superannuation Archives - Financial Planning QLD

3 things you may have forgotten to plan for in retirement

Retirement can be an exciting phase in your life. But all the recent changes to superannuation bring with them lifestyle and financial issues you need to be aware of as you plan your retirement. Retirement means different things to different people. For some, it’s an opportunity to travel, to begin that project they’ve been putting off for years, or to just relax, spend time with the grandkids and dabble in their favourite hobbies. Retirement should be a time to relax…

Unlocking the Potential of Age Pension and Superannuation Benefits

The Australian Aged Pension scheme provides a wonderful safety net for those with limited assets in retirement, although many remain confused by how their age pension entitlements differ from so called superannuation income streams. So let’s talk about age pension and superannuation benefits. Age pension income and asset tests The Federal Government provides an income for all Australians who reach pension paying age, currently set at age 67, who can prove they are an Australian resident and can also pass…

Superannuation insurance financial planning tips

Protect yourself through superannuation

The attractiveness of superannuation as an investment and savings vehicle is well known. Although the federal government places limits on the amount of tax-effective contributions we can make, the ability to structure insurance arrangements through superannuation remains. How does insurance through superannuation work? The types of insurances considered here are limited to those that relate to a person’s life. Specifically, it includes cover for death, total and permanent disability and temporary disability/illness (income protection). Rather than owning one of these…

Financial advice related to superannuation

Low income earners: Six super hacks to retire richer

While it’s easy to be discouraged by superannuation and fear you will never have enough money saved to stop working, remember even a modest superannuation balance can make a big difference in retirement. For every $100,000 saved in superannuation, you can expect these funds to generate a return of 6%, or $6,000, a year. When this is paid out as a pension, it equates to $500 a month tax-free. Of course, this is doubled if both you and your partner…

Financial advice on self managed super fund for Australians

Am I too young to manage my super?

A Self-Managed Super Fund is among the fastest growing superannuation vehicles in Australia and they’re not just for older investors – investment-savvy Millennials are catching on. The Australian Taxation Office (ATO) reports that significant numbers of people below the age of 45 are investing through Self-managed Super Funds (SMSFs). The proportion of SMSF members in that cohort was around 13.5% over the twelve months to December 2022. Historically, SMSFs were considered the province of only the rich. However, as set-up fees and running costs decrease, younger people are viewing SMSFs…

Suddenly single later in life superannuation and retirement planning advice for Australians

Superannuation for the suddenly single

Found yourself separated and suddenly single later in life? Life often has different plans for us than we may have imagined and it could put pressure on our retirement plan and superannuation. Life after divorce (or separation) might bring with it a whole range of new things, including the need to rediscover yourself, dipping your toe back in the dating pool (hellooo Tinder) and revisiting your plans for the future, in particular, your financial plans. An essential financial aspect to…

Ethical investing, putting your super where your heart is

Millennials – take a bow. Not only are you concerned about how your super is invested, you are more likely than any other age group to act on your beliefs when choosing a super fund and do ethical investing. Research commissioned by the Responsible Investment Association Australasia (RIAA) reveals that 75% of Millennials prefer to invest in a responsible super fund than one that only considers maximising financial returns. Well ahead of Gen X on 66% and Baby Boomers on…

Frequently asked questions on super answered!

Frequently asked questions about super

If the ins and outs of superannuation leave you confused, the answers to these frequently asked questions on super will help you understand the basics. How much do I need to retire? According to the Association of Superannuation Funds of Australia (ASFA), a couple requires savings of $640,000 if they wish to enjoy a ‘comfortable’ lifestyle in retirement. For a single, the figure is $545,000. Due to support from the age pension, a single or a couple can fund a…