The Role of Financial Advisors in Retirement Planning

Importance of Early Planning:

• Early Start: Financial advisers emphasize starting retirement planning early to achieve better outcomes. Early planning helps in managing major financial elements like mortgages and retirement savings effectively.
• Client Benefits: Starting early enables you to take action that can maximize your retirement results.

In 2022 the average retirement age for Australians was 64.8 years old.  The average superannuation balances for males (60-64 age group) was $402,838 and for females (60-64 age group) was $318,203.

Strategies for Boosting Superannuation:

• Bring Forward Contributions:
  • Concessional Contributions:
    • Less than $500,000: Annual limit of $30,000. Unused concessional caps can be carried forward for up to 5 years.
  • Non-Concessional Contributions:
    • Less than $1.66 million: Up to $360,000 cap over 3 years.
    • $1.66 million to $1.78 million: Up to $240,000 cap over 2 years.
    • $1.78 million to $1.9 million: Up to $120,000 cap with no bring-forward period.
    • Greater than $1.9 million: No non-concessional contributions allowed.

Expert Insights:

• Alex Berlee (AGS Financial Group): Emphasizes the importance of early planning and taking action on significant financial matters to maximize retirement outcomes.
• Trina Wood (Green Associates): Highlights the benefits of starting contributions early and incrementally increasing them with pay rises.
• Andrew Saikal-Skea (Saikal-Skea Independent Financial Advice): Points out the importance of understanding retirement lifestyle goals to motivate effective saving and maintaining a balance between pre- and post-retirement lifestyles.
• Renee Hush (Fiducian Macarthur): Stresses the value of having a financial planner for accountability and regular reviews to stay on track with retirement goals.

Educational Role:

• Advisers can educate you on tax concessions and the advantages of making small, regular contributions to superannuation.

Key Takeaways:

• Start Early: Begin retirement planning as early as possible for better financial outcomes.
• Utilise Contribution Strategies: Take advantage of concessional and non-concessional contribution limits and strategies.
• Regular Reviews: Schedule regular reviews with a financial planner to stay accountable and adjust strategies as needed.

Book a complimentary initial consultation with our Financial Adviser who can offer you professional, independent advice in regard to retirement planning.

Source: https://faaa.au/

Lindale Insurances Pty Ltd ATF Lindale Insurances Trust ABN 27 027 421 832 is a Franchisee of Fiducian Financial Services Pty Ltd, Level 4, 1 York Street, Sydney NSW 2000. AFSL 231103 ABN 46 094 765 134.

The information (including taxation) provided on this website is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement.

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