26
July
2017

Retirement for the Self Employed

Saving for Retirement for the Self employed

Compulsory superannuation contributions force most of us to save for our retirement; however, one group that this does not apply to is the self-employed.  Business owners are at risk of a sub-standard retirement as many neglect to save for their own retirement.

We encourage business owners to pay the same attention to their own retirement as they do their employees. We advise that the self-employed aim to save 9.5% of their income for their retirement, the same as the compulsory super contributions for their staff.

 

Superannuation is a very tax effective way to save for retirement as contributions are tax deductible and earnings taxed concessionally.  Although not as tax effective, saving in an accessible investment may be prudent for those self-employed who do not have a stable cash flow.

Author; Alex McKenzie Categories: Future Financial Services Blog

About the Author

Alex McKenzie

Alex McKenzie

Owner at Future Financial Services

Past:

  • Paraplanner at Zammit Partners Investments
  • Unit Trust Administrator at Colonial First State

Education

  • University of Western Sydney
  • Penrith High

About

As a Financial Planner I help people to achieve what they would like in life. This involves helping you to identify the things in life they would like , developing plans to help achieve them and strategies to protect what you already have. We do this by providing Financial Advice to guide you through your life stages.

The financial planning process involves determining a clients current situation and financial objectives and tailoring strategies to assist in best achieving those objectives.

I am an expert in superannuation, investments and insurance, these are tools we use to help you achieve your goals.

I aim to use my knowledge of superannuation, taxation and Centrelink to efficiently use your assets and income to achieve your financial goals.

Retirement and pre-retirement planning, wealth creation, asset protection, insurance planning and estate planning are all areas of advice that I provide.

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