A big part of retirement planning is calculating your future income from superannuation, to assess when you can afford to stop working or move to part time work. Many people are now taking stock of their super savings and revising their expectations as returns have dropped with global economic uncertainty.
There are a number of online calculators available, such as the Australian Securities and Investments Commission’s super and retirement planner at www.moneysmart.gov.au . The National Information Centre on Retirement Investments (NICRI) website also provides tools and calculators.
The ASIC website also has a useful section to search for lost accounts or unclaimed money which may be owing to you, including:
• Superannuation accounts
• Bank, credit union and building society accounts
• Shares
• Life insurance policies
• Unpaid wages
• Money held by state governments
As discussed in previous news articles, another important part of the retirement planning equation is managing your assets, and in particular your home. Downsizing to free up capital - or to reduce your mortgage before retirement - is another way to recalibrate your finances. Downsizers aged over 55 may also qualify for stamp duty exemptions before July 2012.
Read more on the Seniors Housing Online news and information page.
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