Treasury’s recent discussion paper on the ‘Retirement Phase of Superannuation’ has drawn attention to the way that many retirees view and respond to the government mandated superannuation withdrawal rates. Today we explain how these rates work and how you can use them as a guide, rather than a recommendation.
Whether you are in retirement, about to start your retirement journey or planning for the future here are five simple steps to reach your goals now and in the future.
Step 1: Set your goals
Step 2: What will this lifestyle cost?
Step 3: Get your finances in order
Step 4. Get a forecast of what you will realistically be able to afford
Step 5. Check if you need to make any trade-offs?
There are many challenges associated with planning retirement and retirement income. Over the years, we’ve highlighted lots of ways to tackle them one by one. But the ‘fear of running out’ (FORO) remains the main concern for many older Australians. And recent updates on the state of indebtedness of those heading into retirement just adds to the sense of pressure on retirees. Today we unpack the subject of debt and retirement and suggest different ways to handle it.