For many of us, retirement is when dreams become reality. Released from the commitment of fulltime employment, we are able to choose from a range of lifestyle options.
Planning early will help you get the most out of your retirement. People on average are spending around 20 years at school and education facilities, 40 years at full time work and another 20 years in retirement.
The Government’s objective is to provide a full pension only as a safety net for those in real financial need. Accordingly they have introduced tax concessions to superannuation and retirement income so that with adequate planning people can generate their own retirement income.
Your retirement plan should include answers to the following:-
- Where am I going to live?
- What will it cost me to live?
- What are my Superannuation entitlements?
- Am I eligible for transition into retirement?
- Am I eligible for a pension?
- You can check on your entitlements to Superannuation and whether you are eligible for transition into retirement or eligible for a pension by checking the following website: www.ato.gov.au