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Partner News: 6 tips to secure the retirement lifestyle you want

Nexia Australia is a full service accounting and advisory firm and a long-standing partner of the Associations Forum. In this member article Nexia Financial Adviser Victoria Habra outlines sensible strategies that can make a significance difference to your retirement savings....

  1. Explore your super contributions

For starters, you may be able to increase your pre-tax super contributions. Or you may be able to make a contribution out of your own pocket.

If you have a spouse or partner, it may be worth making a contribution to his or her fund.

  1. Explore your super investment strategy

Now is also the time to review your super fund to check that your nominated investment strategy is in line with your tolerance for risk and meets your return objectives.

  1. Pay off the mortgage or grow super?

If you still have money owing on your home loan, you may be wondering whether it’s better to focus on pay down this debt or add the money to your super. Everyone’s situation is different; we can look at your personal circumstances to assist you in making an informed decision.

  1. Lending a hand to the kids

You may have plans to give your adult children or grandchildren a financial helping hand. Just be sure you have sufficient funds in place to secure your own lifestyle first before offering financial assistance.

  1. What about a self-managed super fund?

A self-managed super fund (SMSF) can have real benefits, allowing you to have control over how your super is invested.

We’ll be happy to explain if a SMSF is right for your circumstances. Managing your own retirement savings is a significant responsibility – and one that comes with costs of its own.

  1. Investments outside of super

Along with your superannuation, it is a good idea to grow your investments outside of super. This may give you a diversified pool of funds to draw on.

At Nexia we are dedicated to the success of our clients at every stage of their life. We strongly encourage individuals to consider the lifestyle they want in retirement and to implement strategies now to ensure this is realised.

If you would like assistance in relation to developing a retirement savings plan we invite you to speak Nexia Financial Adviser, Victoria Habra on VHabra@nexiasydney.com.au. Learn more about Victoria here.

 

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