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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 .....
After the years of working and salary sacrificing to build up your Super, it would be a shame to mismanage it during your retirement years. We often focus so much on saving and planning that we forget to think about how to manage our money once we actually arrive at retirement.
That’s why we’ve put together the following four suggestions to help you make the most of your Super after you retire.
Once you turn 65, contributing to your super becomes trickier, and the tax benefits are not as attractive. For instance, a work test applies to super contributions after the age of 65 - you have to work 40 hours in a 30-day period during each financial year.
To keep your options open, consider selling other assets and investments in the years leading up to your 65th birthday so you can reinvest those assets into your super. Timing is important with this strategy, so don’t wait until you see your 65th birthday approaching on the calendar.
If you are older than your spouse and have already retired, take advantage of the situation and contribute to your still-working spouse’s super. You can also cash out up to $540,000 from your own super fund and put it in your spouse’s super as an after-tax contribution. This is a win-win situation because the amount you contribute to your spouse’s super increases the tax-free part of their super, and you’ll likely see a reduction on the tax owed on withdrawals.
The little things can make a big difference in retirement, and one of the little things you can do is to get a health care concession card. You qualify if you retire before the pension age and your weekly income is less than $519 for singles or $899 for couples.
Health Care Concession Cards covers you for GP bulk billing, discounted prescriptions, and other medical concessions. This is especially helpful if you take daily prescriptions or visit your practitioner regularly.
Many Australians make changes to their living arrangements in retirement. These changes are made for many reasons: a desire to live closer to children, a wish for a change of scenery, easier access to transportation, or a desire for a smaller, lower-maintenance home.
You may also be able to save money during retirement - and stretch your super funds longer - by making changes to your living arrangements. If your current home is expensive to maintain or requires you to spend a lot on transport, you may be able to stretch your super funds much longer simply by moving to a less expensive home.
If you have questions about making the most of your super after you retire, we’d be happy to provide answers and offers suggestions. Feel free to reach outSet your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
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