Fifty PLUS! Income
The Aussie Over 50s Guide to Fifty PLUS! Income
There will come a time when you are reaching the point of retirement or you are already retired. So knowing where your income comes from or is going to come from is very important. A number of decisions need to be made and some of these decisions will be very critical. Keeping in mind that decisions made now will make a large impact your standard of living not just for today, but for the rest of your life.
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It is advisable to obtain only the best expert advice in order for you to derive the best from the savings you may have built up through your working lives. Some of the choices you make will be in the most part, irreversible.
For those that have not been able to put something away and own a property of some sort, it might be best to sell the home and down size to cash up. In other words sell the home buy another home in an area that you like that is a little cheaper and then live on the cash left over. Keeping in mind that you could also still be entitled to the age pension or a portion of the pension. So you could have the best of both worlds, still owning a property, receiving the pension or part pension and you are able to work a few days a week.
For those that are of the age where our compulsory super contributions is just not enough and neither have a home to sell or have cash put away for retirement. If you have been working you would have some super money you are able to retain that, then depending on the amount of money you have you could be entitled to apply for the aged pension, including rent assistance and you are still able to work a few days a week.
It is important to avoid costly mistakes
You do have a choice, there are many annuity and retirement income provider firms and they are all competing to get their hands on your money. Also there are a range of different income options, each of these needs to be tailored to your particular circumstances.
So when making a selection of one of these providers, you need to select carefully and you can do this by visiting not just one but a few. Keep in mind these people are all going to tell you that that are the best business to deal with.
Making the wrong choice of provider can see you receiving less income, pay more tax than necessary, and be locked in to options where once committed there is no way back or not have adequate protection for your dependants.
There were changes and proposals announced in the March 2014 Budget that could affect the choices open to those looking for good retirement Income providers when it comes to selecting an appropriate retirement income option.
You need to be looking for a provider that takes into account all relevant factors when advising on these matters.
We Are Living Longer:
Just Imagine, in today's world we are living longer than we ever thought possible. As an example a man born in 1950's was expected to live to age 65 that until this year 2015.
NOW! Longevity seems to increases every year. In 2006, a man age 65 has a life expectancy of age 82 or live until 2023. The retirement assets you have may need to last you longer than you had originally thought or planed for.
Our Income Sources:
Australian's today defiantly face greater burdens when it comes to providing retirement income. The age of retirement has been increased and will continue to be increased! WHY? Because it has to, Australia's population is aging so traditional pension plans are going to be no longer available to some workers.
Even our Social Security benefits are changing or governments are trying to change them to help accommodate the growing number of baby boomers. The overall long-term financial impact is unknown.
You need to take into consideration INFLATION
We all know that every year, everything we buy or need to buy could cost more. So it must be that inflation eats into or has a significant impact on assets at retirement. So unless your retirement income increase to match inflation your standard of living is going to change
Then there are emotional risks
All of us are emotionally hard-wired when it comes to investing our hard earned money. So without having a good plan for putting something aside or investing and distributing assets, those fearful investors may become too conservative. This train of thought or emotion can also jeopardizes the ability to allow the invertor to keep pace with inflation and has a negative impact. Then again, some investors may have the eagre or may feel they need more assets to help them maintain a retirement lifestyle, so they could become just a little too aggressive. So eith way the end result could be financially devastating.
The market can become volatile
it is important to keep in mind that when taking your cash out, that investors who begin withdrawals during negative years will have much different results than investors who withdraw during positive years.
Retirement Income Solutions
Those that are investing need a solution that will help increase the probability of providing an income stream that will last throughout their lives. That solution must address the following goals and should be discussed with the selected income provider:
Your package needs to deliver to you an income stream of income over a period of years that will keep pace with inflation.
The broker or investment provider needs to insure they implement a strategy that offers the potential to reach long-term investment goals.
They need to be sure your principal investment is preserved so it can be either offset increased life expectancy or to provide a legacy.
You need to be sure your investment is reduce risk based and on an investment time-frame.
Get yout broker or investment provider to help manage the emotional side of your investing and the impact that is has on reaching your financial goals.
You need to have a strategy designed for you that moderates risk of fluctuating returns.
Planning for a lifetime income
Segmenting your assets into a number of separate phases or time horizons is a great backdrop of Lifetime Income Investment Planning.
Each one of these income producing phases will be invested based on a special specific group of factors and criteria's. Your goals are to provide yourself with an income distribution level that keeps pace with inflation, and continues throughout all of your retirement years.
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