Retirement Financial Planning Brisbane

Quill provides retirement financial planning in Brisbane

It may not seem that way while you’re working, but retirement can sneak up on you pretty fast. Some days it can feel like the work will never end, and then before you know it, you’re staring at that cake with “Happy Retirement” scrawled on it in pink frosting. The big question that will confront you at that moment is “Are you ready?”

With help from Quill, then at least from a financial perspective you can have confidence that you are ready to face retirement. We have expert retirement planners ready to help you decide which options are the best for you, so you can be sure you’ll have more than enough money to retire comfortably.

Superannuation alone may not always be enough

For many people, their sole source of income upon retirement is their superannuation, but not everyone will have the same amount, and sometimes superannuation can really surprise you, especially if it has been ineffectively managed by a third party that had no business to be managing it.

If you can afford it, you can definitely benefit from making other investments instead of relying entirely on superannuation. Your retirement planner can help you to understand which choices are going to be most effective. For example, there is a certain point where topping up your super with extra contributions will start to work against you instead of for you.

Government superannuation rules could impact on your plans

You also need to know that if you are not intending to take a lump sum from your superannuation, the maximum amount you can transfer from superannuation into an official pension account is currently $1.6 million. The decisions you make will have a large bearing on how much tax you could be liable for, and how much money will be available for you.

Another fact you may not be aware of is that the government has mandatory withdrawal amounts you have to make from a superannuation pension account each year, which will vary depending on your age. The older you get, the larger the percentage of your balance the government requires you to withdraw each year.

That amount starts at 4 percent and increases a little bit each decade until you reach the age of 90 when your mandatory withdrawal amount will be 14 percent of the balance. That means if your balance isn’t earning at least 14 percent interest, it’s going to be eroded away. What happens if you live another 30 years after your 90^th birthday? That’s entirely possible, especially if you’re taking good care of yourself.

Professional retirement planning helps you be aware of all the little details like this and helps you develop a plan that works best for your current financial situation while looking ahead to your retirement scenario.

This advice will improve the odds that you really will be ready when it comes to your retirement day. To find out more, call us or leave a message on our contact form.

Whether it’s individual or commercial tax needs, financial advice or strategies to grow your business, the Quill Group has you covered!

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