age Pension assessed?
The current (20 March 2019 to 19 September 2019) maximum rates of Age Pension are as follows: Single: $926.20 per fortnight (approximately $24,081 per year) Couple (each): $698.10 per fortnight (approximately $18,051 per year) Note: Includes base pension + supplements. Learn more about Age Pension rates. Not everyone ... Read more