Over the last decade, Australia’s interest-rate environment has been great for borrowers, but increasingly more challenging for savers – particularly those who prefer to hold substantial portions of their savings in low-risk savings options like savings accounts and term deposits.
Posts Tagged ‘wealth’
Landing a new job is an exciting time that offers new opportunities, challenges and often a change in your financial circumstances. We look at the aspects of your finances that may need to be reviewed when you start a new job.
Financial worries affect most Australians at some point. The good news is, you’re not alone. If you’re feeling stressed about your finances, please reach out to us for help. There are also plenty of support services to help you through.
According to a Deloitte study, over 50% of the population worries about outliving their retirement savings. Of course, we’re all experiencing a little extra worry right now due to COVID-19. But it’s not just your bank balance that feels the strain, as financial stress can affect your mental health and physical health too.
Confused about salary sacrificing? You’re not alone. Let us clear it up for you.
What is salary sacrificing?
Salary sacrificing (also known as salary packaging) is an arrangement between you and your employer, where you can use your pre-tax income to purchase some items or services. Your taxable income is therefore reduced and as a result, so is your tax bill. For many, it’s a win/win situation.*
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.
When you visualise your retirement, what do you see? If you’re like thousands of other Aussies, chances are you think about getting stuck into a hobby, spending more time with your family, seeing the world, or exploring the great outdoors right here in our own backyard. Whatever your image of the ideal retirement, it gives you something to work towards; a goal to keep you on track.
You may or may not be surprised to learn that many people have shifted their goal posts, so to speak. Early retirement is now one of the top ambitions amongst those getting ready to give up work. A global survey of pre-retirees by HSBC revealed that nearly three quarters (74%) of Aussies aged 45 and over would like to retire within five years, but 43% say they won’t be able to do so.i The ABS’s stats are a bit more conservative – 30% of people (all ages) want to retire before 65, the official retirement age right now.ii
Perhaps you’re one of those who’ve dreamed of retiring while you’ve still got the energy and drive to enjoy your time off. But have you thought about how you will afford it?