How would you like to spend your retirement? The answer I get from too many prospective clients is “I haven’t thought about it.” My question to you is, “Have you?”
The Australian Government did a great thing when it made it compulsory for employers to contribute to superannuation for their employees, but even the rates that employers are currently required to make may not be enough to provide you with the lifestyle that you desire in retirement.
Mi Wealth Plan ‘Wealth In Retirement’ Service
With a little care and attention, Mi Wealth Plan can help you to look forward to a more comfortable retirement by providing you with regular advice and reviewing your expectations and finances in order to maximise your benefits. Getting to a stage where you can comfortably retire takes careful planning and attention to detail, and simply throwing all your money into superannuation might not be the best answer for you.
To set up a retirement plan for you, we need to ask questions such as:
- What activities are you looking forward to in retirement?
- Do you plan to retire early?
- Are holidays important to you?
- Are there any medical concerns, or potential aged care considerations to take into account?
As you might expect, there is more to it than just that, but only after taking the time to know you and your family can we get to a position where we understand what is important to you, and from there we can look at your options.
Some people can afford to retire early, but choose not to as they enjoy the work and social comfort that comes with having a job. With superannuation generally only accessible in full from age 60 (unless other conditions are met), to retire earlier than this requires funding from non-superannuation sources.
We can provide advice and comprehensive cash flow modelling to support a decision to retire early, with options such as:
- Salary sacrifice to super – to minimize tax and increase retirement savings
- Transition to Retirement – accessing your superannuation early to enhance your lifestyle leading up to retirement, or significantly boosting your retirement savings without affecting your cash flow.
- Use of an annuity – to provide retirement income certainty.
- Protected Capital or Protected Income products – to provide certainty over retirement savings.
- Aged Care – helping you to take care of yourself or loved ones when you aren’t able to.
- Age Pension – maximising your entitlements to government benefits
Retirement Planning For Businesses
A lot of business owners plough all of their time and resources into building a bigger and better business for themselves, and when it comes to retirement there is often nothing set aside exclusively for their retirement.
Fortunately the government has put in place provisions for business owners to sell their business and not have as large a tax bill as the business owners might believe. If you are considering retiring and you have a business, speak to us today to see how we can help.