The end of the financial year is rapidly approaching and, along with it, the opportunity to claim a tax deduction on additional superannuation contributions.
Why contribute more to super?
Superannuation does impose restrictions on access to your money. It is, after all, intended to provide for your retirement. So why would you lock up more of your money? Because superannuation remains one of the most tax-favoured environments within which to build wealth. That can make it an ideal place to invest your long-term savings.
We often hear Australian expats taking the age-old ‘set and forget’ approach when it comes to their superannuation. Here we wanted to explore some of the risks you may be exposed to in an Australian expats superannuation fund.
Generally, the superannuation can’t be touched for years. With this in mind, we are often asked why should expats bother looking into it before they jet off or even while they are abroad? A recent article out of the Australian Financial Review (AFR) has placed the spotlight on how our superannuation is invested and potentially exposing expats to investment risk that they may not have been aware of.
It points out the lack of transparency that members face when it comes to knowing where their super is invested and what the actual level of risk members take on by being in specific investment option (i.e. Balanced, Growth and High Growth).
Lifestyle is a very personal thing – luxury living for one person is a modest existence for someone else. This article offers you some guidance on the amount of money you need for retirement to cover your basic living costs and support a hobby or active social life. For example, do you expect to take frequent holidays and are you planning to enjoy regular glasses of wine or beer?
Choosing a retirement lifestyle is simple — you live the life you can afford. If you want a more salubrious lifestyle, you save more, earn more, win the lottery or inherit lots of money from a rich relative. The same philosophy applies to your retirement lifestyle. If you want a comfortable life in retirement, then now is a good time to start thinking about what that type of life will look like.
So, the big question is: how much money is enough for your retirement? Or more specifically, have you worked out the amount of superannuation and other savings that you will need to finance your retirement?
Kofkin Bond & Co announced today, it has won the Australian Financial Planning Practice Development Award 2017, at the Total Financial Solutions Australia (TFSA) awards evening in Adelaide.
The award is presented to extraordinary and visionary advisers and practices, recognising best practice financial planning, qualities in leadership, customer focus and improve Australia’s financial literacy.
Kofin Bond & Co Tony Kofkin said the Award is testament to our commitment to improve our client’s financial literacy so they can make informed decisions for their future and improve well being.
For the past year, we’ve espoused the benefits of managing risk, more so than taking risk.
On 5 February 2018, the Dow Jones Industrial Average plunged 1,175 points,1 marking an exceptionally volatile day for financial markets around the world. The 4.6% drop was the biggest decline since August 2011 and caught many market participants by surprise.
You have probably heard of the significant benefits associated with workplace wellness programs; perhaps you have even implemented one in your organization. What many employers (and others) don’t realize is that financial wellness is just as important as physical wellness. In fact, employees who struggle from financial trouble are often more likely to have less focus at work, an unhealthier lifestyle and higher medical costs. Incorporating a financial component to your wellness program can be a strategic move that both your budget and your employees will appreciate.
Many Australians don’t have to think twice about saving for retirement because their employer regularly contributes on their behalf. These savings then have decades to grow and years to ride out the ups and downs of the share market.
But what happens once you retire? Is there a one-size-fits-all, no fuss retirement investment option? Right now there’s not, so it’s important to understand what you need to start thinking about to make the most of your retirement savings. Brian Long explains.
By Ashley Owen on May 18, 2017
The 2017 Federal Budget has turned attention as usual to the issue of government debt. Commonwealth governments ran a surplus during the mining boom from 2003-2008 but it has run deficits since the GFC to prop up employment and growth. The deficits have been funded by running up $500 billion (and rising) in debt. Is this too high? Can we afford it?
Financial planning is very much so a “chicken or egg” exercise when it comes down to which part of one’s financial life. Where do you start?
While I love to delve off into economics, investments, strategies, etc. I find my default is to first ensure everything my clients intend to happen, even in the scenario of an unplanned event, still does happen.
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