With many Australians now living longer than generations before, planning for a comfortable retirement is more important than ever. Australia’s increasing ageing population is placing immense pressure on federal government funding for health and welfare assistance. Over the last 20 years, the number of Australians aged 85 years and over has grown by 165 per cent; representing the fastest growing segment of the country’s population.
This pressure on government funding for the age pension is set to continue. In fact it’s estimated that by 2030 only three working Australians will pay income tax for every retired person on the age pension. About 20 years ago that ratio was six to one.
Planning for a comfortable retirement is one of the most important things that you can do, yet many of us simply overlook accumulating savings for retirement. Often it just doesn’t seem important particularly early on in our working lives. However, the sooner you put a plan in place – the more comfortable you are likely to be in retirement.
At BMB Private Wealth, we can help you put in place a sound financial strategy for a comfortable retirement. We understand the complexities of superannuation legislation and the various structures that may be of benefit to you depending on your retirement goals and post-career aspirations. This includes self-managed superannuation funds (SMSFs), superannuation investment structures, and transition to retirement strategies.
The most important step is to seek advice from a qualified professional. If you’re thinking about retirement, please contact us, to find out how we can help you.