The most profitable years of your life
Have you decreased your debt and are looking to make the most of your surplus cash in the years before your retirement?
This is possibly the most important stage of your life in financial planning terms, as this is when you are working and at your most profitable. You have little or no debt and can start to consider other alternatives for your surplus cash flow. You are also considering when you will retire, and what type of retirement lifestyle you will be able to afford.
Our recommendations need a greater focus on the future at this stage, as small changes in the last years of your working life can have a big impact on the quality of your retirement and the longevity of your retirement income.
Some strategies we may consider:
- Personal insurance is still vitally important at this stage, despite your reducing debt, to ensure you and your family can maintain your existing lifestyle and the retirement you have worked so hard for.
- Concessional (pre-tax / salary sacrifice) super contributions, are likely to play a big role in the years before your retirement, to reduce your tax and increase your retirement savings as much as possible within the legislated limits.
- We would consider a super splitting strategy as a potential way to access your retirement funds sooner, or increase the longevity of your retirement income.
- Recontribution of super could reduce the potential tax payable by your beneficiaries if you were to die with a remaining super benefit, and must be considered prior to your retirement.
- Transition to retirement strategies can reduce your tax, increase your income, or assist you in reducing your working hours in the years leading to your retirement.
- Salary packaging – we consider all salary packaging options available to your specific industry.
- Review of your current superannuation to ensure you are invested in a way to maximise growth potential prior to your retirement, and ensure that it provides access to a suitable income stream, in preparation for your transition to retirement.
- Regular Savings Plans to assist with future Private School education expenses for children, or other large expenses you have planned for the future.
- Debt reduction and budgeting assistance, to ensure you can live the life you want while focusing on reducing your debt.
- Personal investments, also play a vital role in accumulating funds for your retirement and we can research investment options and consider various products and tax minimisation strategies. We will also consider the best ownership for these investments in order to protect your assets, minimise tax, and benefit your beneficiaries.
- Capital Protection can be considered in order to protect the assets you have accumulated so far, particularly if you are concerned about capital loss and the impact this may have on your retirement.
- We will provide you with projections of your net assets upon retirement, and how long these can be expected to last you in retirement, based upon the retirement lifestyle you desire.
- It’s important to review your Estate Plan (Wills, Powers of Attorney etc.) with your changing personal situation. View all Services
