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.
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.