Retirement Planning

Retirement planning involves preparing your source of income when you retire. You will rely on those assets you have accumulated, and there may be some government benefits but for many Australian's this is becoming quite a challenge. We can build a simple action plan outlining the best steps that you could take.

Super

Super is a tax effective way to save for your retirement. My Plan advisers can help you determine the best ways to save for your retirement with potential for tax benefits using your super fund. A My Plan adviser will regularly review your retirement plans to ensure you are doing the best of your savings potential. This can include working out how much you need to contribute to achieve your retirement goals.

 

Retirement planning

A My Plan Financial Planner will discuss with you what your needs and goals are in retirement. This will involve a comprehensive review of your existing investments and structures, discussion about super and income stream strategies including the use of account-based pensions and annuities, potential centrelink benefits, tax efficiency benefits and estate planning.

 

Tax strategy

As working Australian's we can pay enough taxes throughout our lifetime, and often don't realise we could have saved through prudent planning much earlier in life. A My Plan adviser will review your assets and income sources to ensure your doing the best you can. We will take a short, medium, and long term outlook to your financial needs.

 

 

What is the Retirement Age in Australia?

There is no fixed retirement age in Australia, so you can retire when you want. Generally, you will be able to access your super in some form at the age of 60. To be eligible for a full or part age pension, you must have reached your eligibility age which since July 2017, increased to age 65.5 years. You must also satisfy an income and assets test as well as other requirements.

 

What is a Genuine Redundancy?

Genuine Redundancy payments are tax free up to a limit based on the employees age and years of service. These are common in this economic climate. If you have received a payment it's important to consider how best to plan your future which should include a review of your super fund, including any potential effects to life insurance or income protection linked to the fund. For further information, contact a My Plan adviser to speak about your situation.

My Plan Financial Planning Advice_0001_old-3608950_1920

117 Henley Beach Road
Mile End SA 5031

phone

(08) 8354 1335

opening hours

Monday - Friday 9am to 5pm