Future Financial Services Blog

by Alex McKenzie

Financial planning advice to guide you through your life stages. Financial advice for when you are looking to buy your first home, start a family or looking to retire. This blog aims to show the relevance of Superannuation, insurance and investment for everyday families.

07
August
2019

Super options in retirement

What are you option’s for your Super at Retirement

Compulsory superannuation contributions have led to most Australians having a large sum in their super when they retire. I’m often asked, ‘what should I do with my super when I retire?’ These funds are intended to provide income in retirement and once you have met a condition of release, you have a number of options.

The simplest option is to withdraw your super in a lump sum. There are two main situations where this is appropriate; for one-off large expenses such as renovations and new cars, or to repay any outstanding debts. We don’t recommend taking out a lump sum with the view to this being used to provide ongoing income. This is due to the tax ramifications; all income earnt within the super system in retirement (once in pension phase) is tax free, income outside super is taxed at marginal tax rates.

Categories: Future Financial Services Blog

07
August
2019

The Happiest of Times can also be the most stressful

Starting a family comes with its own set of money challenges

There is a common situation that many of my clients go through when, all of a sudden, things aren’t as financially comfortable as they once were. No longer are you able to save, in fact, you might see your savings decline, you find yourself foregoing small luxuries and you feel like you are treading water or even going backwards financially.

The period I’m talking about is the life stage when you start a family. Financially, this is one of the hardest parts of your life. In most cases one partner has a period where they don’t work and quite often this is followed by a period of reduced work. This obviously leads to reduced income, often for an extended amount of time.

Categories: Future Financial Services Blog

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