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Retirement is the reward for working all your life. It is a time in life where you want to enjoy your free time and continue living the lifestyle with which you have become accustom.

Retirement planning is planning for the future.  It is about arranging your finances so that the lifestyle you want in retirement can be achieved.  It is an important time. The decisions made impact on the rest of your life.  It is even more important, unlike earlier in your life, as the ability to return to work and earn money is reduced.

Compulsory superannuation was introduced in 1992. It was brought in to help Australians fund their own retirements with the intention of them being fully self-funded. Unfortunately, not all Australians achieve this goal.  This is why the welfare system, particularly the age pension, is provided as a safety net.  Some retirees will need to use a combination of superannuation, the age pension and other investments to help fund their retirement.  This strategy is known as the three pillar strategy.

The benefits of retirement planning include:

  • Zero taxation on investment earnings
  • Tax rebates
  • Higher tax free thresholds
  • The sooner you act, the more likely it is that you will have a larger retirement fund. This equates to a higher standard of living
  • Peace of mind. It provides you more confidence by knowing you are working towards your retirement goals
  • If you so desire, a legacy for your children/ grandchildren
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