Luke on 2CC – What is retirement?
02/21/21 • -1 min
Are you approaching retirement? Here’s some tips
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 19 February 2021. This week’s topic: What is retirement? Sure there’s a legal definition but there’s also a real life definition too.
In recent weeks Luke has looked at growing your super and taking income from that super when you retire through an account-based pension. This week Luke explores what retirement actually is and offers his top tips for those approaching their life after work or life with reduced working hours.
Key highlights include:
- What does retirement really mean?
- The real life definition: Do you have the resources to live the life you want and without working?
- What Covid has taught us: most people struggle to sit at home and do nothing – the same can be said for retirement
- What Covid has taught us: you can work remotely from home
- The legal definition: You reach a certain age and you can access your superannuation – it’s called the Commonwealth Preservation Age
- Your Commonwealth Preservation age is between 55 and 60, depending on the year you were born – click to see the table
- From 60-65, if you meet a condition a release, eg give up work, you can access super
- From 65 onwards, you’ve reached your maximum preservation, and can access your super without having to give up work
- If you’re under the age of 65, but have retired, you can still put money into super
- Luke shares his top tips for those approaching retirement
- A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Do you need advice around your retirement plan?
Approach your retirement with confidence. Seek financial planning advice.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Retirement planning can be complicated, but the good news is you can make an appointment to speak with Luke about your superannuation and retirement strategy – including the account-based pension.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your own investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
Are you approaching retirement? Here’s some tips
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 19 February 2021. This week’s topic: What is retirement? Sure there’s a legal definition but there’s also a real life definition too.
In recent weeks Luke has looked at growing your super and taking income from that super when you retire through an account-based pension. This week Luke explores what retirement actually is and offers his top tips for those approaching their life after work or life with reduced working hours.
Key highlights include:
- What does retirement really mean?
- The real life definition: Do you have the resources to live the life you want and without working?
- What Covid has taught us: most people struggle to sit at home and do nothing – the same can be said for retirement
- What Covid has taught us: you can work remotely from home
- The legal definition: You reach a certain age and you can access your superannuation – it’s called the Commonwealth Preservation Age
- Your Commonwealth Preservation age is between 55 and 60, depending on the year you were born – click to see the table
- From 60-65, if you meet a condition a release, eg give up work, you can access super
- From 65 onwards, you’ve reached your maximum preservation, and can access your super without having to give up work
- If you’re under the age of 65, but have retired, you can still put money into super
- Luke shares his top tips for those approaching retirement
- A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Do you need advice around your retirement plan?
Approach your retirement with confidence. Seek financial planning advice.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Retirement planning can be complicated, but the good news is you can make an appointment to speak with Luke about your superannuation and retirement strategy – including the account-based pension.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your own investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
Previous Episode
Luke on 2CC – Retiring with an account-based pension
How do you turn your super into income when you retire?
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 12 February 2021. This week’s topic: What is an account-based pension and how does it work? But before they start talking financial matters, Luke is more than just a little excited, he’s just taken his first ride in a helicopter and arrived at 2CC in the field next to the car park. You’ll hear in his voice how much he loved it.
In recent weeks Luke has looked at growing your super. Last week he spoke about transitioning to retirement from full time work. This week Luke explores the account-based pension. Many Australian’s use this investment vehicle to turn their superannuation savings into a retirement income stream.
Key highlights include:
- You’re retiring from the workforce and you want to turn your super into pension payments to help fund your retirement
- Underlying investments don’t need to change – despite what some people might think
- Pension payments can be taken fortnightly, monthly, quarterly or even less often, depending on what your provider offers
- Earnings on account-based pensions are tax free. And if you held shares or other investments in the fund, you don’t pay capital gains tax when you sell them in this pension phase.
- The transfer balance cap however does apply if you have more than $1.6 million in your pension fund.
- So what is the transfer balance cap and how is this tax calculated?
- Why is the transfer balanced cap indexed?
- Once you start a pension, can you add more contributions to super?
- What are the Centrelink implications of an account-based pension?
- It’s possible to have an account-based pension and a Centrelink pension, depending on your circumstances
- Explore the other benefits too – discounts on electricity, licensee fees and pharmaceuticals, they all add up
- Some strategies to think about while considering your own plan for retirement
- A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Do you need advice to set up a retirement plan?
Can an account-based pension help you fund your life in retirement? Seek advice if you need help to make a retirement plan.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Retirement planning can be complicated, but the good news is you can make an appointment to speak with Luke about your superannuation and retirement strategy – including the account-based pension.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your own investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
Next Episode
Luke on 2CC – What is income protection?
Income protection – Why is it important?
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 26 February 2021. This week’s topic: What is income protection and why is it important?
So what is your greatest asset? It’s probably your income. Many people only realise this when they become injured or ill and cannot go to work. This week Luke and Leon explore what income protection insurance is as well as the key things you need to consider when looking at income protection cover.
Key highlights include:
- What is income protection?
- Did you know that income protection tax deductible?
- How much of your income can you insure?
- Should you hold cover in your own name or via your super fund?
- What is a super linking strategy?
- Why policy definitions matter!
- What happens if your income changes?
- What is the waiting period?
- How long do you want to be paid for, should you need to make a claim?
- Does the policy you hold allow for partial claims?
- Being made redundant – or quitting your job – these are not claim events, as you still have the ability to do your job.
- How much is enough? You need to check and review your cover.
- Can you get cover if you are a contract worker, or a worker with irregular income?
- Luke’s top tips for considering income protection cover.
- A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Do you need advice around income protection insurance?
When was the last time you reviewed your income protection cover? If you need help, please seek advice.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Income protection insurance can be complicated, but the good news is you can make an appointment to speak with Luke about your specific cover.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your own insurance, investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
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