Retirement Planning

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No matter what age you are, it’s always a good idea to start thinking about your post-work life. Here are the most important questions you should ask when planning for your retirement. 

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There’s a reason why retirement is often referred to as “the golden years”. It’s often viewed as the part of your life to just lay back and enjoy the fruits of your working years by living out the best years of your life. 

Retirement can mean different things for people. It can mean an early retirement, travelling all around the world after leaving the workforce, or settling in a quiet suburb far from the bustling cities.

But no matter what your ideal vision of retirement may be, you need to answer important questions to make your dream a reality. Most people don’t realise that a good retirement requires proactive and thorough planning. 

Here are the most important questions you should ask during retirement planning. 

1. What do I want to do in retirement? 

While this sounds like a basic question, it can help you fully determine the direction you need to take when planning for your retirement. It will help you have an estimate of how much money you will need and the long-term strategies you need to implement now to achieve it. 

This will set the “why” behind your retirement goals. Having an understanding of why retirement is important to you starts with asking yourself what activities you look forward to doing the most or what kind of lifestyle you want to live. 

Here are additional questions to help guide you: 

• Where do you want to live?
• Do you want to continue working or to start a business for more income sources? 
• Is travelling part of your plan?
• How do you spend your free time? 

If you are still far from retirement or you have no idea when you think you’ll hang up the gloves, focus on things you currently enjoy doing. Your vision of retirement may be as simple as having more time and opportunity to channel more of your time and resources towards activities or things that you already enjoy doing. 

2. How much money will I need in retirement?

When we talk about retirement, money is one of the most important aspects to take into consideration. 

So, how much retirement savings do you need? The Association of Superannuation Funds of Australia (ASFA) suggests a comfortable retirement income for a home-owning couple is $62,828 per year, while a single person would need around $44,412 per year.  

This income will be a combination of a part-age pension and retirement savings of $640,000 for a couple and $545,000 for a single person.

While these figures can be a great starting point, there are other things to consider when you are estimating how much money you will need to save up.

Another thing to consider is how long you plan on living. While life expectancy isn’t something most people like to think about, your expected longevity will play a crucial role in your retirement planning. The longer your life expectancy, the higher the amount you spend in retirement. 

Your expected annual expenses in retirement is also another factor to consider when adding up the numbers. Some people spend more once retired. They travel or take on more hobbies, while some are saddled with heavy medical bills. Others spend less due to lower transportation costs and they find that they have no need to update their wardrobe as much.

You will also need to factor in the rate of return you will earn on your savings and investments. Inflation, as well as other economic factors, should also be taken into consideration. 

Sounds complicated? To help get you started, create a realistic budget. Firstly, look at the money you spent over the past 12 months. Adjust for items that may not be needed in retirement, such as work clothes, and add new likely expenses (medical bills, travel and vacation funds etc).

Financial advisers often rely on a 4 per cent rule when it comes to estimating how much you can afford to spend yearly once retired. 

The metric, created in the 1990s by financial adviser William Bengen, suggests retirees can withdraw 4 per cent of their total portfolio in the first year of retirement. That dollar amount stays the same each year and rises only with annual inflation.

Just keep in mind that whatever number you come up with is merely a ballpark estimate. Reviewing your current and future budget is a more reliable method to figure out your desired income amount.

Many other factors, such as your planned lifestyle expenses, future inflation rates, anticipated healthcare expenses, and whether or not you will be debt-free, influence the total amount of savings needed to fully fund your retirement.

If you find the process to be overwhelming, you may seek the help of a certified financial planner to help you create a holistic financial plan. 

3. How and when can I access my super?

Your age, work situation and the type of benefits included will dictate how and when you can access and draw down your superannuation fund. 

While there are quite a few special circumstances that allows you to access your super, you can generally access it if you:

• Reached the preservation age (see the Australian Taxation Office’s guidelines) and retired.  
• If you’ve reached preservation age but haven’t met any of the conditions of release, you can access some of your super while you continue to work with a transition to retirement (TTR) income account.
• Reach the age of 65 years old (even if you have not retired).

