Plan for Retirement Now

Retirement planning is complicated!

With us guiding you through the process, great outcomes are achieved. It is never too late to have a plan, so if you would like to discuss your retirement needs, please contact us.

Do you have enough Superannuation to Retire?

According to 2016 figures*, a couple needs at least $58,922 per year to maintain a ‘comfortable’ retirement. That means you would need a sizable amount in your superannuation if you are planning to be retired for 30 years without relying on Government benefits (which may not be available in future years with Australia’s ageing population).

There are a number of simple strategies that you can use to substantially grow your wealth and therefore your retirement income. Fortress can provide advice to help make this happen, and can also help ensure that your income is supplemented with any Centrelink benefits available in retirement.

*Source: ASFA Retirement Standard, March Quarter 2016

Fortress Tip: Use the Retirement Planner to find out what income you are likely to have from Super and the Age Pension when you retire.

How do I maximise income but remain conservative?

At Fortress, we understand that market volatility and negative returns can have a huge impact on retirees. We adopt a conservative approach to ensure you aren’t awake all night watching the markets!

Retirement funds can be invested in a number of ways from allocated pensions, annuities and cash funds, right through to longer term assets such as shares and property. Fortress believe in empowering clients through education, therefore decisions are made consultatively with you. This gives you a greater understanding of your financial situation so that you can make the best and most informed decisions for your future.

When can I access my super?

This depends on when you were born (see below) and if you are still classified as ‘working’. Generally, once you reach 60 and retire, your superannuation benefits can be withdrawn tax-free as either a pension or lump sum amount.

Before 1 July 1960: 55
1 July 1960 – 30 June 1961: 56
1 July 1961 – 30 June 1962: 57
1 July 1962 – 30 June 1963: 58
1 July 1963 – 30 June 1964: 59
1 July 1964 onwards: 60

If you are over 55 and want to maximise your super balance before retirement, you could also consider the ‘transition to retirement’ strategy. This involves making extra contributions to super which reduces your taxable income. This strategy provides tax savings and increases your superannuation balance, but does not have to affect your after-tax income.

Fortress Tip: Use the Retirement Planner to find out what income you are likely to have from Super and the Age Pension when you retire.