Need help with your retirement plan?
As you prepare for your retirement, it’s important that you feel informed and supported.
Perhaps you’re eligible for a Centrelink pension? Or perhaps you’d like to reduce your working hours and slowly move into retirement?
Whatever your situation, we can help you to maximise any eligible payments, minimise your tax obligations and build your superannuation funds.
Talk to one of our experienced financial advisers today to work out a retirement plan that works for you.
We believe in prosperity for the many, not the few. That’s why we offer financial planning advice to ensure our customers prosper over the long term.
What type of retirement do you want?
It’s important to plan for your retirement, in all its different stages. Are you planning to travel in your retirement? Perhaps you’d like to start a new hobby? Or buy a new car?
It’s important to think about how you can use different income streams to fund different stages of your life. Plan for the long term, not just the next five years.
Our experienced financial advisers can help you understand different income streams, including pensions, and get the most out of your money through thoughtful and realistic retirement planning.
How much will you need to retire?
How much you need depends on your preferred lifestyle and future costs. Use our handy Retirement Calculator to get a sense of how much superannuation you will need.
The Australian Association of Superannuation Funds of Australia also offers a guide to how much a modest or comfortable retirement lifestyle might cost.
Our experienced financial advisers can help you work out how much you will need and plan to get you on track for your retirement goals.
What is a transition-to-retirement pension?
A transition-to-retirement pension gives you access to your superannuation as a non-commutable income stream. It’s a regular superannuation payout (not a lump-sum payout) that you can access after reaching preservation age, but while you’re still working.
The aim of a transition-to-retirement pension is to give you more flexibility as you draw closer to retirement. It could also help you to boost your retirement savings.
For example, you may choose to reduce your working hours and, at the same time, access your superannuation. Your superannuation payout would be a transition-to-retirement pension that supplements your other income. It may also allow you to salary sacrifice to give your retirement savings a boost.
You may find a transition-to-retirement pension helpful if you want to:
- Reduce your working hours. For example, you may want to cut down to three days per week. Your reduced salary can be topped up to a full-time wage with income from the transition-to-retirement pension.
- Salary sacrifice to superannuation. Combining the transition-to-retirement pension with salary sacrificing can help you to add to your superannuation savings for your retirement.
It’s a good idea to talk to one of our experienced financial advisers if you’d like to choose a transition-to-retirement pension. The rules and strategies for transition-to-retirement pensions can be very complicated so it’s best to get some advice first.
Maximise your Centrelink entitlements
Need help with your Centrelink entitlements? Our experienced financial advisers understand Centrelink benefits and can help you to understand what pension you’re eligible for. We can also help you with the application process.
You may also want help with strategies to maximise the aged pension through gifting, funeral bonds and the transfer of assets.
We provide assistance with the Seniors Card, pension concessions and the Commonwealth Seniors Health Care Card.
The calculators on the MoneySmart website can show whether you have enough superannuation funds to retire and provide estimates for ways to boost your funds by altering your current superannuation contributions.
How secure is your financial future?
It’s never too early or too late to start planning for your future with more financial security. Answer a few simple questions using our Financial Planning Tool and you’ll see how you’re doing and whether you need help in any areas.
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This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular circumstances and needs.
Financial planning services are provided by Eastwoods Wealth Management Pty Ltd ABN 17 008 167 002 / AFSL 237853 trading as Beyond Bank Australia Wealth Management. Eastwoods Wealth Management Pty Ltd is a wholly owned but not guaranteed subsidiary of Beyond Bank Australia Ltd. ABN 15 087 651 143 AFSL/Australian Credit Licence 237 856.