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Making your super last

Posted on January 19, 2015 by admin


When Australians reach retirement age, they have the option of withdrawing their superannuation as a lump sum or taking a pension that will be a reliable source of income for a number of years. Taking out your superannuation as a lump sum can be incredibly tempting, especially if you reach retirement age with some debts that still need to be paid off. However, blowing through your superannuation is easier than you think. If you choose to withdraw a lump sum, then you find your superannuation is insufficient to fund a comfortable retirement. Industry experts estimate that a single person needs an income of approximately $43 000 per annum to fund a comfortable retirement while a couple needs approximately $58 000. The age pension, at its current rate, only just exceeds half of these amounts. If you are nearing retirement age, you should carefully consider your options when it comes to withdrawing your superannuation. If there is some reason that you need to make a lump sum withdrawal, for example, a daunting mortgage, then you may care to investigate a variety of strategies. Remaining in the workforce for an additional few years will boost your superannuation savings and the transition to […]


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Secrets to a savvy SMSF

January 17, 2018

Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone.

If you aren’t prepared to adhere to the following tips, your SMSF will most likely fail to perform as well as you would of hoped it to.

Stay informed
You can’t expect your SMSF balance to be the most profitable for you in your retirement phase if you don’t remain educated on the vastly changing compliance laws. Remaining up-to-date with these changes, and how they impact upon your nest egg is an essential aspect of making your SMSF work for you, your spouse and your children.

Strategy
The ultimate long-term goal of your SMSF is to allow you to retire comfortably, maintaining the life you have become accustomed to throughout your working years. To do this, you need to have a strategy; the decisions you make regarding your SMSF should be part of this strategy, not just transfers here and there because your financial advisor told you to. Your strategy should be reviewed at least annually. You need to be aware of how each decision will impact upon and ultimately lead you towards the financial security you work so hard to achieve for your later years.

Seek advice
Running a self-managed super fund doesn’t involve having all the answers, but it does require understanding when it’s time to talk to a professional to get the best advice on your SMSF. You can never ask too many questions when it comes to your future financial security.