Australians are living longer and retiring earlier which means that many Australians will spend more than a quarter of their life in retirement. While this sounds like good news, it is even more important now to plan carefully for your retirement – starting today.
Some questions you may wish to consider include:·
- How much do I need to retire on? How much do I have in my superannuation already?
- When can I access my super?
- What are my options when I retire?
- Will I pay tax on my super if I take a lump sum?
- Is there any benefit in taking my superannuation as an income stream?
- Am I eligible for the Age Pension?
- How does the Income Test affect eligibility for the Age Pension?
- How does the Assets Test affect eligibility for the Age Pension?
- What is deeming?
- What are the different types of income streams?
- Why are income streams treated differently?
- Establish when you want to retire and work out how much you need. Alternatively we can work out when you can retire based on your current savings, assets and goals.
- Establish a plan to accumulate enough retirement savings within your timeframe.
- Review and recommend retirement income products so you can manage your money in retirement and make sure you can maximise any entitlements to social security benefits.
- Review and update your insurance arrangements to make sure you aren’t under insured.
- Advise on Estate planning issues, such as wills, Powers of Attorney, Medical Powers of Attorney etc.