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What type of retirement suits you best financially?

Not having enough money is one of the biggest concerns Australians have about their retirement.

If you’re feeling worried, one of the best things you can do is to take stock of what you’ve got. Painting a clear picture of your current position and where you want to be is the best way to begin. With enough planning and a bit of expert advice a rewarding retirement can become a reality.

Have you started planning your retirement budget? The Association of Superannuation Funds of Australia (ASFA)’s budget guidelines can be a helpful starting point.

Every quarter, ASFA releases a Retirement Standard. It benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in retirement. Their budgets assume that retirees own their own home outright and are relatively healthy.

According to December 2015 results, a single Australian aged around 65 will need around $23,797 each year to support a modest lifestyle and $43,184 to support a comfortable one.

ASFA’s figures are a helpful guideline but your lifestyle will almost certainly require a unique budget.

More Australians are looking for a flexible transition into retirement

Retirement doesn’t have to be about all or nothing. If you’re not quite ready to retire but you’d like to start cutting back the number of hours you work, a transition to retirement strategy can be a great option to take.

The Australian Government introduced a policy called Transition To Retirement (TTR) in July 2005. It was originally introduced to encourage Australians to gradually reduce their working hours and remain in the workforce, rather than retire fully.

TTR is definitely a policy to consider when you start thinking about retirement.

Two of the biggest benefits TTR can offer you include:

  1. The ability to supplement your salary and maintain your current lifestyle
  2. The possibility of saving tax and boosting your super before full retirement

Due to its highly flexible nature, TTR strategy can also be rather confusing to understand. Seeking advice on how this policy could benefit you and your defined benefit super scheme is a good idea.

At StatePlus we understand public sector super schemes. For over 25 years we’ve helped over 60,500 people like you so we know the ins and outs of each scheme. Our aim is to simplify the complexity and give you peace of mind that you’ve taken the steps to prepare for a comfortable retirement.

Your StatePlus planner can help customise your TTR strategy to suit your individual needs and get you the best results. We can advise you on how Australian legislation, superannuation regulations, your assets and the age pension will affect your readiness to retire.

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Finding expert help

The most important aspect of getting financial advice is finding the right planner.

A planner who understands you, the industry you work in and your retirement goals is ideal.

Remember though, it’s important to understand the short and long-term implications that your early decisions might have on tax and your age pension. This is one of the benefits of involving a financial planner early on in your planning process.

If you feel like you’ve left retirement planning too late, try not to worry. An Aware Super planner can help you find your feet and gain confidence no matter how close to retirement you are.

The earlier you start planning your retirement the better.

We have extensive experience in retirement, redundancy and the public sector. Over the last 25 years we’ve helped more than 60,500 people like you on their retirement journey. So you can be confident you’re in expert hands.

Give us a quick call on 1800 620 305 today and ask us how we can help you find the best planner and advice for your unique situation.

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Do you have a defined benefits scheme?
We understand public sector super schemes. In fact, StatePlus has over 25 years of experience with them.
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