Retirement - UprightEnjoy

What more important time in your life can there be?  You’ve spent years working hard and accumulating your wealth and now’s the time to sit back, relax and enjoy the fruits of your labour.

Planning well for your retirement is absolutely essential to ensure these goals are met.

This isn’t just about what you do with your money when you retire: it’s about ensuring you get great advice in the years leading up to retirement to take advantage of the various strategies Thompson Financial Services employs to maximise your earnings in the pre-retirement period.  By doing this, your goal of a happy and prosperous retirement can become that much closer to reality.

Retirement planning is important to get right!  There are many complex considerations that we will be happy to assist with.

Transition To Retirement

There are two ways to use a ‘transition to retirement’ (TTR) pension:

  • Keep working full-time and boost super
  • Reduce work hours and soften the drop in income

Once you hit preservation age (55 for many people), you can draw down a pension from your super even if you are still working.

If you are under age 65 and still working, you can withdraw between 4% and 10% of your super account balance each financial year. However, you cannot withdraw money as a lump sum.

Not all super funds offer a pension option, so you may need to change funds if you want to take your money out as a pension.

You will enjoy generous tax concessions for both retirement income streams and super contributions. And when you turn 60, you won’t pay any tax on your pension income. 

We can set up a TTR plan that will suit your particular needs and circumstances.

The above is subject to change based on a number of different factors. 

Age Care

It can be a confusing and emotional time considering placing yourself or a relative into residential aged care – but as with many of life’s big decisions the best approach is to arm yourself with the facts and seek guidance from specialists.

Naturally, your focus is to find the best aged care facility, but it is just as important to consider the financial options to, so you make the right financial decisions for you and your family.

We can help you navigate your way around the confusing world of aged care.

Click on ‘Enquire now’ to book a meeting regarding any of the above retirement planning considerations.