WAYS TO WEALTH - IN YOUR 50's START EXPLORING WAYS TO A BETTER RETIREMENT
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- Millicent Hampton
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1 WAYS TO WEALTH - IN YOUR 50's START EXPLORING WAYS TO A BETTER RETIREMENT Find ideas fr getting yur family's financial situatin int better shape with strategies fr dealing with debt, srting ut yur mrtgage, thinking abut investing and lts mre. Review yur risk prfile Get advice n brrwing t invest Review insurance arrangements Pump up yur super savings Bring frward cntributins Accessing yur super frm age 55 Review yur Will
2 REVIEW YOUR RISK PROFILE When did yu last review yur financial plan t check yur investments are still n track t meet yur financial gals? Over time yur gals r attitude t risk may change, therefre yur investment strategy may need t change as well. Each investment ptin has a suggested minimum timeframe fr investing. Generally, thse investments that aim t prvide an incme are mre cnservatively invested (fr example in cash and fixed interest), whereas thse that fcus n grwth will be invested mre aggressively in prperty and shares. GET ADVICE ON BORROWING TO INVEST Brrwing t invest (als called gearing), may help accelerate yur wealth creatin. Gearing can allw yu t access investments nw that yu wuldn't therwise have the mney t access. It can als give yu the ptential t spread mney acrss different investment types, which can help t cunter risk. With a larger investment yu have the ptential t magnify yur returns, but gearing can als magnify yur lsses. Because what yu earn frm yur investments is assessable incme, yu may be able t claim interest n yur investment lans as a tax deductin. Sme peple use equity in their hme such as thrugh a line f credit. Yu can cnsider brrwing against this equity t start r increase an existing investment with the bjective f achieving increased returns n yur investment. Others take ut a special investment lan - ften called margin lending. While this type f gearing can result in increased returns in a rising market, it may als lead t a greater lss in a falling market. Yu need t strike a cmfrtable balance between the level f risk yu are prepared t accept and yur desired level f return. Yu might brrw t access a lump sum t invest. Alternatively, yu culd brrw a lump sum as well as regular amunts t add t yur investment - knwn as instalment gearing. Since the interest csts assciated with brrwings fr investment purpses are usually tax deductible, gearing can be a tax-effective strategy. In the case f margin lans, lenders allw a maximum gearing level knwn as the debt t assets rati (r lan value rati - LVR). If markets fall and the value f yur investment drps, a margin lender may make a 'margin call', requiring yu t put up mre mney at shrt ntice. Yu might have t ffer mre security r even sell sme f yur investment hlding at the current prices as a result t bring yur gearing back dwn t the apprpriate level.
3 REVIEW YOUR INSURANCES Hpefully by nw yu've made sure yu are prtected with enugh death, disability and incme prtectin insurance. This can give yu peace f mind that yu and yur lved nes wuld be prvided fr if smething unexpected were t happen t yu. Even s, stay actively interested in yur insurance. As yur life situatin changes, review yur cver. Fr example, yu might need a plicy that cvers ther cnditins r yu might find the level f insurance yu have n lnger suits what yu need. Make sure yu check yur listed beneficiaries and cnsider updating them every 3 years. Cnsider using binding nminatins t lck in wh will receive the benefits. Insurance can be surced thrugh mst super funds and frm cmpanies utside super. A financial planner can help wrk ut what type f insurance yu shuld have, fr what amunt, and where t surce it. Quicktips Like everyne else ver 50, yu shuld nw be actively planning yur retirement. Take advantage f lwer tax rates, frm the year in which yu turn 50 yu can make up t $35,000 f cntributins taxed at 15% t yur super each year. If yu are an emplyee, this wuld be thrugh salary sacrifice and emplyer cntributins. If yu are self-emplyed, yu can make tax-deductible cntributins f up t $35,000 each year. Yu can access yur super even if yu're still wrking and bst yur super at the same time if yu're 55-plus. Als, cnsider delaying retirement until age 60 s yu can access yur super tax-free.
