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.
Listen to the Podcast right now
Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’
Do you need advice around your 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.