Super and how you can increase it

Retirement might seem like it’s a long way off in the distant future, and that can make it difficult to actively consider and review your super. The problem with this thinking, is that if you haven’t set your super up with careful consideration, you are most likely not getting the best possible return. If you want to have enough money to live comfortably in retirement – now is the time to grow your nest egg. The earlier you set your super up the better – however it’s never too late to rethink your super. Once set, we tend to leave our super to its own devices. Make sure to review your super, to ensure you’re getting the best return.  Start with these tips to make sure you’re making the most out of your super. How much super will you need to retire? The best way to find out how much super you will need to retire is to work out what kind of lifestyle you want to live in retirement. Next you’ll need to work out how much money you will need to fund this lifestyle.   For a general idea, according to the Association of Superannuation Funds of Australia (ASFA) the retirement standard for those aged around 65 is (as of June quarter 2017): Modest Lifestyle Comfortable Lifestyle Single Couple Single Couple Total per week $467 $671 $840 $1,155 Total per year $24,270 $34,911 $43,695 $60,063 To check how you are tracking, use ASIC’s retirement planner. Tips to increase your super   Could you have lost super? Combine your super into one fund. According to the Australian Taxation Office...

Planning your transition to an Aged Care Home

Take the stress out of transitioning to an aged care home by planning ahead   The decision to look into moving into an aged care home can be an emotional one. There are difficult decisions to make, with many factors to consider. You will need to look into the best location, how much the facility or care will cost, how to fund it, and the transitioning process.   Aged care is a complex system to understand, and it’s highly recommended to contact a financial adviser to help navigate the rules with tax, entitlements and social security systems. Seeking advice at this stage can help you through a stressful time managing finances, understanding entitlements, considering investment options and the distribution of your estate. Australia’s aged care system helps support the elderly in their own home, with short-term care or in a residential aged care facility. Below are the fees you can expect to pay, if you’ve decided to move into a government approved residential care facility. Paying for accommodation When it comes to your accommodation costs, your income and assets will determine if you will receive government assistance. You will either have your accommodation costs paid in full, partially paid or need to pay them in full yourself.   If you will be paying for your accommodation, you will have 28 days after becoming a resident to choose from these payment options: A refundable accommodation deposit (RAD): a lump sum payment refunded when you leave the facility – capped at $550,000. A daily accommodation payment (DAP): a daily payment. A combination of the two. The Maximum Permissible Interest Rate (MPIR)...