4 PUMP UP YOUR SUPER SAVINGS Getting the right financial advice nw can make a significant difference in building fr yur retirement. Cmbined with ther strategies, salary sacrifice can be even mre pwerful in bsting yur super tax effectively. Cnsider drawing n ther investments t supplement yur incme s yu can sacrifice even mre. See Maria's stry belw. If yu're 55-plus, cnsider drawing a super pensin while still wrking, allwing yu t sacrifice even mre. Cnsider reducing yur mrtgage payments t free up mre funds t salary sacrifice int super which can be accessed tax-free after age 60. Release mney frm nn-super assets t cntribute t super Sme peple sell nn-super assets as they apprach retirement and rll the mney int super. Once they turn 60, they can access tax-free lump sums r a tax-free incme stream. Super incme streams carry added benefits - such as favurable Centrelink incme test treatment and n tax n earnings. Maria's stry* 42-year-ld Maria inherits $150,000. She has paid ut her mrtgage, is n a marginal tax rate f 41.5% and wants t bst her retirement savings. After allwing fr the 9% superannuatin guarantee cntributins made by her emplyer, she has $16,000 f cncessinal cntributins cap that is unused. Maria cmpares what the utcme f the fllwing three ptins culd be after 10 years: A) If she puts the mney int super as a lump sum after-tax cntributin she'd end up with arund $349,000 in retirement benefits. B) If she invests the mney in a managed fund utside super the result wuld be $292,000. C) If she makes salary sacrifice cntributins f $16,000, and invests the inherited mney in a managed fund - withdrawing $9,360 a year frm the investment thrugh distributins and frm capital gain t replace the $16,000 she salary sacrifices int super - this apprach leaves Maria with arund $378,500. Investing utside super and using this investment t supplement her incme s she can salary sacrifice int super gives Maria $86,500 mre in retirement savings than if she'd invested the mney slely utside super - and $29,500 mre than if she'd put the lump sum int super as an after-tax cntributin. If Maria was n the next tax bracket dwn, she still wuld have ended up ahead by taking this apprach - and the benefits wuld have been even greater if she was n the tp marginal rate.
5 Nte: If Maria were self-emplyed, she culd achieve similar results by making persnal tax-deductible cntributins in place f the salary sacrifice cntributins used in the abve example. * Assumes grss return pa 3% incme (70% franked) reinvested after tax, 5.5% grwth, Capital Gains Tax payable. Think abut it Are yur super savings n track t fund the lifestyle yu want in retirement? Is the insurance cver yu've gt really what yu need nw? D yu have the best balance between super and nn-super investments? Actin Lk at the varius ptins yu have t fast track yur retirement savings and get started with at least ne. Check if yu have any lst super and cnsider bringing tgether multiple accunts. Ask yur emplyer if they allw salary sacrificing int super BRING FORWARD CONTRIBUTIONS Yu can make a difference t yur super by taking advantage f the gvernment's bring frward nn-cncessinal cntributins rules. These rules generally allw yu t cntribute up t $450,000 int yur super every three years withut incurring tax, thereby increasing the tax-effectiveness f investing int super any lump sums yu receive r assets yu have. Althugh yu're nly generally able t put a maximum f $150,000 int yur super frm yur after-tax earnings each year, the rules d allw yu, if yu are under 65, t bring frward tw years wrth f this cntributin limit int the current year withut incurring cntributins tax. This means yu can pay $450,000 int yur super at ne time (but nthing mre after-tax fr the next tw years) withut incurring tax. Yu can then take advantage f the tax-friendly treatment f super investment earnings and generally access yur super savings tax-free frm the age f 60. If yu're thinking f selling assets - such as managed funds, shares r an investment prperty - and transferring the prceeds int yur super, r if yu want t invest an inheritance yu receive, the 'bring frward' rule is ne t cnsider. Bear in mind, thugh, that this strategy may r may nt be right fr yu. Selling r transferring assets t super can be cmplicated, particularly in terms f capital gains tax implicatins, s it's imprtant yu seek prfessinal advice.
