Should I Pay Off My Mortgage or Contribute to Super?
One of the most popular questions we are asked by our clients is whether it’s best to pay off their…
Retirement is the point in time when time is no longer money. It’s one of life’s biggest events and so we need to start preparing early. Good news - ActOn Wealth’s team of financial advisors has vast experience in helping clients achieve their goals for later in life.
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In Australia, common retirement planning strategies include maximising superannuation contributions, considering self-managed superannuation funds (SMSFs), understanding government benefits, diversifying investments, exploring transition to retirement (TTR) strategies, downsizing, seeking financial advice, implementing estate planning, conducting regular reviews, and prioritising health and wellbeing. These strategies aim to secure a comfortable retirement by optimising savings, managing risks, and making informed financial decisions. Consulting with a qualified financial advisor is crucial for personalised retirement planning.
The money needed for retirement in Australia depends on your lifestyle and goals. ASFA suggests a comfortable lifestyle requires about AUD 44,412 p.a. for singles and AUD 62,828 p.a. for couples, while a modest lifestyle needs AUD 28,254 p.a. for singles and AUD 40,829 p.a. for couples. However, individual circumstances vary, so it's best to consult a financial adviser for a tailored retirement plan.
When planning for retirement in Australia, it's important to avoid common mistakes. These include delaying retirement planning, underestimating expenses, neglecting superannuation, lacking diversification in investments, ignoring government benefits, overlooking health and long-term care costs, not seeking professional advice, failing to regularly review and adjust plans, overestimating investment returns, and neglecting estate planning. By avoiding these mistakes and taking proactive steps, such as starting early, diversifying investments, and seeking expert advice, you can enhance your retirement readiness and financial security.
A transition to retirement strategy allows you to access part of your super while still working. Our Melbourne financial advisors can guide you through this process.
Tax on superannuation withdrawals can be complex and depends on factors like your age and the components of your super. Our team can help you understand these tax implications.
In certain circumstances, such as through a transition to retirement strategy, you might access your super while still working. Connect with our team for a detailed understanding.
Defined benefit funds provide a retirement benefit based on your salary and length of service, while accumulation funds depend on the amount contributed and investment returns. Discuss these options with our financial advisors in Melbourne.
Yes, you can have multiple super funds. However, it's crucial to consider factors like fees and insurance. Our team can provide advice on consolidating your super funds.
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