Once you have confirmed your eligibility to access your superannuation, the most popular method to use in retirement is known as an account-based pension (also called income stream or allocated pension).

An account-based pension is a retirement income stream which you can start using the proceeds from your super balance, once you’ve met a condition of release.

This pension is simply a regular income from your superannuation that is tax-free for those aged 60 and over. If you are under the age of 60, a declaration of the pension on your tax return needs to be presented, and you will receive a 15 per cent rebate on that amount. 

4. What are my other income options during retirement?

For many retirees, government entitlements such as the age pension will be a pillar of their retirement income.

Once you have reached the qualifying age, you are given access to the Age Pension. 

There are two tests for determining the amount of age pension you receive. These are known as the asset test and the income test. According to Services Australia, the test that results in the lowest pension amount payable will be the one that applies. Read our article on how to access the age pension to learn more. 

Even receiving a small age pension payment could give you access to the Pensioner Concession Card (PCC). A concession card helps you access cheaper healthcare, medicines and some discounts. 

It’s worth noting you may be able to continue to earn some employment income without reducing your age pension payment with the  Work Bonus scheme. As all government entitlements, you will need to meet certain eligibility requirements.

But what if you are not eligible for any age pension? If you are fully self-funding your own retirement, you may be qualified for the Commonwealth Seniors Health Card (CSHC) instead. With a CSHC, you may get benefits such as cheaper medicine under the Pharmaceutical Benefits Scheme, bulk-billed doctor visits and refund for medical costs when you reach the Medicare Safety Net.

5. What should I do about property?

When people are young and employed, they tend to live more in urban areas. However, these areas usually have a high cost of living, making it expensive for retirees to live in.

Therefore, some people who are nearing retirement should consider moving to a more affordable location, or selling/downsizing their homes. These options will also free up some cash that you can use during retirement.

If you’re moving to another location, affordability should not be your sole consideration. Here are some factors that should be considered when picking a new place to live: 

• Proximity to family members
• The cost of housing (or potentially renting) 
• Access to healthcare facilities
• Access to entertainment  
• Proximity to major airports and transportation hubs 
• Year-round weather conditions
• Taxes 

It is almost impossible to find an area that fits every need, so the best strategy is to move to an area that meets the bulk of your needs, particularly those related to long-term health and wellbeing. 

If you’re not seeking a change of scenery and you need additional money to boost your retirement savings, one option is a reverse mortgage. If you are considering a reverse mortgage, it’s important to understand the pros and cons. Our article on reverse mortgages may help shed more light on this option. 

Another option to use your home for extra money is the government Pension Loans Scheme. It is a kind of reverse mortgage, paying recipients a fortnightly amount of up to 150 per cent of the age pension rate. You will need to meet certain requirements to be eligible.

You could also consider joining the ranks of the Airbnb hosts and choose to rent out part of your home to make extra money. Here are some things you should know before hosting an Airbnb. 

6. Is my estate plan ready?

In order to make sure that your affairs are in order when you die, it’s sensible to do some estate planning. 

There is a common misconception that you have to be rich in order to have an estate plan. While most of us are familiar with leaving a will when we pass away, there is still a large percentage of Australians who do not have one. It’s no surprise then that drafting an estate plan is even lower on the list of things we prioritise when financial planning. 

So, let’s set the record straight: you don’t need to be wealthy to create an estate plan. Your estate includes everything you own, and it can be any size.  

Estate planning is an important aspect of your financial plan and shouldn’t be a last-minute task. A comprehensive estate plan will ensure that your assets and investments are properly distributed to your family or beneficiaries in the most efficient and hassle-free way possible. 

Read our guide on estate planning to help get you started. 

Conclusion 

Planning for your retirement can be overwhelming. Consider these questions as a starting point to guide you in your planning process.

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No matter what age you are, it’s always a good idea to start thinking about your post-work life. Here are the most important questions you should ask when planning for your retirement. 

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Record-low interest rates, higher-valued stocks and tax implications mean that retirees need to rethink their investment strategies, an industry expert has said.

