Are you, or is someone you know, in need of aged care services but not quite ready to move into residential care? With a range of government programs and technological solutions available, many retirees are now able to get the support they need in the comfort of their own home.
When you’re exploring aged care options for a loved one, the process can seem overwhelming. Here’s how to make it a bit easier.
Thursday 8 March is International Women’s Day – a time to celebrate what has been a remarkable year for women around the world. From the #metoo and #timesup campaigns to demands for equal pay, women are taking unprecedented strides in both the professional and public spheres.
Overspent this year? Here’s how to put your finances back on track – and even get ahead. Despite the best intentions, many of us will finish this year on a low note financially. Wouldn’t it be great to start the New Year for once without having to play catch-up?
Thinking about using your car, home or personal skills to make some extra cash over summer? Before you do, make sure you understand what’s involved.
The Federal Government’s reforms to superannuation are now in effect, with new rules having commenced from 1 July 2017. It’s important to understand how these changes could affect your financial strategy and retirement plans.
Here’s some good news: the average life expectancy for both men and women in Australia is now over 80.5 And while it’s great that many of us can look forward to a long life, it also means we need to plan ahead so our finances will last the distance.
Even if your retirement plan is on track, or you’re already enjoying retirement, it’s worth being prepared in case your circumstances change. For instance, you could be made redundant and have to retire earlier than expected, or you might have to drop down to part-time hours for health reasons. On the flipside, during your retirement years you might take an opportunity to re-enter the workforce for a while.
It’s estimated that a couple needs $640,000 to retire comfortably, while a single person needs around $545,000.6 The smaller your nest egg, the more you’ll need to rely on the Age Pension when you retire, so it’s a good idea to grow your super as much as possible while you’re still working.
Depending on your circumstances, there may be different options for accessing your super in retirement. You could cash it out as a lump sum, set up an account based pension, or buy an annuity that will give you a regular, stable income for life. Your financial adviser can help work out which option is best for you. And if your lifestyle needs change, your financial adviser will be able to adjust your strategy so you can get the most of your finances for many years to come.
5Australian Bureau of Statistics, Life expectancy and deaths hit historic highs, 2015.
6Association of Superannuation Funds of Australia, Retirement standard, February 2016.
Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.
Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.
This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.
Tips for Life – Insight Today, Your Dream Lifestyle Tomorrow.
This weeks focus is for those of you that are 60 and over.
Here are some life strategy tips:
- Payoff your home mortgage
- Increase your superannuation contributions
- Contribute to your spouse’s super
- Update your Will and Superannuation beneficiary nomination
Don’t forget, there may be other strategies which are also suitable for your personal situation.
Please speak with your financial adviser to find out what other opportunities you could take advantage of.