When you visualise your retirement, what do you see? If you’re like thousands of other Aussies, chances are you think about getting stuck into a hobby, spending more time with your family, seeing the world, or exploring the great outdoors right here in our own backyard. Whatever your image of the ideal retirement, it gives you something to work towards; a goal to keep you on track.
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.
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, but are concerned about having enough money to retire on, it’s not too late to seek some professional retirement planning advice to give you peace of mind.
Retirement is something most people look forward to. It is a new stage of life where there is more freedom and flexibility to determine the balance between work and play.
Needless to say, making sure your finances match your desired retirement lifestyle is not an easy exercise. It involves a lot of planning and there are many decisions and trade-offs – what you could call “conundrums” to work through.
With life being so busy it can be very easy to ignore your long-term financial plans, but we can’t stress enough, planning conversations today should be done early to create room for your future dreams.
So how can you make the most out of your personal or business situation?
‘Dare to dream’ and plan for the future – here are a few things to consider.
Key points
There was a raft of announcements at the May federal budget that could impact the SMSF sector should the Senate pass these proposals later this year.
It can be challenging running an SMSF during these times of regulatory uncertainty. But Daniel Martinez, senior financial adviser and Authorised Representative of AMP Financial Planning, says the starting position is to assume the proposals will become law.
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.
