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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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ETF’s vs Managed Funds vs Shares

ETF’s? Managed Funds? Direct Shares? Hybrid Funds? Corporate bonds? What does it all mean? There are a number of investments available to everyday Australians, however trying to figure out what is right for you and your investment goals becomes a challenge if you don’t know all your options. In this article we focus on alternative investments to your traditional options such as cash and Property.

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5 steps to make income tax easier

The EOFY period isn’t really a time most people relish, but it does offer an excellent opportunity to review your income and finances to possibly free up funds for more important and enjoyable pursuits through any credits or tax savings.

Below we’ll show you, in 5 easy steps, how to streamline the income tax return process and possibly free up funds for the more important things in this great Australian life.

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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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Ways to improve your work-life balance

In what has become an increasingly connected world, where we can be contacted at all times of the day and night, pretty much anywhere in the world, the pressure to be available at the drop of a hat can be considerable and managing that work-life balance becomes much harder. 

But just because we have the means to always be available doesn’t mean that we always should be, far from it.

In an increasingly competitive workplace, we can often feel obliged to go above and beyond what should reasonably be expected of us in order to advance our career, or simply even keep our job. But this approach does neither you nor your employer any favours, as there is a strong possibility that it will ultimately lead to burnout, or at the very least, low employee morale and difficulties in your personal life. But by taking a few easy steps, you can achieve the optimum work-life balance that most of us crave.

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