Jacqueline Hodges shares her thoughts on what happens when you retire.
Read the snippet here…
Now I am Retired
There is a lot to consider as you prepare for retirement. You start looking, at your home and wonder what needs repairing. You might begin to question if is this really where you want to be. You’ll look at your car, your belongings, your cost of living, your debt, your super, all to make sure you have enough saved to live your dream retirement. You begin to think about YOU really want and you start to make plans. After all, this is truly a time you want to enjoy!
Investing for Your Retirement
As they say, the earlier you start saving the more you will have saved for your retirement. Superannuation is a good place to save and you will have the benefit of being taxed at 15%. But it is not your only choice. You can hold savings and investments in your own name, or through a company or trust. Although the tax treatment will usually be higher than in superannuation.
Another way to invest is to grow your business and sell when you are ready to retire. Small business owners may enjoy concessional tax treatment on the sale of business, meaning more for retirement.
Read Now I am Retired…What Happens Next? to understand the facts, the problem and the solutions to improve your retirement in WFO 2023 July Issue 7.