Preparing for Retirement

Retirement brings new challenges, the prospect of a fresh start and important changes. It can be an exciting time when you may fully enjoy the fruits of your working life. A time when you have the freedom to pursue the things that matter most to you.

But to really be able to enjoy life to the full in retirement and maintain a comfortable standard of living you’ll need to have built up sufficient income. For most of us this will require expert planning, quality advice, a documented financial plan and having our progress monitored by someone who’s qualified to do so.

We can help you properly plan for a comfortable retirement in line with your personal circumstances and goals.

Increase your retirement savings

For most Australians, retirement has traditionally been a sudden leap from working full time to not working at all. But more and more people are gradually easing into their retirement. Learn more about how you can increase your retirement savings once you turn 55 and move towards retirement.

Boost your super

Tax efficiencies built into the superannuation system mean super is a great way to save for your retirement. Learn more about how to increase your super nest egg.

Centrelink payments

If you meet eligibility criteria, Centrelink can support you in retirement with a range of payments including age pension, pension bonus scheme and the seniors concession allowance.

We can help you understand and take advantage of your Centrelink entitlements.

Moving Towards Retirement

Older Australians can now make a simpler transition to retirement by using non-commutable allocated pensions (NCAPs) which allow them to access their super without having to retire.

Anyone over 55 but less than 65 years of age is eligible to start an NCAP. An NCAP may allow you to:

gradually cut down your work hours and ease into retirement without reducing your take-home income, thanks to a funds injection from your NCAP, or
boost your retirement savings by continuing to work full-time, contributing more to your super through salary sacrifice and topping up your income with NCAP money.

When it comes to understanding an NCAP strategy, the benefits result from the differing tax rates applied to regular income, super and pensions. We can help you assess if an NCAP strategy would be suitable for you.

Boost your super

Using salary sacrifice to increase your super nest egg is an attractive option for some people as it can provide significant tax advantages.

When you salary sacrifice into super, you arrange with your employer to give up part of your before-tax salary. In return, your employer pays an equal contribution into your super account. This is in addition to the compulsory Superannuation Guarantee amount your employer is required to contribute.

Ask yourself:

What is my anticipated savings balance at retirement?
How much will I need to live on in retirement?
How long do I expect to live in retirement?

Estate planning

Most of us put a lot of time and effort into creating and managing wealth throughout our lives. But few of us put enough thought into the process by which our wealth will be distributed after our death – estate planning.

Estate planning is a process which ensures that after your death your property, money and other assets are distributed in accordance with your wishes. Effective estate planning can help minimise potential tax consequences for your loved ones and other recipients of your estate.

We can provide guidance on the overall process of estate planning, and in particular the superannuation, life insurance and taxation aspects.

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