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The combined effect of earlier retirement and living longer means that many of us will spend more than a quarter of our lives in retirement. When you consider this, you start to realise the importance of careful retirement planning, well in advance. Having an effective retirement strategy and retirement wealth advisors you can trust is paramount.
Careful planning for your retirement starts with thinking about the sort of retirement you would like and how to get there. Whether your retirement is just around the corner or a few years away, the Equiti/Integro Partnership can help you create a retirement plan which is financially secure and tax effective so you can have peace of mind in retirement. In particular Integro will provide advice and track your progress against your goals and map out how to best:
- Understand your retirement goals
- Secure and protect your assets
- Outline your income stream throughout your retirement
- Ensure you obtain the maximum tax and Centrelink benefits where applicable
Transition to Retirement
A transition to retirement strategy (TRIS) is ideal for those Australians looking to ease into retirement by slowly reducing their working hours. It is a pre-retirement strategy that allows individuals to continue working while drawing down some of their superannuation benefits at the same time.
At Equiti Partners, we have seen many retirees who have acted hastily without understanding the long term ramifications or consequences of their decisions. As the rules are complex, getting professional advice from trusted advisors can make all the difference.
When the time comes to begin drawing a pension from your self-managed superannuation fund the status of the fund moves from the ‘accumulation phase’ to the ‘pension phase’ and it is imperative that this transition is executed with proper and well thought out advice.
TAX FREE INCOME STREAMS
The ability to have tax-free income streams in retirement is currently a major advantage within the superannuation environment. As a trustee of your SMSF you can also decide when you start, change or stop a pension. You must still comply with the laws such as preservation age and minimum and maximum pension amounts.
The Equiti/Integro Partnership can advise you on your retirement and help you plan the best way for you to maintain your income and lifestyle. The aim is to have your assets structured effectively to provide a tax effective income including, if eligible, ensuring you obtain the maximum tax and retirement benefits.
After making smart choices about your money through your working career, retirement now provides more time to enjoy life on your terms! The key to enjoying a successful retirement is knowing that you can lead a comfortable lifestyle without financial stress.
To get started on the important journey contact one of our accountants.