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...