When I refer to your retirement, I like to think of it as your financial retirement. We always want people to aim for a particular goal so they are able to choose what they want to do. Part of that is having enough funds to do so.
A big part of this for most people is using Superannuation. Superannuation in Australia is a great vehicle that can help anyone gain more wealth. With a low tax rate of 15% and even as low as 0%, Superannuation is important to any wealth plan.
The use of the Superannuation system can save thousands, and even more for those who are getting closer to their retirement date. When you get there, using the Superannuation system to help fund your income is one of the best ways to get tax free money. Currently, you can receive money tax free from super after the age of 60. Also, when your fund is in pension mode, it doesn’t pay tax.
So not only the income you receive in your hands is tax free, but the earnings are tax free also. It really is a win-win as tax is for a lot of people one of their largest expenses. So when planning for your financial retirement, it is important that you consider everything that is available to you to maximise what you have.
If you would like to know more on how to save thousands heading into retirement, the best thing you can do is contact a Financial Adviser.
Owner of PCR Accounting & Advisory, Peter Marmara-Stewart is a top-tier accountant and financial advisor dedicated to helping clients reach their business goals and achieve financial freedom. Peter is highly regarded for his client-focused approach and entrepreneurial spirit, catering to a diverse range of professionals across a wide scope of industries all across the country. Peter’s expertise can help you plan effectively, set goals, maximise profits and protect your assets. Get in touch today on (03) 9847 7516.