Financial advice could be the difference between a good and great retirement
Access to sound financial advice can make a big difference to your super balance when you retire. Better still, the Government is exploring ways to make it even easier to talk to a qualified, experienced financial adviser.
In one example of the impact of advice, a Victorian couple say they found themselves tens of thousands of dollars better off in retirement after seeking advice from their super fund.
“These members had just sold a holiday home for considerably more than they paid for it,” explains UniSuper’s head of financial advice and education, Andrew Gregory. “Thanks to the advice we gave them, they were able to reduce their capital gains tax bill by $65,000,” Gregory claims.
According to Gregory, they also saved “$1000 a year in fees by re-organising their super and reduced their tax by $8500 by making sure their funds were held more efficiently”.
According to the federal Department of Treasury’s data, 35 per cent of super balances at retirement are more than $250,000, and by 2060 this will be 70 per cent (in today’s dollars). “Beyond your home, super is your biggest asset,” Gregory suggests.
A growing number of Australians are retiring with sizeable super balances and wondering about the best way to make these funds last their lifetime. Others are exploring the best way to transfer wealth to the next generation and structure their estate in the most effective way.
Navigating the complexities of the Australian financial landscape, especially when share markets are volatile, could be helped with the assistance of an experienced, qualified financial adviser.
Seeking out financial advice can make a big difference to your super balance when you retire. iStock
On the other hand, many Australians nearing retirement have
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