For those planning their retirement, there was a collective sigh of relief after the budget was handed down. Whilst confidence was bolstered by confirmation that superannuation will remain untouched in this term of Parliament, you need to be aware of some key considerations for your retirement savings strategy including keeping abreast of contributions caps as they relate to your specific situation.
If you are under 50 years of age in 2014/15 your tax deductible (concessional) contributions must not exceed $30,000 - up from $25,000 in 2013/14. If you are turning 50 or older in 2014/15 your concessional contributions will be capped at $35,000 - down from 60 years in 2013/14.
We offer a specialisation in personalised retirement savings strategies and can help guide your decision making regarding an appropriate concessional contribution strategy designed to help you achieve your retirement goals.
If you are making non-concessional contributions (i.e. non-tax deductible contributions), be aware that they must not exceed $180,000 per annum and if you are aged under 65, you can choose to bring forward two years’ worth of entitlements (totalling $540,000). Whilst making additional contributions could be an advantage, how do you know whether this approach is appropriate for your set of circumstances?
We can work with you to help identify and articulate your retirement lifestyle goals. From there, we tailor a personalised retirement savings solution designed to help you realise those objectives. This could include reviewing your investment strategy and creating savings targets in line with your longer term goals.
Failure to seek professional guidance, in collaboration with your accountant, could see you forego potential taxation efficiencies. Without an appropriate financial plan, you could be forced to rely on the pension to fund your retirement lifestyle.
We invite you to meet with us for a discussion about your specific circumstances and how you can start saving today for the retirement lifestyle of your choosing tomorrow.
If you would like to discuss retirement planning in more detail, please contact us on (02) 6041 8244.