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Planning to 'live' in Retirement
Few people can live 'comfortably' on the Centrelink aged pension after retirement.
A generation of retirees born before WW2 have in the main been able to survive on the aged pension, being used to living frugally and without credit cards.
95% of the next generation are grossly under funded for retirement with many entering retirement with debt. We all hope our economy can afford to continue to pay the aged pension to this much larger group of people.
Seagrims aim is to encourage as many people as possible to move from the 95% to the 5%. It does not have to be a daunting task - it is never too late to start.
A few hints & tips
- Retirement is a financial and lifestyle goal - it has nothing to do with age.
- It is possible to receive a household income in retirement of $40,000+ p.a. without paying income tax.
- Consider the percentage of your wealth tied up in assets not generating income, or worse, costing you income to keep.
- Work part-time and access income from your super to all but eliminate income tax on your salary.
- Negatively geared investments at retirement - time to bail out of those!
- Restructure your investments over a number of tax years to minimise the impact of capital gains.
- If you're considering retirement within 10 years, we suggest you talk to a financial planner now!
Extra Income for retiree living expenses
Equity Release Mortgages or Reverse Mortgages are becoming popular for clients who are asset rich and cash poor. These types of loans are starting to be marketed by financial institutions.
Please be careful - independent advice from a professional adviser is essential before entering into any of these loan contracts.
Contact your knowledgeable Seagrims office now for a no obligation interview for advice on planning for your retirement lifestyle.
