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Using super rules to maximum advantage
it’s easy to get basic super rules wrong. It doesn’t matter much if this is in a quiz. But if you make a mistake with your own money, that can be painful. There are two different contribution rules which can be used to significantly boost your super and subsequent retirement income. These are Downsizer contributions and the Bring Forward rules.
The when and why of four million Australian Retirees
Older Australians might be feeling their creaky knees, stiff backs and failing eyesight, but one thing they should not feel is neglected by government departments and agencies studying their potential financial futures. The many reports and reviews issued recently are giving greater understanding about retirement and attempting to improve the outcomes for Australians living on their savings.
To find out more click below.
Managing medical expenses in retirement - what you need to know.
How to save on medical bills: Know your rights.
It’s easy to feel like a dummy sometimes when it comes to health care costs. At a time of rapidly rising household costs, medical and pharmaceutical bills can sometimes seem insurmountable, particularly when you have an unexpected diagnosis or need for surgery.
The beginning of a new financial year, however, can offer a time to review and reset. So today we look at some of the ways you might be able to pay less for necessary medical care and support.
Planning to retire soon? Here’s the rules you need to know
Moving from full-time work to retirement is a huge step. There are many aspects to think about and many important decisions to make. Some are financial, many are emotional, and others will relate to your personal goals, your family situation, your idea of what a fun retirement looks like.
Click on the below link to find out more
You’ve put money in super…. So what happens next?
Whilst there are good strategic reasons to do so, as well as possible tax savings to be made, the transfer of funds is not an end in itself. The job’s not done yet, as there are different ways you can make use of this money inside your super fund. It’s easy to think of super as a ‘thing’ or an end point destination. It’s not, it’s more properly understood as a financial structure, bound by certain rules. This structure allows you to actively manage your funds by making choices which are most appropriate to your age and life stage.
To find out more click on the link below.
How to reduce your mortgage interest rate and fees
Key takeaways:
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Check your interest rate with your lender to make sure it’s still competitive in the current mark. If it’s not, negotiate a better rate.
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Consider paying more than the minimum repayments of your loan to help reduce its lifespan.
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Us an offset account to reduce your loan balance and the interest you pay on it.
To find out more click on the below link
Mortgage vs Super
Where Should I Put Extra Money?
• There may be tax advantages when you contribute to super, especially if you salary sacrifice or you’re eligible to claim a tax deduction for personal super contributions.
• By making extra mortgage repayments, coupled with any potential increase in the value of your property, you may build equity in your property at a faster rate than if you were to make just the minimum repayments.
• The power of compounding returns could mean that even small contributions to your super over many years could make the world of difference to your super balance come retirement.
To find out more click here.
New super opportunities from 1 July 2022
As 30 June fast approaches, the focus usually shift towards ensuring strategies relating to managing taxation outcomes and superannuation are implemented before the end of financial year arrives. However, it is also important to look ahead, with some superannuation contribution rules changing from 1 July 2022. These changes could create new opportunities which may benefit you.
The key changes from 1 July 2022 include:
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increasing the amount of personal contributions that can be made to superannuation for people aged 67-74*
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removing the requirement to satisfy a work test before making personal after-tax contributions and salary sacrifice contributions for those 67 to 74*
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reducing the eligibility age for making a downsizer contribution from 65 to 60
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increasing the amount that can be released under the First Home Super Saver Scheme to use to purchase a first home, and
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removing the minimum monthly income threshold before an employer is required to pay Superannuation Guarantee on behalf of employees.
* Contributions must be received no later than 28 days after the month in which the person turns age 75.
While some of these changes will provide great opportunities from 1 July 2022, they could also impact end of year strategies you were planning on implementing.
These opportunities have a range of eligibility requirements so contact us to discuss how these changes impact your circumstances and opportunities that may exist for you.
Yes, you can change your money mindset for the better
Ever wondered why you keep buying things you don’t need with money you don’t have? Why you can’t seem to save even though you’re earning a decent wage? Or why you’ve just never got around to investing, despite your rational brain saying it’s the sensible thing to do?
To find out more click on the link below here.
Get retirement ready, no matter your age
Whether you’ve just started out in the workforce, or you’re getting ready to call it a day, it’s always a good time to start planning for life after work.
Here’s our decade by decade guide to getting your superannuation into shape, so you can enjoy a comfortable retirement.
More information can be found by clicking on the link below.
What has happened to Fixed Interest market in 2022?
Fixed Interest in 2022 has had its biggest sell- off in living memory. This has been driven by rising bond yields, as a result of the rapid increase in inflation and interest rates. Over the long-term, we still expect this asset class to deliver positive returns and diversification benefits.
Click the button to access the document prepared by Actuate Alliance Services Pty Ltd, a member of the Insignia Financial group of companies (‘Insignia Financial Group’) to find out more.
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