Superannuation remains a highly tax-effective way for most Australians to save for retirement, offering concessional tax treatment of contributions and favourable tax rates on earnings within the structure. However, the proposed superannuation Division 296 tax on earnings of balances above $3 million1 requires careful consideration when developing financial planning strategies.
Read MoreUntil recently, the Australian Securities and Investments Commission (ASIC) stated that the average yearly self-managed super fund (SMSF) running cost was $13,900—a figure hotly contested by practitioners.
Read MoreI recently wrote an article on how much you need to save to have a comfortable retirement. I thought I would turn this around and look at the return side of things. This is my attempt to figure out what return is required to have a comfortable retirement at different savings levels.
Read MoreMost Australians don’t realise they are being charged up to six different types of fees on their superannuation. These fees can be opaque and hard to compare across different funds and investment options.
Read MoreUsing the family home to fund aged care can be a complicated decision, with many interdependent factors to consider.
Read MoreFrom 20 September 2024, the maximum rate of the Age Pension has increased by $28.10 (single rate) and $42.40 (combined rate) per fortnightly instalment period. The Age Pension is increased each 20 March and 20 September.
Read MoreThere are four steps which must be completed to successfully claim a tax deduction for your personal superannuation contributions. If one or more steps are missing or not completed, the Commissioner of Taxation has no discretion to overlook those missing or incomplete steps.
Read MoreIf a pension commences as a non-reversionary pension can that pension be made reversionary without stopping and restarting the pension? The answer is a simple and definite “Yes” if the pension is an account style pension (such as account based pensions and transition to retirement pensions) and the governing rules expressly permit pensions to be varied.
Read MoreWhether considering options for yourself or deciding how best to help someone close to you, residential aged care can be a complex area requiring careful thought. The uncertainty surrounding where to move, how much it will cost and where the money will come from can be overwhelming and stressful.
Read MoreNew research finds that customers with a guaranteed lifetime income product often have an easier time transitioning into retirement and have a better quality of life once doing so.
Read MoreIt is not possible to backdate the commencement of a pension. However, if the trustee and the member have informally agreed that a pension would commence from a particular date in a financial year (typically, 1 July for obvious reasons) and, in fact, pension payments are made in that financial year and the aggregate of the pension payments
Read MoreThere's been little debate on how spending changes as people progress through retirement. Yet, it's a critical issue as it can have a significant impact on the level of savings required at the point of retirement.
Read MoreWe are constantly comparing ourselves to others but savvy investors focus on progress against goals. Why does my car have a four-letter word instead of four interlocked rings on its nose? What can I do to lower the first two digits of my postcode to 20, 30 or 40? Social comparison is how we evaluate ourselves against others.
Read MoreFIRE stands for financial independence, retire early. I was critical of certain elements of the movement while supporting the overall goal. Offering a criticism without an alternative doesn’t help anyone.
Read MoreThe intergenerational wealth transfer will see many assets bequeathed. Most of these assets won’t be cash. Share portfolios are a common way that beneficiaries will receive assets – especially when the owner is an income investor that is living off dividends without drawing down on the capital of the portfolio.
Read MoreAdvised Australians enjoy their retirement more than their unadvised counterparts, according to a new report.
Read MoreThe narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.
Read MoreIf life is what happens when you’re making other plans, retirement is no exception. If you are in a position to put your plans for retirement into action - health, wealth and happiness are all up there as things to think about. From finances to feelings about leaving work, this article is all about the things to keep in mind when planning for life beyond the 9 to 5.
Read MoreHappiness means different things to different people, but according to new research, there are some common themes in what brings contentment to older Australians.
Read MoreMore than one million Australians control their own superannuation investments through a self-managed super fund (SMSF), managing over a quarter of Australia’s $3.3 trillion asset pool. If you’re considering joining them, it’s important to first understand what you hope to get out of it.
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