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A Few Interesting Facts About Retirement

Given the financial demands of everyday life, planning your retirement may be a relatively low priority.  You may also think that you have plenty of time to plan.  But before you put off planning for your retirement any longer, here are some key facts about retirement you should consider.

TTR_3Your retirement could last 30 years or more

A male currently aged 65 has a future life expectancy of 19 years and for females currently aged 65 it’s 22 years.  But these are just the averages and they are increasing steadily.  As these trends continue, your retirement could stretch to three decades, or maybe even longer.

You shouldn’t rely on the age pension

The full single rate age pension only provides around 25% of average weekly male earnings. What’s more, qualifying for the age pension may become more difficult in the future, given our population is ageing.

You shouldn’t rely on an inheritance

Your parents may end up spending all their savings and may even need to downsize their home to help make ends meet.  So, if you’re relying on an inheritance to fund your retirement, you could be disappointed.

You might not have enough super either

With some of your money going into super through compulsory employer contributions, you’re off to a good start.  But assume that those employer compulsory contributions will mean you have enough super to get you through your retirement and you could be in for a nasty surprise. Research conducted by Rice Warner Actuaries revealed that Australia has a shortfall in super of close to $1 trillion, which means many Australians may not have enough super to fund their retirement.

Start planning now

These facts about retirement highlight with a bit of preparation, it’s possible to plan for a long and comfortable retirement. Strategies like salary sacrificing into super, making lump sum contributions or using a transition to retirement strategy, are all smart strategies to consider to boost your super, and some of them generally have tax benefits too.  It’s also possible to use your super to start a pension that pays you a regular income.  Some pensions even guarantee to pay you an income for the rest of your life, negating the risk of outliving your savings.

Talk to a retirement planning expert

The best way to see how your retirement savings are currently tracking, and find out what you could do now to increase your super for retirement, is to speak to a financial adviser.  They can help you set realistic goals and put a plan in place to achieve them.

You can also check out our tips on getting your money moving. 

Source: NAB

SIMMONS LIVINGSTONE & ASSOCIATES GENERAL ADVICE WARNING This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Simmons Livingstone & Associates and Infocus Securities Australia Pty Ltd strongly suggest that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances.

Kris has over 16 years' experience in the business advisory, accounting and taxation industry. His initial years were spent with WHK Group and PKF before founding Simmons Livingstone & Associates in 2013.

As Managing Partner, Kris has steered the firm to success, being instrumental in expansion of the firms client base and subsequent recruitment to increase the professional team size.

He brings his extensive experience within a variety of areas of business services and compliance, and has a proven track record of success with clients from a variety of sectors. Not only is Kris a an exceptionally valuable asset to the firm, his business advice is invaluable for professional service clients, from a financial perspective.

Kris places a strong focus on:

Kris is a forward thinking person who is dedicated to providing his clients with the best possible outcome in all situations. With a keen eye for detail, he ensures nothing is overlooked, so that client outcomes are maximised.

Kris has a young family and outside of work, when he’s not spending valuable time with the family, you’ll find him on the golf course or sampling a brew with the guys.

Simon began his career at PKF and several boutique accounting firms. He has established his reputation for excellent accounting consultancy, which has spanned over 13 years.

Simon is a passionate business advisor, specialising in:

 

Simons personable service and attention to detail ensures his professional relationships remain strong.  As a partner at Simmons Livingstone, Simon has lead the substantial growth of the firms large corporate space.

Through his sporting connections, Simon also has a strong reputation as an industry leader for professional sports men and women, representing sporting players and companies involved in various professional sporting federations and leagues.

Simon is a former representative golfer, and still enjoys a round most weeks. An avid sports enthusiast, you’ll find him kicking back with a red wine if there’s a good game on.

Tom joined the Simmons Livingstone & Associates team to head the financial planning division in 2015. 

Tom has a passion for providing quality advice and exceptional service.

He is driven to:

His approachable and trustworthy demeanour makes his service enjoyable and ensures a relaxed environment for decision making about financial matters.

Tom's extensive network of allied professional services provide the same level of outstanding consultancy, so clients can be assured that any financial problem or opportunity will be addressed with Tom's help.

Outside of work, Tom likes to be outdoors. He plays football and golf amongst other things. You will also find him enjoying good food and good beer with good friends.

Sam is our newest Partner to the Simmons Livingstone & Associates team, working with Tom in our Financial Planning division. 

Sam has a strong passion to educate and inform his clients about the importance of financial planning and getting started early. 

He is focused on:

Sam's greatest asset is his ability to support his clients to better financial wealth using his extensive network. 

 

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