Retirement Planning
Superannuation
Australia has a mandatory retirement savings system known as superannuation. Under this system, employers must contribute a percentage of an employee’s salary to a superannuation fund. Individuals also have an option to make additional voluntary contributions to their superannuation. Superannuation funds are designed to provide income in retirement and are subject to certain tax concessions.
Age Pension
The Age Pension is a means-tested government benefit available to eligible
Australians aged 66 and older (age eligibility may vary). It is designed to
provide income support to retirees who meet specific income and asset tests.
The eligibility criteria and payment rates may change over time, so staying
informed is essential.
Retirement Income Stream
Australians can access their superannuation savings in retirement through
various income stream options, such as account-based pensions and annuities.
These options allow you to receive regular payments from your
superannuation balance.
Retirement Saving Strategy
Retirement planning involves maximising your superannuation savings and other investments. This may include making additional voluntary contributions to your superannuation, consolidating superannuation accounts, optimising your investment portfolio, and transition-to-retirement strategy.
Government Support
In addition to the Age Pension, the Australian government offers various programs and initiatives to support retirees, such as the Commonwealth Seniors Health Card, which provides concessions on healthcare costs.
Estate Planning
Estate planning requires making arrangements for the distribution of your assets after your passing. It’s a crucial aspect of retirement planning to ensure that your loved ones are taken care of according to your wishes.
