Plan Your Retirement in 6 Simple Steps (Beginners Guide)

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  • Опубліковано 23 гру 2024

КОМЕНТАРІ • 41

  • @skeletorrobo
    @skeletorrobo Місяць тому +1

    Thanks for the info. Helpful.

  • @TheWoodworkerwhopaints
    @TheWoodworkerwhopaints Місяць тому +1

    Hi Chris, great information here, but I do think you should have added a seventh step as follows;
    7. Be prepared to change your retirement plans.
    I think retirees need to be fully prepared to change the plans they have put in place if things don't work out quite as planned.
    Many retirees return to work for instance after retiring as they feel a sense of loss or find it wasn't as envisaged.
    I think the fundamentals mentioned like reducing debts and maximising super are always a great starting point and should be adhered to no matter what your plans may be but I would be a little more flexible on the age at which you retire etc and this may affect strategies like starting an account based or TTR pension etc.
    Things like parents or loved one's becoming ill and the need for you to be in a carer role is also something that is completely out of your control and can throw your retirement plans into chaos. Just be prepared if things don't quite go as you had originally intended.
    The average ACTUAL retirement age in Australia is around 56. The avergae INTENDED retirement age is 65.
    This seems like a huge almost 10 year difference between intended and actual retirement ages where things didn't quite go to plan !
    Just some food for thought.

    • @andretaylor1969
      @andretaylor1969 22 дні тому

      It would be good to know what has driven the big gap between desired retirement age and actual age. Health, caring for aging parents, …?

  • @FrankMcGrory-i4j
    @FrankMcGrory-i4j 6 днів тому

    Hi Chris very helpful information. Do you have local contacts for your Perth office.

  • @andretaylor1969
    @andretaylor1969 22 дні тому

    Hi Chris, according to chat gpt the average age of retirement in Australia is 55.4 y.o. Yet most Australian retirement videos assume people retire at 60. Women on average retire at 52. I would appreciate some guidance on how to best manage the gap years after retirement and before you can access super. This is arguably more tricky because of tax issues…

  • @andretaylor1969
    @andretaylor1969 22 дні тому

    I couldn’t get the moneysmart calculator to consider income from assets outside of super. So it wasn’t helpful. Is there a more flexible one online?

  • @paulstuttard1032
    @paulstuttard1032 Місяць тому +1

    Great video again Chris. A question - are super earnings subject to the tax free threshold ($18,200) while in accumulation mode if I'm over 60 and full retired?
    Hypothetical Scenario : I'm 63 and fully retired. I have a super account in pension phase providing my primary income stream. I also have a super account in accumulation phase. I receive an inheritance of $100,000. I can stash this away outstide of super in a bank savings account earning 5% (in theory) and wont pay any tax as the earning are under the tax free threshold of $18,200. If I stash it in my super accumulation account instead I wont pay any contribution fees, I can earn 5% (or more), but do I still pay 15% tax on the earnings?

    • @SuperGuyAu
      @SuperGuyAu  Місяць тому +1

      Hi Paul, super accumulation tax and personal income taxes are assessed differently. super accumulation tax is a flat 15%, super pension earnings tax is 0% and personal income tax is taxed at marginal tax rates with a tax free threshold of $18,200. Each tax is assessed independently of one another.

  • @gerrym75
    @gerrym75 Місяць тому +6

    Chris, one thing I get confused by using these calculators is, do they account for inflation? I can live comfortably on $70k per year, so use that in the calc to determine what I need in retirement, but that is $70k in 2024. If the calc says you need say, $800,000 at retirement to cover that $70k for life, is that considering inflation? Thanks.

    • @cocomonky
      @cocomonky Місяць тому +3

      Also, I'm wondering whether people actually will want the same amount of income as they get much older. I'm just thinking of my parents and in-laws, and noticed that their wants and needs dramatically altered down as they got older. Maybe this fact counteracts or balances out the above question on inflation.

    • @gerrym75
      @gerrym75 Місяць тому

      @@cocomonky great point

    • @allee541
      @allee541 Місяць тому

      I have wondered this too.