Write comment (0 Comments) " ["fulltext"]=> string(3885) "

During a media briefing, HLB Mann Judd informed retirees that the long held 60-40 investment model of risky versus secure assets is no longer viable, with retirees now needing an 80-20 ratio to live comfortably.

HLB’s fund manager, Jonathan Philpot, warned retirees that in an ultra low interest rate environment, refusal to take on additional risk could result in returns of just 2 per cent over the next decade.

“Many retirees wish to preserve their capital throughout retirement, which requires a 5 per cent plus return from super – this indicates you may need to be 100 per cent invested in the sharemarket to achieve this,” Mr Philpot explained.

However, Mr Philpot warned of events such as the COVID-19 pandemic, which saw markets fall by as much as 37 per cent in a number of weeks.

“This is what is called sequencing risk, and if you were to sell down your share position, as you would be strongly considering, then you now lock in this loss that your portfolio will never recover from, and not only is your goal of preserving capital throughout your retirement gone, but most likely you will run out of money in your retirement years,” he warned.

Retirees refusing to spend

A major finding of the Retirement Income Review, released last year, revealed that older Aussies should spend their superannuation instead of preserving it, however, Mr Philpot highlighted that the government’s message is not readily welcome by retirees. 

“If you’ve built up [capital] , you’re self-sufficient and you’re not relying on a pension, many of these retirees are now wishing to preserve this capital,” he said.

While highlighting changing rules will make it harder for retirees to preserve large amounts of capital in the superannuation system, Mr Philpot noted that many older Australians still wish to pass on their retirement funds to the next generation.

“In regards to the overall picture of ‘am I happy to wind down my superannuation over my expected lifetime’, for some people they are happy to do that and leaving the kids the Sydney property they have, but for the majority, certainly in our clients’ case, it’s more preserving that balance,” he said.

Changing investment structures

For wealthier Australians looking to pass down their superannuation balances, HLB Mann Judd Sydney wealth management partner Michael Hutton highlighted the importance of alternative structures.

Even after a raft of changes to the superannuation system, wealthier Australians may still need an alternative investment option, Mr Hutton opined. 

“While the changes are welcome, superannuation is not without limitation, and some Australians should consider alternative options to complement their superannuation.

“For wealthy retirees in particular, the tight superannuation contribution limits have reduced the level of wealth they can accumulate in super and thus the amount they can draw in retirement,” he said.

Mr Hutton said an investment company can receive a loan from the family, invest the funds, and pay tax on earnings at the company tax rate of 30 per cent. While this is higher than the superannuation rate, it’s lower than the highest personal marginal tax rate.

“Once in retirement, people can draw a pension from their superannuation fund, and any additional funds required can be drawn from their investment company. Because the money has been loaned to the company, the funds drawn out each year can be taken tax-free, and applied against the loan account.

“An investment company is perpetual and makes an ideal investment structure for families looking to build and protect their assets for future generations,” Mr Hutton concluded.

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["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(81) "/retirement/planning/do-older-aussies-need-to-rethink-their-retirement-strategies" ["image"]=> string(54) "images/article-826x550/old-couple-in-retirement-ne.jpg" ["image_alt"]=> string(62) "Do older Aussies need to rethink their retirement strategies? " } [2]=> object(stdClass)#6042 (56) { ["id"]=> string(5) "16840" ["title"]=> string(76) "‘Surprising and disappointing’ lack of innovation in retirement products" ["alias"]=> string(70) "surprising-and-disappointing-lack-of-innovation-in-retirement-products" ["introtext"]=> string(404) "

Despite an ageing population, the “surprising and disappointing” lack of retirement product information is holding members back, an industry expert has revealed.

Write comment (0 Comments) " ["fulltext"]=> string(3157) "

In a media briefing, Zenith Investment Partners chief executive David Wright revealed that members approaching retirement have different needs to every other phase of wealth management, yet the industry lags behind in products for these Australians.

“We have known for some time that a population bulge has been moving through the system, so it is both surprising and disappointing that, as an industry, we haven’t made better progress on retirement products or portfolio construction,” he said.

Not only are a lack of innovations in the retirement phase hurting members, Mr Wright noted there remain unresolved issues about how the superannuation system is serving those in accumulation phase.

