Christmas is a time for giving and it’s so easy to get caught up in the joys of the festive season and lose track of how much you are spending. Fortunately, there are a few tried and true strategies to manage your money to see you through the silly season into the New Year and … Read more
You can get your super when you retire and reach your ‘preservation age’. This is between 55 and 60, depending on when you were born. Or when you reach age 65, even if you are still working. There are special circumstances where you can access your super early. When you can get your super You … Read more
Aging at home with government-subsidised funding is made possible through the Home Care Packages program. However, a crackdown on what the funds can be used for and a shortage of support workers, can make it challenging to understand the funding available. If you are approved for a Home Care Package you will be assessed at … Read more
Conditions of release of super The conditions of release that must be satisfied for legal superannuation withdrawals. You can withdraw your super when you: turn 65 (even if you haven’t retired) reach preservation age and retire or start a transition to retirement income stream while continuing to work satisfy an early access requirement. Retirement means you have ceased gainful employment either: … Read more
Understanding cash flow Understanding cash flow can be the difference between a solid long-term investment and a costly mistake, writes Michael Sloan. So do your research – and get good advice before you buy. What is negative cash flow? Oftentimes investment properties generate negative cash flow. That means, you must put money in each year … Read more
How much tax you pay on retirement income depends on your age and the type of income stream. For most people, an income stream from superannuation will be tax-free from age 60. How super income streams are taxed Types of super income streams Income from super can be an: account-based pension — a series of regular … Read more
Catch up on your super If you’ve had an irregular or interrupted income in the past, you might’ve missed out on opportunities to contribute to super. If you don’t fully utilise your concessional cap, and you’re eligible, you may be able to make ‘catch up’ on concessional contributions. What is a ‘catch-up’ concessional contribution? It used … Read more
Bucketing is a smart way to manage your money without complicated budgets or spreadsheets. The idea is to set up multiple bank accounts called ‘buckets’ and use each one for a specific purpose, like bills, savings or entertainment. Once your buckets are set up, it’s easier to see and control how you spend and save … Read more
Borrowing to invest, also known as gearing or leverage, is a risky business. While you get bigger returns when markets go up, it leads to larger losses when markets fall. You still have to repay the investment loan and interest, even if your investment falls in value. Borrowing to invest is a high-risk strategy for … Read more