    • @robsalvv5853
      @robsalvv5853 Місяць тому

      I think the answer is in the calculator’s fine print which sets out the assumptions and calc methodology.
      IMHO, the gov calc is simplistic, my super fund has a more nuanced and complex one (check your fund), but all these calculators do the same and bring things back into today’s dollars for the purpose of the initial calculation. That’s not a terrible thing as you have to assume that in a reasonably managed economy, a balanced investment option (50/50 - 60/40) will keep up with (normal) inflation (over the longer term), so the inflation aspect kind of cancels out. If your total balance keeps up, then so will your annuity.

    • @nathanshane446
      @nathanshane446 Місяць тому

      The simple answer is yes, these calculators do account for inflation... That is why in most of them you'll set an inflation amount yourself. There's no other reason for that being there... There will be a separate rate for growth in investments.

  • @itsajourney7982
    @itsajourney7982 Місяць тому

    Hi Cris. What software do you use?

    • @SuperGuyAu
      @SuperGuyAu  Місяць тому

      Software only available to holders of an AFSL

  • @itsajourney7982
    @itsajourney7982 Місяць тому

    Is there a super fund that allows you to leverage?

    • @SuperGuyAu
      @SuperGuyAu  Місяць тому

      There are investment options within retail super accounts that have inbuilt leverage. Otherwise a SMSF allows for leverage via a limited recourse borrowing arrangement.

    • @itsajourney7982
      @itsajourney7982 Місяць тому

      @SuperGuyAu The 'Retail Super Accounts' that you are talking about is that a 'WRAP' Administration Structure/Platform?

  • @NurseRowee
    @NurseRowee Місяць тому +1

    I want to retire from my full time job at the age of 50. Be able to afford working part time and do something else. I’m pushing 40 and we are on track with our retirement goals. We find it hard to maximise our super contribution. But at least we are putting in 15% of our income and will be paying off our mortgage early. 🤞🏻💪

  • @smb7576
    @smb7576 Місяць тому +1

    i think "what expenses do you want to cover?" should come before "what age do you want to retire?". they go hand in hand but you can retire at any age if you are happy to accept any lifestyle.

  • @Woodland26
    @Woodland26 Місяць тому

    my goal in retirement is to draw from the super balance the same (or more) after tax figure that I earn now. Also developing further passive income outside super "just in case". Just started my TTR, handy to pay for some big home repair items.

  • @Bobbydazzlla
    @Bobbydazzlla Місяць тому +1

    I was fortunate enough to be able to retire at 54 y/o on a (private company, not government) defined benefit. We could do that any time after 50 years old. Is that not a common thing any more?

    • @gerrym75
      @gerrym75 Місяць тому +2

      Defined benefits are becoming much less common compared to a standard accumulation account, and are often closed to new members, so they will continue to shrink in size over time. At this point in time, the preservation age of nearly everyone in the super system is age 60, unless they have some special arrangement within a particular fund. But these arrangements are very rare.

    • @SpookFilthy
      @SpookFilthy Місяць тому

      Very rare for anyone under 50 unless they got a public sector job a long time ago and joined the DB scheme.

    • @robsalvv5853
      @robsalvv5853 Місяць тому

      Rare!!

  • @Mrcoolsky
    @Mrcoolsky Місяць тому

    I am not relying on my Super for my retirement. Its all invested in the market only to serve the wealthiest in financial meltdown.

    • @pab.locked
      @pab.locked Місяць тому

      What do you rely on? Or invest in instead then?

    • @SuperGuyAu
      @SuperGuyAu  Місяць тому

      That's one way of looking at it.

    • @Mrcoolsky
      @Mrcoolsky Місяць тому

      I am also doing overseas investments in South East Asia for rentals. The Super still gets contributed by the employer which I can't stop. Only time will tell how I did.

  • @nathanshane446
    @nathanshane446 Місяць тому

    Sorry, but gotta say these videos are getting so monotonous... Same info over and over again

  • @low-profile-dude
    @low-profile-dude Місяць тому +4

    Brian Nelson scammer

    • @lennyshirty
      @lennyshirty Місяць тому +3

      they show up in every financial channel 🙄

    • @SuperGuyAu
      @SuperGuyAu  Місяць тому

      Thanks for the heads up