Financial & Retirement Planning
Enjoy retirement when it comes by planning now.
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Start Financial Planning
You want to enjoy your retirement and the easiest way to achieve this is to plan for it carefully. Approaching retirement you’ll start to think of the following:
- How much money do I need in retirement?
- Will I have enough money in retirement?
- Can I afford to retire?
- What do I do when I reach retirement?
People are living longer in retirement so the sooner you get started the more likely you are to meet your retirement income needs. The longer you are in the market the longer your investments will be working for you.
Today you know where your income is coming from but do you know where it will come from in retirement? The money you live on in retirement will likely come from your super, a pension, personal savings/investments and or part-time work.
The standard rule is that in retirement you’ll need approximately 60% of your annual income that you earned before you retired. Think this is a lot? Well remember you’ll have more time to accomplish all the things you wanted to do before you retired and you’ll want to be able to afford them. The longer you spend in retirement the more money you’ll need.
Remember, a Government age pension will not replace the majority of your income in retirement and many people feel the future of our current system is uncertain. This is why your personal savings are becoming a more important part of the retirement equation.
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Transition to retirement
Since 1 July 2005 the transition to retirement condition of release has existed to allow those at preservation age and still working access to their super in the form of a Transition to Retirement (TTR) income stream. This has created the opportunity for you to restructure the way you presently receive your income, such that you can retain your present level of income, but potentially increase the balance of your superannuation when you retire.
Small business – what is your accumulation and exit strategy?
If you are a small business owner you may be eligible for the capital gains tax retirement exemptions. This means you may choose to use the proceeds from the sale of your small business for your retirement, and you may pay little to no tax on the capital gain.
The concessions available are complex and have varying rules and regulation that needs to be satisfied prior to the sale of the business. Therefore, to benefit from them early planning is required in conjunction with your accountant.
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Releasing of capital
Successful retirement does not happen by chance it takes years of planning. Let One Advisory Wealth Management team of highly skilled and experienced people guide you by designing, constructing & implementing a tailored plan to give you peace of mind in ensuring you have enough. Don’t worry about having enough money in retirement; we will do it for you!
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