1. Shop around We often shop around to get the best deal when it comes to consumer items but the same should always apply to services we get. It’s a highly competitive world out there and service companies want to get and keep your business. So when getting a new service – whether it be…
If you’re lucky enough to have received a windfall, perhaps an inheritance or a retrenchment payout, your first decision will be what to do with it. Assuming you have decided against a shopping splurge, finding the best place to invest a lump sum is all about the effect on your tax bill and how soon…
Preparing for loss of capacity or death is vital for SMSF members. It’s important to ensure your trust deed is watertight. There are more than 600,000 self-managed superannuation funds (SMSFs) in Australia, managing close to $900 billion of assets on behalf of over a million Australians. Each SMSF’s trust deed is legally required to set…
How you choose to pay for your room in aged care is an important decision, and with large dollars involved, it is one that should not be rushed. Know your rights and take time to get advice. When moving into residential care, your first financial challenge is likely to be deciding how to pay for…
Most Australian work hard to build up their nest egg but many are hesitant to spend it when they retire. You’ve worked hard to build your retirement nest egg and now the time has come or is approaching for you to begin the “decumulation phase”—taking withdrawals in retirement to live off your accumulated assets. This…
How much tax you pay on your super contributions and withdrawals depends on: If you inherit someone’s super after they die, the person’s super fund pays you a super death benefit. You may have to pay tax on some of this benefit. Because everyone’s situation is different, it’s always best to get advice about tax…
The ranks of Australians receiving the Age Pension are increasing. It’s important to understand who is eligible and its role in retirement planning. Just days before the 2023 Federal Budget was handed down on 9 May, the Australian Bureau of Statistics released a new report including data on the number of Australians receiving the Age…
If you’re over 55 and looking to boost your retirement savings, you may be eligible to make a super contribution of up to $300,000 from the sale proceeds of your primary residence. On 1 January 2023, the age when eligible Australians qualify to make downsizer contributions was reduced from 60 to 55. For those who…
When will you be ready to retire? There are two important ages you need to consider when thinking about retirement – the preservation age when you are eligible to start drawing on your super and the Age Pension age when you are eligible to receive the Age Pension. Age Pension age This is the age…
The statistics on elder abuse are alarming, with almost 15% of older Australians estimated to be suffering elder abuse each year. The actual numbers are probably higher, as it is likely that not all cases are reported. This abuse often involves the misuse of an older person’s finances and assets by family members – often…