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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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Is the tide turning on the Property market?

 

For the first time in years, the planets seem to be aligning for homebuyers and property investors. Interest rates are falling, property prices largely appear to be stabilising and constraints on bank mortgage lending have been relaxed. 

It’s welcome news for first homebuyers and anyone who has been waiting on the sidelines for a signal that the downturn in house prices could be at or near the bottom in key markets such as Melbourne and Sydney.

As is always the case though with the national housing market, the full story is more than a tale of two cities.

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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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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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What is your risk tolerance – and why?

 

Risk is inherent in investing and there is no one size fits all approach to managing and dealing with your individual risk tolerance. What keeps you awake at night might be well within someone else’s comfort level. Choosing an appropriate risk tolerance is to ensure you are comfortable with with your investments and you have ‘peace of mind’

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