Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
So how much do you need in super to retire comfortably?
The Association of Super Funds (ASFA) have suggested that a couple will require $640,000 in super and a single retiree $545,000, to enjoy a comfortable retirement. These figures are based on the fact that at this level of assets, under current rules, retirees will still be eligible to receive a part Age Pension which can be used to supplement the income stream provided from super.
However, what one considers a comfortable retirement will differ form one person to another. ASFA has categorised what varying levels of income could provide to a healthy retiree who owns their own home in the following table:
In order to give yourself the best chance of a comfortable retirement seek at advice from a licensed qualified financial advisor and don’t leave it too late. Creating an investment strategy and a savings plan as early as possible will allow the enormous power of compounding returns to assist you in achieving a comfortable retirement.
“Expect problems and eat them for breakfast” – Alfred A Montapert.