Retirement Planning Advisor
Planning for retirement is one of the most significant steps you can take to secure your future. Putting the right plans in place while you are still working will give you the comfort of knowing that your future is under control.
Steel Lake is here to help you navigate every stage of your retirement journey with local expertise and personalised advice. We can formulate a suitable retirement plan that offers tailored personal financial advice, utilising your current resources, maximising government benefits, and minimising your tax liability.
Start Building a Comprehensive Retirement Plan Today
Retirement can mean different things for different people. For some, travelling around Australia in a caravan is a lifelong dream, but for others, flying at the pointy end of the plane and staying in 5-star hotels around the world is how they envisage life after work. Maybe it’s spending more time with the grandkids or volunteering in your local community that rates highly on your list of retirement goals.
We all have different ideas on what the second half of our lives looks like, and that’s why financial planning for your retirement is so important.
Understanding your financial situation is the foundation of any effective retirement plan. Review your superannuation balances, including any accounts you may have from previous jobs. Calculate your savings, investments, and other assets, and list any debts or liabilities. One of the most important numbers to understand is what your ongoing income will need to be to cover your ideal retirement lifestyle.
Professional Advice that Helps You Secure Your Future
Creating a Retirement Income Plan
A solid retirement income plan combines superannuation, investments, annuities, and possibly part-time work. Drawdown strategies—how and when you access your funds—are crucial for making your money last. Budgeting for regular expenses and planning for inflation are especially important in a time when living costs can fluctuate.
Estate Planning and Succession
Estate planning ensures your wishes are carried out and your family is protected. Essential documents include a will, powers of attorney, and advance care directives. Small to medium-sized business owners should also consider business succession planning.
Maximising Government Benefits and Entitlements
The Age Pension is a significant source of income for many retirees. Eligibility depends on your age, residency, and financial situation, including income and assets. Applying for government benefits can be daunting, but local Centrelink offices and community services can help. We can provide a Centrelink Age Pension application and administration service for our clients on an ongoing advice service agreement. Other entitlements include concession cards and healthcare benefits, which can reduce your living costs.
Tax Minimisation Strategies
Retirees need to consider how their income is taxed. Superannuation income streams, account-based pensions, transition-to-retirement pensions, as well as other tax efficient structures can be utilised to reduce your tax liability in retirement. It is also important to consider the tax impacts on your wealth when you pass away. Implementing the right tax planning strategies in retirement can save you and your beneficiaries a significant tax bill.
It's Never Too Soon to Start Planning for Your Retirement
It’s never too early to start planning for your future, so it’s essential to seek financial advice that provides milestone financial strategies you can achieve over time. At Steel Lake, we provide personal advice and a tailored plan through our experienced and considered approach:
- In your initial consultation, we’ll get to know your individual circumstances, your goals for your retirement lifestyle, your attitude to risk management, and discuss any concerns
- We complete a detailed review of your current financial situation
- We’ll design and recommend a thorough retirement plan, including any adjustments necessary to achieve your goals
- We’ll continue to work with you to see that your goals are met, year-on-year
The sooner you start retirement planning, the better chance you have of achieving your goals. We can formulate a suitable retirement plan to best utilise your resources, build and preserve wealth, maximise government benefits, and minimise your tax liability.
Get Started Today
Take the first step towards securing your financial future. Contact our financial advisors for a consultation and discover how we can help you create the financial future you deserve.
Frequently Asked Questions
The amount needed for retirement depends on your desired lifestyle and personal circumstances. According to the Association of Superannuation Funds of Australia (ASFA), a comfortable retirement for a single person requires around $52,085 annually, while couples need approximately $73,337. For a modest retirement, singles need about $33,134 and couples $47,731 per year.
However, these are general guidelines from Australian Financial Services – your specific needs may vary based on housing situation (whether you own your home outright), health requirements, and lifestyle preferences. Consider factors like travel plans, hobbies, healthcare needs, and whether you’ll be supporting family members.
You can access your superannuation when you reach your preservation age and meet a condition of release. Your preservation age depends on when you were born: if you were born after 30 June 1964, it’s age 60.
You can access your super at preservation age if you’ve permanently retired or started a transition to retirement income stream. Full unrestricted access is available from age 65, regardless of employment status, or after age 60 if you’ve ceased employment.
The central government benefit for retirees is the Age Pension, available from age 67 for those born after 1 January 1957. Eligibility depends on meeting age, residency, and means test requirements. The means test assesses both your income and assets, with different thresholds for singles and couples, as well as homeowners versus non-homeowners.
Other potential benefits include the Commonwealth Seniors Health Card (for self-funded retirees not receiving Age Pension), Pensioner Concession Card (for Age Pension recipients), rent assistance, and various state-based concessions on utilities, transport, and council rates. The Low Income Health Care Card may be available if you’re under Age Pension age but have a limited income.
Yes, you can work part-time while receiving the Age Pension, and doing so may actually benefit your financial situation. The Age Pension income test includes a Work Bonus that allows eligible pensioners over Age Pension age to earn up to $300 per fortnight from employment without affecting their pension.