Good Advice, Good Value, Good People

Tips for Retirement Planning

How to ease the transition to retirement pension by maximising what you already have.

Although we can’t give specific advice due to the individual nature of investing, we can provide some tips for easing the transition to retirement pension. As more Australians born during the baby boomer era reach retirement age, it is becoming more important to maximise your retirement opportunities. Here are some helpful tips.

Tips for Retirement Planning

Send Your Tax File Number (TFN) to Your Superannuation Fund

This is a fundamental, but failure to execute it can cost you thousands. If you fail to supply your super fund with your TFN, you pay a penalty tax on your concessional or before-tax contributions and you won’t be allowed to make non-concessional or after-tax contributions. Additionally, you won’t be eligible for the co-contribution scheme.

Combine Your Super Accounts

If you have different super accounts, you may be paying fees on each of them. Combining them into one fund could save a lot of money.

Create a Succession Plan

It is never too early to make plans for who will receive your super and non-super assets in the event of your death. It can save untold time, money and heartache. There are many implications here that only a conference with a professional can fully explain.

Consider Concessional or Non-Concessional Contributions to Your Super

Whether your contributions are concessional or non-concessional, they are determined by a number of factors, with income being a large part. Whichever the case, extra contributions will help your fund grow faster.

Get Professional Help to Determine Whether a Self Managed Super Fund (SMSF) is Right for You

There are many kinds of super funds, but many Australians like an SMSF because they feel it puts them in charge of their own destiny. An SMSF can be a complicated process and it isn’t for everyone, but if you have the help of a professional financial planner in Perth, it can be a great option.

Call us today for an obligation-free consultation: 08 6462 0888.