Ready to Retire

With less than 5 years to go before you retire, now is the time to focus on your retirement plans. A big mistake many people make is just to focus on the superannuation side of retirement. Retirement is far more than just where will the money come from. You need to consider -

• What are you going to do?
• Where are you going to do it?
• How much will it cost?

These are all questions that only you can answer. Here are some interesting issues to consider that may help you as you start planning.

Do your homework

Are you sure you are making the most or your superannuation? Once you understand how your superannuation benefit is calculated, you can make sure that you are maximising your employer’s contributions.

The best place to get this information is from your Trustee, the organisation who runs your super fund for you. To find out more about your fund, click here

Attend a Pre-Retirement Seminar

Attending seminars allows you to increase your knowledge and at the same time become familiar with the terminology that goes with superannuation and retirement planning. To register your interest to attend a seminar to get specific scheme information or more general retirement planning information, click here and select the seminar option that best meets your needs.

Budgeting

Budgeting is a vital element in your financial plan, particularly in the run up to retirement, when that might be your last opportunity to make additional savings into super. Your budget will help you to measure your savings capacity, and may highlight spending habits that you will want to review. Download our budget tracker and keep track of what you spend for 3 months. The results may surprise you.

Six things you need to know about Better Super and retirement.

The introduction of the Better Super legislation significantly changed the superannuation landscape. Most of the changes are positive, particularly for retirees. Nevertheless, there are some traps which you will want to avoid. Find out about six of the key issues you need to understand in the Better Super environment.

Co-contributions

To encourage Australians to save more for their retirement, the Federal Government introduced the co-contribution scheme. If you or your spouse earn less than $61,920, and make an after tax contribution to superannuation, the government will pay up to $1,000 into your superannuation account. And under the new Better Super rules, everyone is eligible to contribute to superannuation up to age 65, whether they are working or not. Find more

Is salary sacrifice for you?

One way to accelerate your retirement savings is to consider salary sacrifice. With the recent Better Super changes regarding salary sacrifice it pays to understand what salary sacrifice is and how you can use it when you are in pre-retirement mode. Find out more