Planning your retirement isn’t something that should be permanently on your ‘to do’ list. The sooner you start, the more you’ll be thankful you did.
According to the Association of Superannuation Funds of Australia’s Retirement Standard, to be comfortable, single people will need around $545,000 and couples will need $640,000 in savings (September, 2021). The definition of ‘comfortable’ assumes health insurance, entertainment services, upkeep of vehicles, home repairs, buying clothes or household items, household utilities and occasional holidays. So, per year, that equates to $45,239 for a single person and $63,799 for a couple (before payment of supplements).
It’s important to plan ahead to ensure you can enjoy a comfortable retirement lifestyle.
It’s never too early to start planning your super. Whether you are new to the workforce, nearing retirement or somewhere in between, we can help you have more money and less stress in your life.
When was the last time you thought about your retirement plan? Do you even have a retirement plan? Let us help map out your strategy so you can achieve your post-work goals.
Being in debt can be stressful. Whether it’s good debt (mortgage) or bad debt (credit card), our financial planners will recycle your bad debt into good debt, helping you build a brighter financial future.
Did you know that the most underinsured item in your home is you? At Empower Financial Advice, we want to make sure if your circumstances change, you have a safety net to rely on.
Do you want to create long term prosperity and a wealthy future? Our specialised investment services are tailored to your current situation and future goals. Let us help shape your ideal investment portfolio.
Did you know that if you’re a low or middle-income earner, who makes a personal contribution to your super, you could receive a government provided co-contribution?
To find out if you’re eligible, get in touch with the Empower team today.
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Champions start early
The sooner you map out your superannuation strategy, the more you will have to enjoy when you retire. Whilst this sounds logical, we admit that it isn’t a very exciting activity and when you’re first starting out on your career, there is no apparent urgency. But time marches on and before you know it, you’ll be wishing ‘past you’ had been a bit more organised.
Whether you’re 18, 40, 60 or any other age, there are steps you can take to maximise your superannuation wealth rather than turning a blind eye to it. Firstly, it’s important not to set and forget your super. The team at Empower Financial Advice will take the time to work out your risk profile from which point, we’ll form your super strategy. This is tailored to you and your future goals. We don’t do off the shelf as everyone is different. What fits one person perfectly, might be awful for the next client we see.
Ready to get started?
Adjusting for life
Life changes for all of us and as your priorities shift, so too should your superannuation strategy. From salary sacrifice, downsizer contributions, finding your lost super, spouse contributions and everything in between, we help you navigate through all the available options that are right for your current stage in life.
Whether you’ve got multiple super funds that need consolidating, or you’d like to top up your super with a voluntary contribution, we can help make your fund work harder for you so when you stop, it doesn’t.
Whatever your situation, speak to the experts in super. With little or no out of pocket expenses (our fees may be able to be paid from your super), you have everything to gain.
Self-managed super fund
A self-managed super fund (SMSF) comes with some great tax benefits and a lot more freedom than ‘traditional’ super however like anything, there are some risks. The main difference between a self-managed and a super fund is that the members are in charge but equally, they are also responsible for compliance.
SMSFs have their own tax file number and can have two structure options:
- Corporate trustee in which each member is a director, but a company is the trustee (between 1 and 6 members)
- Individual trustee in which each member is a trustee (between 2 and 6 members)
To find out if a self-managed super fund is right for you, get in touch with one of the Empower Financial Advice team. We’ll work through the pros and cons with you and answer any questions you may have.
Ready to get started?
Get in touch with Empower Financial today.