Question 1

When we stop working, how much income will we need to live comfortably in retirement?

The amount of income you will need really depends on your current age, desired retirement age, lifestyle expectations, healthcare costs and inflation. You then need to consider your retirement income and where it will come from, for example, will it be funded by the Age Pension, your super, personal investments, or a combination? A comfortable retirement for a single person retiring at 65 has been calculated by the Association of Superannuation funds of Australia (ASFA) as being $50K per year or $70K combined for a couple until life expectancy.

The best and more precise way of working out how much you need is to work with a financial adviser. They can help you assess your financial situation, estimate future expenses, consider potential income sources, and create a personalised retirement strategy.

Question 2

Some friends of ours have recently started getting the Age Pension. We would also like to apply for this. Can we get it?

To be eligible for the Age Pension, you must meet a few criteria. The qualifying age is currently 67. You must be an Australian resident and have been here for the last 10 years, with at least 5 years of those being continuous. There is also an assets test & income test you must meet. There will be different thresholds for this depending on whether you are single or a couple and whether you have any dependents.

It’s important to know that the rules and eligibility criteria for the Age Pension can change, so it’s a good idea to look at the latest information on Services Australia and consult with financial adviser who can guide you through the process.

Question 3

I’ve recently changed jobs and realised that over time I may have lost super accounts with money still in them. Is there a way of finding them, even if I don’t have any paperwork?

Yes, you absolutely can! There are several ways you can go about this even if you’ve misplaced the paperwork. Firstly, try checking your old payslips and tax returns. Your previous employers’ details may be listed on there and you can contact them directly to see if they have any records of your contributions. If this doesn’t work, you can search for missing super with ATO online services through MyGov. Here you can also check that your super has been paid.

If you do locate missing accounts, we strongly suggest you seek an adviser to determine whether it is appropriate to consolidate them into one fund, as there may be unintended consequences such as a loss of insurances when you complete the consolidation.

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