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Retirement Planning

 

Enjoy Your Retirement by using Tomorrow’s Financial Planning Today.

Do You Need Retirement Planning?

When you consider that you could spend around one third of your life as a retiree, you start to realise the importance of having an effective retirement plan.

Your retirement payment is likely to be one of the largest lump sums of money you’ll ever receive. Whilst it may be tempting to use it to pay off the mortgage, go overseas or invest in the share market, you should carefully weigh up your options before deciding what to do. After all, this money has to last you all of your retirement years.

When you work out what to do with this money you also need to consider issues such as the taxation implications and the effect of your decisions on your ability to get the aged pension.

Individual circumstances differ and many of these issues can be complex and confusing. It’s therefore best to seek professional advice to make the most of your retirement payment. This is where retirement planning comes into play.

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.

You should be free to spend your well-earned retirement doing the things you’ve always dreamed about. With the assistance of your financial planner, your retirement should include some of the best years of your life.

Transition to retirement

In February 2004 the Federal Government released a policy document titled “A more flexible and adaptable retirement income system”. This document announced the changes to the rules which regulate the way Australians build and withdraw their super benefits and were designed to help you stay in the workforce longer ad make a gradual transition to retirement easier.

With these changes the Federal Government have made the transition to retirement easier as when you turn 55 you can work and still access some of your Super benefits giving more freedom and flexibility.

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 exemption. This means you may choose to use the proceeds from the sale of your small business for your retirement, and you might pay no tax on the capital gain.

However, if either you (or your spouse) are under 55 years old prior to receiving the sale proceeds you will only qualify for this exemption if you roll over the amount into either a complying super fund  or Retirement Savings Account.

Releasing of capital

Successful retirement does not happen by chance it takes years of planning. Let Nouveau Wealth Management  guide you by designing, constructing & implementing a tailored plan to give you peace of mind in ensuring you have enough.

What Are the Benefits of Retirement Planning?

By putting in place a suitable retirement plan you increase the likelihood of living a financially secure retirement – maximising the returns on your investments as well as your eligibility for any social security entitlements.

Effective retirement planning also helps you take advantage of taxation benefits specifically established for retirees, such as:

  • tax rebates;
  • higher tax free thresholds; and
  • zero taxation on earnings while funds are held in certain retirement income products.

To find out more contact Chris Air at Nouveau Wealth Management.

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