Commenting on the government’s Your Future, Your Super reforms, Chant West general manager Ian Fryer said the Your Future, Your Super legislation will go a long way to resolving these issues, albeit having reservations about the the superannuation performance test regarding the use of one metric over a single period to determine whether a fund passed or failed.

“The asymmetry of consequences of the proposed performance test – between not meeting the benchmark and doing much better than it – will inevitably lead to poorer investment outcomes for members in some funds, as the focus shifts in those funds from long-term performance to passing the test,” he said.

Rather than having a single test, Mr Fryer stated he believes there should be separate tests for investment performance and administration fees and that both tests must be met by each fund.

“This is at odds with Treasury’s push for one test. However, if there must be only one test, we agree that it should include administration fees. But given significant changes in administration fees in recent years and historical problems with inconsistent disclosure, the administration fees included in the test should be either current or recent fees, not historical fees that no longer have any relevance to member outcomes,” he continued. 

Mr Fryer also questioned the stapling of a member to one fund for their entire career, urging the government to better address members’ needs under the proposed reforms. 

“The current system of defaulting new employees to the employer’s default fund has resulted in millions of unintended multiple accounts. While Protecting Your Super has dealt with this to some extent, it does make sense to stop the creation of new unintended multiple accounts through an approach such as stapling, even though there is a very real danger of members remaining in funds that are not suited to them based on industry and insurance cover,” he continued.

“However, if we are going to introduce stapling, the ATO will need to provide a system from day one where details of new employees can be electronically uploaded in bulk, and stapled fund details are provided to employers in bulk, not just one by one. If this is not available, then the introduction of account stapling should be delayed,” Mr Fryer concluded. 

 

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Despite an ageing population, the “surprising and disappointing” lack of retirement product information is holding members back, an industry expert has revealed.

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["introtext"]=> string(354) "

The “once-in-a-generation” reforms have fallen short of the measures required to fix the neglected sector, industry experts have said.

Write comment (0 Comments) " ["fulltext"]=> string(3078) "

The government has said that it will spend $17.7 billion over the next five years to help fix the broken aged care sector, describing it as a “once-in-a-generation reform”.

The funding injection is in response to the aged care royal commission that ended in March, which revealed chronic underfunding resulting in severe cases of neglect for older Australians.

In response, Treasurer Josh Frydenberg announced big-ticket items, including more than $3 billion for a $10 Basic Daily Fee supplement and $6 billion to tackle the home care waitlist with 80,000 new home care packages.

He also promised to increase the time nurses and carers spend with patients and to support over 33,000 new training places for personal carers and a new Indigenous workforce.

“We will provide retention bonuses to keep more nurses in aged care,” Mr Frydenberg said.

“We will increase access for respite services for carers.

“We will strengthen the regulatory regime to monitor and enforce standards of care.”

However, most of the dollars are set to flow in 2023-24 ($5.5 billion) and 2024-25 ($5.5 billion).

Mr Frydenberg said this package brings the government’s investment in aged care to more than $119 billion over the next four years. Moreover, according to the government, they’ve accepted or accepted in principle 123 of the 148 recommendations made by the royal commission. 

“We are committed to restoring trust in the system and allowing Australians to age with dignity and respect,” the Treasurer said. 

However, as critics have pointed out, the government has fallen short of fully funding the aged care royal commission's findings, which state the sector will need a cash injection of $9.8 billion a year.

RACP spokesperson Dr John Maddison said the $6.5 billion investment in Home Care Packages is a positive move, but that more funding across the board may be required to achieve the big picture reform that the aged care system needs.

“The additional funding in the budget represents a much-needed boost to aged care. Whether it will be enough to completely address the recommendations of the royal commission is unclear,” Dr Maddison said.

“The fact is, the royal commission identified a $9.8 billion annual shortfall existing in aged care. Now we’re looking at approximately an average of $3.4 billion additional per year, for five years.”

While Dr Maddison pointed to underfunding, Opposition Leader Anthony Albanese went a step further, blaming the government for ongoing underfunding. 

