If you are a self-funded retiree there’s some good news, with the government legislating to increase the income thresholds for the popular CSHC. This new rule will allow an extra 44, 000 older Australians access to the relevant pharmaceutical and medical benefits discounts and other associated concessions that the card provides.
Some significant superannuation boosting opportunities have become available because of recent legislation changes. These new Laws are particularly good news for older Australians who stand to benefit the most. If you are assuming the super door has been closed forever, think again. Now is a great time to seek advice on how to minimise tax and maximise your retirement savings. There is also some good news for retirees looking to downsize and those saving for their first home.
Estimating your future living costs when planning for retirement can be difficult. As your lifestyle changes some expenses will be reduced, for example mortgage repayments are hopefully cleared and you may be able to cut down on your insurances. It is worth doing a bit of a deep dive into possible expenses that may crop up for you as it’s wise to have some flexibility and wriggle room to cope with life’s unexpected events.
Finally, it’s time to pull up stumps. You have worked hard and feel its time you spent more time doing things you enjoy rather than working. Retiring is a major life moment and it’s important that you have the right plans in place to make the most of this milestone. We have prepared a checklist of things to think about if you are retiring this year.
