Setting aside time to regularly review your finances is one of the easiest ways to keep your plans on track and work towards achieving your financial goals. Let’s see how you can take a look at your finances and make any necessary changes before the start of 2017.
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.
Superannuation is still one of the most effective financial strategies and the main form of retirement income for most Australians. While there’s no doubt investments and insurance are important when building your wealth, so too is managing your superannuation.
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.
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.
Some people may prefer to ease into retirement gradually by cutting back working hours and drawing some income from their super before they fully retire. They can do this by utilising the ‘transition to retirement’ strategy.