“Take aged care, they have adopted some of the recommendations to the aged care royal commission, issues of hours in which nurses and carers should be able to see aged care residents,” Mr Albanese told the ABC.

“What they haven’t done is do it on the same time frame. There’s not the next stage. That was seen to be the first step. There is nothing there also about wages in terms of aged care workers.”

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The “once-in-a-generation” reforms have fallen short of the measures required to fix the neglected sector, industry experts have said.

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The government has announced more than $17 billion in assistance to the underfunded aged care sector over five years.

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Treasurer Josh Frydenberg has announced that his government will increase aged care spending by $17.7 billion over the next five years by investing $250 million in 2020–21, $2.1 billion in 2021–22, $4.4 billion in 2022–23, $5.5 billion in 2023–24 and $5.5 billion in 2024–25.

“The Prime Minister called the Royal Commission into Aged Care Quality and Safety,” the Treasurer said. 

“It revealed shocking cases of neglect and abuse.

“Tonight, we commit $17.7 billion in practical and targeted new funding to significantly improve the system.”

The $17.7 billion includes $7.8 billion to reform residential care to support a better and more sustainable system; $7.5 billion for immediate investments for care in the home; $942 million to drive systemic improvements to residential aged care quality and safety; $652.1 million to grow a skilled, professional and compassionate aged care workforce; and $698.3 million to improve the governance across the aged care system.

Moreover, Mr Frydenberg said he will fund another 80,000 new home care packages, bringing the total to 275,000 home care packages available.

He said the government will increase the time nurses and carers are required to spend with residents.

“We will make an additional payment of $10 per resident per day to enhance the viability and sustainability of the residential aged care sector.

“We will support over 33,000 new training places for personal carers, and a new Indigenous workforce,” Mr Frydenberg continued. 

The increase in funding follows the release of The Aged Care Royal Commission that contained 148 recommendations aimed at bringing about a “paradigm shift” within the sector.

Prior to the budget announcement, Opposition Leader Anthony Albanese condemned the budget leak, telling reporters the promises of increased spending are just the Liberal Party trying to sell fixes to a “mess” that they themselves have created.

“This is a government that waits until there’s a crisis before it responds,” Mr Albanese said.

“On aged care in 2019, they received a report titled Neglect. But they have waited until this week for any response.”

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The government has announced more than $17 billion in assistance to the underfunded aged care sector over five years.

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The majority of Australians believe in raising the aged pension as well as lifting the rate of superannuation to 12 per cent as they worry about having enough in retirement, new research has revealed.

Write comment (0 Comments) " ["fulltext"]=> string(1880) "

Survey data of 3,500 adults by Australian National University found that seven in 10 Aussies believe the current pension rate of $944.30 per fortnight for a single person is not enough to survive on.

Instead, they support lifting the rate to $1,115 per fortnight.

The survey data also showed that over half of people (55.7 per cent) who aren’t yet retired are worried they won’t have enough savings to live comfortably when they stop working.

This is a big jump from 39.6 per cent when the ANU did a similar survey in 2015, study co-author Nicholas Biddle said.

“Of those Australians who say they are worried about not having enough money in retirement in 2021, females, people who hadn’t finished year 12 and those outside capital cities were most concerned,” Professor Biddle said.

It found that a clear majority of Australians, 55 per cent, think the rate of superannuation payments should be increased from 9.5 per cent to 12 per cent by 2025 – a change already legislated.

Another 20.8 per cent said the rate should be greater than 12 per cent.

JobSeeker also a concern

When it came to the question of unemployment benefits, the survey showed that Australians think the rate of $620.80 per fortnight for a single person with no children is too low despite the government recently announcing an increase in benefit payments.

Instead, on average respondents believe the government should lift the rate to $711 per fortnight.

“On balance, it would appear that there is very little support for JobSeeker to return to its pre-COVID level, with a little under three quarters of the population thinking it should be higher,” the study showed.

However, roughly a third thought it should be higher than the $620.80 per fortnight currently paid.

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The majority of Australians believe in raising the aged pension as well as lifting the rate of superannuation to 12 per cent as they worry about having enough in retirement, new research has revealed.

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