6 ACCESSING YOUR SUPER FROM AGE 55 Age 55 and ver is an imprtant time. We ften call this the age f pprtunity as it is the earliest age a persn can access their super. There are a number f pprtunities t build yur wealth, n matter what yur persnal circumstances. Yu can take advantage f tax effective strategies t bst yur super savings fr a better retirement. Once yu reach the age at which yu can access yur super - 55 t 60 depending n when yu were brn - yu have the ptin t start drawing an incme stream, even if yu're still wrking. Fr sme peple, this allws them t cut back their wrk hurs withut cmprmising their incme. They can semi-retire and use the incme frm their super t supplement their wrking incme. Fr thers, they are able t keep wrking and use the incme frm their super t supplement their wrking incme s they can make larger salary sacrifices int super. This can be a very effective way f building fr retirement. Quicktips Yu can nly draw up t a maximum f 10% f yur superannuatin pensin balance each year while yu're still wrking. What yu d thrughut yur wrking life t build yur super, particularly frm age 50, can have a significant impact n hw effective this strategy can be fr yu. Brad's stry* Brad is 57 and pays $18,225 in incme tax n his $75,000 full time salary. Acting n advice frm his financial planner, s that he can salary sacrifice t bst his super, he draws a super pensin t supplement his incme. The way the pensin and salary sacrifice amunts are arranged, Brad's take-hme incme remains the same as if he just relied n his full time salary. Up until he turns 60 (after which he can access his super tax-free), Brad draws $24,611 frm his super pensin and salary sacrifices $30,000 t super. His ttal taxable incme, made up f $45,000 take-hme salary and $24,611 super pensin, is $69,611 n which he pays $12,836 incme tax. After Brad pays 15% cntributins tax n the amunt he salary sacrifices int super, and draws $24,611 frm his pensin, Brad ends up with an additinal $889 a year in super. Once he turns 60, when he can draw n his super tax-free, he ends up with an extra $4,950 a year extra in super. Brad nly needs t draw a super pensin f $20,550 a year nw because, being 60 r mre, he can access his super tax-free. He nly pays $8,775 a year incme tax n the $45,000 he takes hme in salary. If Brad were self-emplyed, he culd achieve similar results by making persnal taxdeductible cntributins in place f the salary sacrifice cntributins used in this example.
7 * Assumes Brad has a starting super balance f $320,000; invests in a balanced investment returning 6.39% after fees and taxes. Fees based n average AMP retail fees frm Flexible Lifetime - Super. Actin Accessing yur super frm age 55 is an imprtant strategy. Hwever, make sure yu review the entire 50s sectin t see the ther pprtunities fr building yur wealth including investing in grwth assets such as prperty and managed investments. REVIEW YOUR WILL Having a valid will can help make sure yur estate is managed and distributed hw yu intended. Wills A will sets ut hw yu want yur estate t be managed and distributed, after yur death. It can als include the appintment f a guardian fr yur children. Withut a will, management f yur estate can be cstly, time cnsuming and must be distributed accrding t legislatin, rather than as yu decide. Therefre, it is imprtant t have a valid will and t review it regularly t make sure it is still in line with yur intentins. A slicitr can help yu make decisins abut what yu want dne with yur estate and then prepare the will fr signature. Enduring pwer f attrney If yu were t becme incapable f handling yur affairs, cntrl f yur assets culd revert t a persn appinted by a curt. It wuld be mre useful if yu had an enduring pwer f attrney set up nw s that if yu cannt manage yur affairs, smene yu trust and have chsen t act fr yu, can make the imprtant decisins affecting yu and yur affairs. A slicitr can help with setting up a pwer f attrney, setting the terms and hw they will apply. WHAT NEXT Building and maintaining wealth is an nging jurney. Stay practive and keep lking fr ways t make the mst f what yu have. In planning yur way t wealth yu shuld take a hlistic apprach, lking at yur debts and assets, present and future needs, and cnsidering tax implicatins and hw decisins culd impact n entitlement t gvernment benefits. If yu wuld like further infrmatin n this wealth building strategy, please cntact Tny Rimac frm PT Wealth Slutins n r tny@ptws.cm.au wh can assist by prviding yu with the crrect tax and investment advice.
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