It is a reasonable expectation that your golden years should be just that. Unfortunately there are many issues you need to consider – taxation, legislation, wealth and asset protection. The following matters should be considered when planning for retirement.
Portfolio construction
A portfolio should account for future rises in living cost such as inflation and rising medical needs. Investment management helps you find the best plan for your nest eggs and assets, then oversees your various investments so that your cash flow meets your personal goals. It is also important to ensure that your portfolio follows a systematic and disciplined structure that matches your individual risk tolerance and goals, and is positioned to withstand adverse market and economic conditions.
Superannuation
Though it is not the only method of saving for retirement, superannuation is certainly the most common. For many, superannuation will be the main source of your retirement income and the largest asset outside of your home. It is important to start making the most of your super contributions right now, while you are still working, to maximise your benefit and take advantage of compounding returns over time. In Australia, there are many tax concessions to encourage individuals to fund their retirement. Using a Charter Towers financial planner can help you to make the very best of your super.
Income Streams
For many people, converting to an account based pension for your retirement will be the most important financial decision you make. When it comes to cash flow requirements, investment allocations and the level of annual drawdown, there are a number of structural issues that can have a significant impact on both the longevity of your retirement funding and also your lifestyle in retirement. Getting the right advice, and choosing the appropriate investments is important, as the average Australian will live for twenty to thirty years in retirement.
Alternative Income Stream Products
Investing in an alternative income stream is also an option for those wanting a reliable income for a pre-determined period without the associated risk of investments in financial markets. Our financial planners can help you choose an income stream that suits you. These may include products such as an Allocated Annuity, Guaranteed Super Pension or Lifetime Annuity. It is important, however, to receive advice on these products as the rules and products are complex and changing.
Self-managed superannuation
Self-Managed Superannuation Funds (SMSF) are flexible, individually run super funds. The benefits of a SMSF include more personal control, more investment choice (including investment properties), the ability to borrow to increase your investments (installment warrants), reduced administration costs and, together with our financial planners, you have the freedom to streamline your super towards your financial and lifestyle goals.
Aged Care and Centrelink
Charter Towers can help you understand your options with Aged Care and Centrelink services. It can be a confusing and sometimes difficult time when you or one of your family members require home assistance or face the move to an aged care facility. We can save you time and frustration explaining your options, identifying the important issues and providing expert and impartial advice. It is highly important that you receive advice on your options before the sale of the family home, as this can have a significant impact on your options.
When it comes to Centrelink we have helped many people maximise their Concession Card and Age Pension Entitlements. Whether it’s reducing the affects of the Income and Assets Test or assuring your Income Streams and SMSF work within the required guidelines, Charter Towers Financial Services know the variety of services is just as varied as the people in need of those services.
Lifestyle planning
What sort of lifestyle do you plan on having when you retire? Though most people plan for retirement, very few plan for the time after retirement. The reality is that it takes more than your superannuation payout and a pension to maintain your current lifestyle once you stop working. Our goal is to provide a solution that ultimately produces a reliable income stream. This way you can live out your full retirement in comfort and security.