Planning for retirement isn’t always easy, but it matters. It’s never too late, or too early, to start preparing.
There are a number of sources that are likely to contribute towards your income in retirement:
- Centrelink Age Pension
- Sale of a business or assets
The way in which you structure your assets in the leed up to retirement is crucial when planning a tax effective retirement to ensure you gain the most out of what you have worked hard all of your life to achieve.
Leaving the planning to the last minute is often not ideal, especially when there are significant tax advantages to holding a majority of your wealth inside the superannuation environment.
The current Superannuation legislation has been changed over recent years to prevent people from making large contributions to superannuation at the last minute. It is therefore crucial to your long term financial health in retirement to devise a plan from an early stage to firstly maximize and then ensure the adequacy and longevity and of your retirement income.