Retirement is something that we all look forward to. It’s when we finally get to reap the rewards of a lifetime of hard work; when we can kick back and enjoy the finer things in life. But, are you on track to see your dream retirement come to fruition? Will you have the funds at retirement to live the lifestyle you’ve been dreaming of?
Take the guessing game out of your retirement. Get confidence and clarity about your financial future with Centaur Financial Services, the experts in retirement planning on the Gold Coast.
The key to fulfilling your retirement dream is to put the wheels in motion today – plan today for a better tomorrow.
Some of the most important questions are those we never ask: How much income do I need in retirement? Will I be able to get an age pension? How big does my nest egg need to be? What age can I retire?
Do you have the answer to these questions? If not, then Centaur Financial Services’ retirement planning service will be beneficial to you. Our team of friendly Gold Coast financial planners can help you answer such pressing questions, and develop a retirement plan that puts you on track to reach your retirement goals.
Retirement planning is one of the most beneficial investments you can make towards your quality of life. In fact, according to ASIC’s August 2019 Financial advice report, retirement income planning was the second most sought after advice, at 37%, behind investment planning (48%).
True, our Gold Coast retirement planning service can help you stay on target to reach your retirement goals, but there are many other benefits to avail.
Take advantage of the many retirement planning benefits by taking the first step. Contact your Gold Coast retirement planning partners, Centaur Financial Services, to start planning your retirement today.
Centaur Financial Services isn’t an ordinary financial advice firm. We take pride in offering expert advice in a comfortable and welcoming environment.
Our goal is to help you achieve and then enjoy your retirement goals. We have a proven investment approach which gets you through your investment up’s and down’s, while still receiving a regular ‘pay cheque’, as you have your entire working life.
We’ll show you what’s right for you, and step you through our six-step process. From Discovery to Analysis, Strategy to Recommendation, to Implementation and Ongoing advice, we will explain the entire process, so you know what’s happening, every step of the way.
We can help you maximise your income throughout your retirement and meet your estate planning needs. Take the first step by contacting one of the most awarded financial advice firms on the Gold Coast, Centaur Financial Services today.
The age in which you can access your super – your ‘preservation age’ depends on your year of birth. Anyone born after June 1964 can access their super at 60. If you are born prior, your access is earlier:
|Date of birth||Preservation Age|
|Before July 1960||55|
|July 1960 to June 1961||56|
|July 1961to June 1962||57|
|July 1962 to June 1963||58|
|July 1963 to June 1964||59|
|After June 1964||60|
If you are between 55-60, you can ease into retirement under the Transition to Retirement strategy (see “What is Transition to Retirement, and is it worthwhile?” below.)
Your pension eligibility depends on your age, total asset value and income. Once you reach pension age, your superannuation is classed as an asset.
To receive a full pension, homeowners can have up to $401,500 in assets for couples and $268,000 for singles. Non-homeowners can have up to $616,000 in assets for couple and $ 482,500 for singles.
To receive a partial pension, homeowners can have up to $876,500 in assets for couples and $583,000 for singles. Non-homeowners can have up to $1,091,000 in assets for couple and $797,500 for singles.
The Association of Superannuation Funds of Australia (ASFA) estimates a superannuation balance of $640,000 is required for couples to live out a ‘comfortable’ retirement and $545,000 for singles. This is, assuming you withdrew your super as a lump sum and received a part Age Pension. This can be broken down to $62,269 per year for couples or $44,146 per year for singles.
The ASFA’s definition of ‘comfortable’ is being able to enjoy recreational activities, occasional travel, top-level health insurance, mid-range priced car, and electronics.
Interesting, couples would need $40,560 each year for a modest retirement, and singles would need $62,269 per year.
Believe it or not, there is a better time to retire in Australia, and it’s not at the end of the financial year. It’s in December. Why? Because of the tax incentives. If you retire at the end of December, you only pay tax on six month’s income of that financial year, rather than the full year.
For example, if you are on $60,000 per year, you fall within the $37,001 – $90,000 tax bracket and will be taxed around $12,272. However, if you retire in December, you earn just $30,000 for the financial year, and then fall within the $18,201 – $37,000 bracket. So, you will then only pay $2,808 in tax. That’s a massive saving!
It’s your life, your retirement; therefore, only you can decide how you wish to live it. To ensure your retirement is all you want it to be, it takes planning and consideration. While we can help with the planning, we require guidance to devise the best strategy. And this can only come from you.
To ensure you meet your retirement goals, you need to consider the following:
For retirement confidence, you need to know the answer to these questions.
Transition to Retirement (TTR) is a Government strategy that allows people between the ages of 55 and 60 to draw down some of their super while still working. There are many benefits of TTR, including the ability to reduce your hours, increase your super, and increase your income. However, be wary, drawing down on your super early will affect your retirement income, which may, in turn, affect your retirement goals.
The information provided on and made available through this website does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances. Centaur Financial Services do not warrant the accuracy, completeness or currency of the information provided on and made available through this website. Past performance of any product discussed on this website is not indicative of future performance.
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