Retirement is the time in life for you to relax and do the things you've always wanted to do, so it makes sense to start planning early.
Your super is your savings for retirement and will most likely form an important part of your retirement nest egg. Generous tax concessions apply to super contributions and retirement income streams so, with the right planning, you can save more and generate your own income even after you stop working. The earlier you start planning, the more you can save and the longer you can take advantage of the tax benefits.
Ask yourself these questions
- What do you want to do in retirement?
- How much money will you need to do it?
- Is there a gap in your retirement savings?
- When can you retire?
- How and when will you be able to access your super?
- What Government support will you be eligible to receive?
Planning ahead can help you make the most of the opportunities that are available and help you achieve financial security, reduce uncertainty and enjoy your retirement.
Did you know… research by the Financial Services Council showed people who received financial advice were almost $100,000 better off at retirement?*
* The 'Better off with savings advice', 16 February 2011, research shows that a 30 year old would save an additional
$91,000, a 45 year old would save an additional $80,000 and a 60 year old would save $29,000 more than those without a financial adviser.
Make the most of your super
Within your super, you can usually choose how your money is invested and this can make a huge difference to the level of income you receive in retirement. But, as with any of your other investments, the investment strategy you select needs to reflect not only the level of risk that you're prepared to take but your retirement income needs as well. By taking an active role in managing your super, you could not only boost your super but potentially reduce the amount of tax you pay as well.
A financial planner can help you determine which investments suit your particular needs.
To find out more about retirement planning make an appointment with a Bridges financial planner.