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3 ways to boost your Pension

 

Aussies are living 10 years longer than we did 50 years ago with a combination of medical advancement, increased life expectancy and more active lifestyles well into retirement. Expectations of retirement are also higher, whether that be overseas travel, learning a new skill or spoiling the grandkids. This increases the need to look at ways of boosting your retirement savings before the need to draw an income from those assets.

Recent changes to boost retirement income may go at least some of the way to achieving your dream retirement and providing for a healthy, independent and good life in your later years. While there are some changes that affect self-funded retirees, the changes generally relate to those with Centrelink entitlements.

Here are the three main areas where changes have been introduced as of 1 July 2019.

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July 1 Super changes- What you need to know

 

If you haven’t been keeping track of your superannuation accounts and not contributing to benefits, you may lose some valuable benefits from July 1 if your fund has not seen a contribution for at least 16 consecutive months.

There are a number of new superannuation rules starting in a few weeks. Some rules will impact people taking time out of the workforce and also those that are closer to retirement.

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How much does Aged Care cost?

Few of us think beyond the opportunity to travel and do all those things we’ve been putting off until we have more time and fewer responsibilities before we even think about moving into Aged Care for ourselves or loved ones. But as the population ages, it’s a possibility that few of us can ignore and based on discussions with clients about themselves or their family members a number do not know how much Aged care will cost them.

Over 3.6 million Australians, or 16 per cent of the population, are currently aged 65 and over.iThis is projected to grow to 22 per cent by 2061, or more than one in five.ii We’re also living longer as the average Australian can expect to live into their 80siii, and many of us will live beyond 90.iv

That means more of us will need some form of aged care late in life. And as pressure grows on aged care service providers to cater for more people, the costs may rise.

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2018 Federal Budget Analysis 8 May 2018

Scott Morrison’s third Federal budget is headlined by $140 billion in tax cuts over the next decade, immediate tax relief of up to $1,060 a year for middle-income households and a fundamental reform of the tax system.

Summary of Budget measures

Note: These changes are proposals only and may or may not be made law.

From 1 July 2018

  • Low and middle income earners are to benefit from tax savings of up to $530 per person (or $1,060 per couple).
  • The Medicare Levy will remain at 2%.
  • The $20,000 instant asset write-off for business with aggregate turnover less than $10m will be extended
    until 30 June 2019.
  • Funding for home care services and residential aged care will increase.
retirement oran park financial planning macarthur rp wealth management insurance

Early retirement: living the dream

oran park, parramatta, financial planning, financial advice, macarthur, narellan, superannuation, pension

Time to prepare for super changes. July is just around the corner.

Investors have a brief window of opportunity to make the most of the current superannuation rules before new contribution limits and tax rates come into force on July 1 this year. There has been a recent influx on enquiries at our office in Oran Park in regards to the upcoming changes and I thought I would share some of the new legislation for those wanting to potentially seek advice or discuss this in more detail.

The reform package announced in the 2016 Federal Budget and passed by parliament last year is the biggest shake-up of super in a decade. The changes summarised below are likely to affect most people to some degree, and wealthier Australians more than most. But there is still time to benefit from the current rules and ensure your investments are adequately structured.

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