Addressing retirees' fears of running out of money is essential for enhancing their quality of life. One of the biggest fears for retirees is running out of money during retirement and the impact this may have on their quality of life. With this in mind, many retirees only draw down the minimum of their account-based pension and lack the confidence to spend their retirement savings. They later regret being overly frugal in their early years of retirement. This is called ‘Regret Risk’.
Read MoreThere are four steps which must be completed to successfully claim a tax deduction for your personal superannuation contributions. If one or more steps are missing or not completed, the Commissioner of Taxation has no discretion to overlook those missing or incomplete steps.
Read MoreIf life is what happens when you’re making other plans, retirement is no exception. If you are in a position to put your plans for retirement into action - health, wealth and happiness are all up there as things to think about. From finances to feelings about leaving work, this article is all about the things to keep in mind when planning for life beyond the 9 to 5.
Read MoreThe maximum age pension rates from 20 March 2024 will be
Two significant changes have been made to the Work Bonus scheme. These changes apply from 1 January 2024. The first change is that an initial credit of $4,000 will be granted to the “work bonus bank” of each new age pension recipient. The second is that the maximum balance of the “work bonus bank” has been increased to $11,800 (previously the maximum balance was $7,800).
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