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.
Ongoing economic uncertainty means that it’s still not uncommon to read a story about large or high profile businesses making staff redundant. The flow-on effects from tough economic times in the past are still being felt in many sectors of the economy. Redundancy remains an all-too-common possibility for employees of both large and small businesses.
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.