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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Super - 4 min read
After years of working long hours, possibly raising a family, and taking care of your many responsibilities, you deserve a stable retirement. With stability on your side, you can spend your retirement pursuing your interests, whether you’re interested in traveling and picking up new hobbies or staying home and relaxing.
You can take action now to make sure you’re able to enjoy that stability later on. The following are specific, concrete things you can do now to increase stability in the years to come.
How much money do you need to retire comfortably? The answer to this question is not the same for everyone. In making your calculations, think about how long you’ll probably live, based on your health and parents’ life spans. Consider your family situation and any dependents you’ll need to support. Remember that it’s better to have more than you need than not enough, so estimate high. A financial adviser can help you make these calculations if you need help or advice.
For most Australians, the mandatory contributions to your super account will not be enough to provide you with a comfortable and stable retirement. Salary sacrifice can help you make up the difference, and the sooner you start salary sacrificing, the better off you’ll be.
Your financial adviser can help you determine how much extra you should sacrifice in order to meet your retirement goals. Even if you’re nearing retirement, you will still benefit from salary sacrificing now.
If you have worked for several different employees, you may have several different retirement accounts. By consolidating these accounts, you could save a great deal of money on fees. You’ll also have less to keep track of, which can be a huge benefit during your retirement years.
Additionally, you can start to make changes to your personal budget and spending habits now that will ease your financial load during your retirement years. If you’ve been meaning to downsize your home or start living a more streamlined lifestyle, changes now can mean increased stability later.
Once you have a solid retirement plan in place, safeguard your assets and provide for your dependents by creating a will. It’s a good idea to consult with an estate planning specialist to discuss the best ways to protect your assets and make sure they don’t get tied up in a legal battle.
You deserve a stable retirement, and with planning and forethought, you can create the kind of retirement you’ve always hoped for. If you’d like to speak with a retirement planning expert about your personal plan, feel free to reach out. We’re happy to help.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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