The proposed changes to the Centrelink Age Pension announced in last years’ federal budget are now law, and will take effect from 1 January 2017. Two significant changes will be imposed, these may be good and bad news for Age Pensioners. It’s important to review these changes and understand how they may impact your entitlement.
While the rules and legislation associated with superannuation may change from time to time, it is still among the most effective retirement strategies, and for many Australians superannuation is their main form of retirement income.
Having an appropriate financial plan in place covers more than just investments and insurance. The same goes for a financial adviser – there are some you will just click with.
Here we provide some ideas on finding one that you feel comfortable with, who can help you improve your financial future.
If you want more control over your retirement nest egg, this tip is for you …
Review your super and retirement needs and explore if a SMSF could be appropriate for you.
We often find that it’s only as people near retirement that they really start thinking about their finances – especially when they start looking at everything that retirement offers, like making time for a hobby, more travel, volunteering projects or spending time with family.
If you are considering retiring or reducing your working hours in 2016 but are concerned about having enough money to retire on, it’s not too late to seek some professional advice to give you peace of mind.
Retirees and those nearing retirement with large superannuation balances and other assets and investments will likely be affected by new pension asset test changes, which passed Parliament on 22 June, 2015.
Liberum Financial, advise that under the new legislation, wealthy couples who own their own home and have over $823,000 in assets (not including the family home) will see their pension entitlements reduced or cut entirely.
Every quarter, the Association of Superannuation Funds of Australia (ASFA) research and publish their findings detailing the cost of living in retirement. The survey benchmarks the annual budget needed by Australians who own their home to fund a comfortable or modest standard of living in retirement. It provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.
According to Liberum Financial, the costs associated with aged care should be factored in to your overall financial plan, regardless of your age today.
