Planning to Retire

Financial Planning and Super Advice for Retirement

While there is no set age for retirement, a major consideration when planning for retirement is your superannuation preservation age - the age at which you can access your super.


For those born after 1 July 1964 the preservation age is 60. For everyone else it ranges from 55 to 59, depending on your date of birth.


Of course, you do not have to retire as soon as you can access your super – you can choose to retire whenever you like!


If you choose to retire after reaching age 60, you can access all your superannuation tax-free.

In addition, your super can be invested tax-free, meaning you can reduce your overall tax rate to 0% in retirement!


As you have probably worked out, a key part of retirement planning involves contributing as much as possible into superannuation, while being aware that super is preserved until you reach your preservation age.


You can contribute to super by making either concessional (pre-tax) or non-concessional (post-tax)contributions or both.


There are annual contribution limits so it is important to start planning as early as possible if you want to take advantage of the substantial tax breaks that super has to offer.


For those who are still a long way out from their preservation age, it's prudent to allow for an emergency cash reserve or some other form of readily available cash (outside of super).


For those with mortgage debt we use financial modelling tools to help determine how best to use your surplus cashflow - is it to pay down the mortgage, to contribute extra super or some combination of both?


Retirement Plan Creation

Our Retirement Plan helps you maximise your retirement savings so that you can retire on your terms.


We start by having an engaging conversation to help you gain clarity around when you plan on retiring and how much you will need to fund the lifestyle you desire in retirement.


The plan takes into account both superannuation and non-superannuation held assets.


It also takes into account any personal debt you may have such as credit cards, personal loans and mortgages.


After gathering your financial information  and clarifying your short, medium and long-term objectives we go to work creating you a customised Retirement Plan.


A Retirement Plan has benefits that are tangible (can be measured in dollar terms) but for many clients the intangible benefits like gaining clarity and having something to work towards is even more valuable. 

The key elements of a Retirement Plan for those still working are:

  • Clarifying your short, medium and long-term objectives
  • Maximising your superannuation contributions 
  • Minimising tax
  • Paying down personal debt
  • Determining the best time to sell down non-super assets 
  • Investment advice that considers your risk tolerance and investment time frame
  • Compare and research existing super fund and two other highly rated funds
  • Recommending the best superannuation fund for your requirements
  • Maximising any age pension you may be entitled to
  • Financial modelling to determine how best to prolong your retirement savings
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