You've turned 50, now what? A to-do list to get retirement-ready
Turning 50 can be a big birthday for many people. It may also be the first time some people really start thinking about retirement planning. Whether retirement is 5, 10 or even 20 years away, it’s a life stage to not only plan for, but look forward to.
With Australians living longer and in better health than ever before1, you’ll likely be using your time to take on new challenges and do the things you’ve always wanted.
Having ideas about the lifestyle you want in retirement and using them as goals to work towards makes it easier to decide how much super you’ll need. Having retirement lifestyle goals can also help you choose which investment options and strategies are right for you.
*Figures apply to the 2015-16 financial year.
1The Australian Government Treasury, Intergenerational Report, March 2015.
2Table 1: Mean superannuation balance 2011-12, An update on the level and distribution of retirement savings, The Association of Superannuation Funds of Australia (ASFA), March 2014, p. 7.
3A higher cap of $35,000 applies if you were aged 49 or over at 30 June 2015.
Things to know before you Can:
This document contains general advice only. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial planner before making a financial decision.
Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information.
While care has been taken in the preparation of this document, no liability is accepted by Commonwealth Financial Planning, ABN 65 003 900 169, AFSL 231139, its related entities, agents and employees for any loss arising from reliance on this document.