Moving into residential aged care can be stressful with complicated rules, family conflicts and rushed timeframes. This can easily lead to mistakes, which can be costly and difficult to rectify. This article highlights three common mistakes and tips to avoid traps. Rushing your decision The biggest expense you will face is the cost of your…
Why it’s so important to talk about your finances According to this research1, one in two Australians don’t sit down regularly to look at their finances and one in three say that money is a source of conflict in their relationship. To put conversations about money back on the table, Australians should sit down for…
How much tax you pay on retirement income depends on your age and the type of income stream. For most people, an income stream from superannuation will be tax-free from age 60. How super income streams are taxed Types of super income streams Income from super can be an: What is taxable and what is…
Scammers are always on the lookout for new tactics and opportunities. Keeping your knowledge ahead of the curve is key to protecting your money and personal information. How scams are changing One of the more important changes to the nature of scams is their sophistication, which continues to increase. Scammers are always finding new ways…
One of the hardest decisions for many people – excluding those who want to keep on working – is choosing when to stop. There’s no mandated retirement age as such, although there are prescribed preservation ages when people can legally access all or some of their superannuation funds. Anyone turning 59 on or before 30…
The festive season is a time of joy and celebration but, for some, it can also lead to a financial hangover in the New Year. Overspending on gifts, parties, and decorations can quickly add-up, leaving us with unwanted debt in the New Year. In 2022, Australians spent more than $66.7 billion during the pre-Christmas sales…
Every retirement is unique. Maybe dining out isn’t your thing, but you couldn’t bear to give up your weekly exercise classes. Figuring out how much you can spend in retirement requires planning. And knowing what you can afford to safely spend, based on the savings you have, will also help you to identify any gaps…
Diversification is an investment strategy that lowers your portfolio’s risk and helps you get more stable returns. You diversify by investing your money across different asset classes — such as shares, property, bonds and private equity. Then you diversify across the different options within each asset class. For example, if you buy shares, you buy…
Preparing to retire is emotional and practical. Making a retirement plan can help you manage your finances, and cope better as your life and priorities change. Make a retirement plan Your retirement plan can be simple or detailed. Include: Think about when you want to retire There’s no set age you need to be to…
Life is filled with changes. But with preparation and good advice, you may be able to manage the changes more effectively to minimise the stress. Watching your spouse’s health decline can be difficult and stressful. And if this decline results in a move to aged care, you will both be faced with a lot of…