When you access your super at retirement, depending on your age and personal circumstances, your super fund may ask you to sign a declaration stating you intend to never return to work again.
Managing your money doesn’t have to be stressful. By breaking down your goals and establishing good habits you can work towards financial wellbeing.
Whether downsizing your home, relocating to a new city, modifying your existing property, or entering an independent or assisted living arrangement is on the cards, thinking ahead could create more certainty.
From 1 July 2021, the contributions your employer is required to make into your super fund, under the super guarantee, will increase to 10% of your before-tax income.
The super guarantee will increase from 9.5% to 10%, as planned, on 1 July 2021.
When it comes to planning for retirement, it’s important to prepare yourself emotionally and financially. If you’re building your retirement plan, here are some things you may want to think about.
You’re working hard to take care of your family now – so it makes sense that you’ve already put a financial safety net in place that will protect them if you’re no longer able to provide for them in the same way, by taking out your current life insurance policy.
We all have different desires and goals in life, but most of us share the dream that one day we would like to achieve our particular version of ‘financial freedom’. The challenge is that most of us don’t really know what it takes to turn our goals, be they vague wishes or burning desires, into reality.
If you’re keen on taking advantage of potential tax benefits available inside super, or are looking at ways to rebuild your retirement savings (for instance, you may have made a withdrawal as part of the early release of super scheme), the lead up to 30 June could be a good time to act.
The contribution caps on concessional and non-concessional super contributions will increase from 1 July this year, meaning you may be able to put more money into super.
While women earn less and spend less time in the workforce than men, sharply eroding their super contributions throughout their working lives, there are some simple steps women can take to boost their retirement savings.