Can You Afford to Live?

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The average life expectancy today for men is 86 and for women it's 89. As you advent these ages, the life expectancy will most likely growth with cures for diseases and therapies for ones like Cancer, heart assault and Alzheimer's. Will you be able to afford to live a reasonable life when you retire? Will there still be an old age pension and what will it be? Can you afford to be supported by your house - would you nothing else but want to burden them in this way?

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How is Can You Afford to Live?

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What questions do you need to acknowledge now to best prepare yourself for retirement?

As a start the following 3 questions:

What revenue would you like during the 20 years of retirement? What capital do you need and how should it be invested to provide the revenue you require? How can your resignation savings be built to meet your needs?
Question:
What do you call Bob the builder when he retires?

Answer:
Bob

The significance of this demand is once you retire, you are 'just a person'. No career, no grand plans for the future - what could have been, has already been. Now is the time to reap what you soed from life - good bad or ugly.

Therefore, leaving your resignation planning close to resignation is also too late. The time to do it is Now. No matter how old you are, and the closer to resignation you get, the greater the urgency. By starting immediately, you are best able to equilibrium your current needs with those forecast in the future and during retirement.

A tasteless evaluation of how much is adequate for retirement, is having 60 - 70% of your pre resignation revenue after tax each year, assuming you own your home outright. E.g. If you resignation wages is 0,000, then you need in the middle of 0 - 0,000. If you want to travel, visit house overseas or interstate or have condition issues, this amount will vary as well.

Question:

How do you regain this sort of money?

Answer:
Depending on how close you are to retirement, your financial consultant will guide you towards which strategy will suit your situation the best.

The closer you are to retirement, the more imperitive it is to tell the new superannuation policies the government introduced to make it one of the most tax efficient investments in Australia. The government has slashed the tax on any revenue from a superannuation pension to zero if you are over 60 years old. You also don't need to fill in a tax form if your revenue is from a superannuation pension. Therefore, superannuation will only be taxed twice - not three times as before. That is, when the money goes into the superannuation fund and then when the savings earn interest. The tax on the end advantage will desist from 1st July 2007, provided you are over 60 years old.

Some steps to consider:
Delay resignation until the 1st July 2007 and if possible, until you turn 60 You are able to contribute up to million into your superannuation fund until 30th June 2007 and therefore some people are selling venture properties and share portfolios and pouring these funds into their super in making ready for their retirement Some people are even delaying paying their mortgage (which is non deductible debt) and put this money into superannuation and then paying off the mortgage when they retire.
This way they are paying 15% tax on their wages sacrificed super instead of high rates of tax on after tax revenue which is used to pay off the mortgage. (up to 47% in some cases)

If you are in your 40's, the purchases, lifestyle and investments you have will dictate a great part of your life when you retire. if you don't have adequate superannuation, consider:

Modify your budget to redirect greater funds to savings / superannuation. Forget retiring early and think working longer Learn more about 'approaching retirement' part time arrangements If your home is debt free, think selling it and absorbing somewhere more accepted for resignation and invest the excess into your retirement. Learn more about reverse mortgages Meet a great Financial Advisor, Accountant and Mortgage broker to work with you now. Speak to your Financial consultant about reallocating any money invested, into higher risk portfolios which have a possible of higher returns.
What sort of revenue will you get during retirement?

Lump sum payments will lose popularity in the future as people take their pensions as allocated pensions because they don't have to pay tax on the income.

A lump sum may be required to pay out your mortgage and do some things around the house and maybe rule some superior financial matters and even go on an overseas holiday. The remaining funds can be left in your super and taken as an allocated pension.

There are no more involved pension rules - there is only one rule which exists which dictates how much the minimum amount you must take out of your pension each year. E.g. If you are aged in the middle of 55 - 64, you must take 4% of your total super fund.

There are some basic rules for you to think and discuss with your Financial consultant as you near retirement:
Begin planning your resignation now Pay off your mortgage asap Invest the maximum in your superannuation fund. Take advantage of the tax effectiveness of superannuation. Avoid paying high fees on your superannuation - shop around Reconsider early resignation and think the further costs of doing so. You lose out on the tax free revenue on pensions for those aged over 60. Invest in growth assets. If you have an venture briefcase consisting of shares and property, get suggest on either you should liquidate them and poor the proceeds into superannuation.

Hope this is of assistance and don't forget that this facts is not guidance of any sort tailored to your situation and you need to consult a Financial consultant and Accountant for guidance exact to your situation.

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