Lighthouse Financial Advisers Townsville | Helping people over 50 retire with confidence
  • Home
  • What We Do
  • Who We Are
  • Podcast
  • Blog
  • FAQ
  • Contact Us

3 immediate changes you can make

16/3/2020

 
money in a jar next to coins with plant growing
There are a fair few strategies that we’ll be able to use immediately with most of our new clients to help achieve their retirement goals.
3 of the easiest and most important changes that can be implemented can make the biggest difference.

Cut your living expenses by 10-30%:

  • The expenses that clients truly get enjoyment out of aren’t the ones that we look to remove from your life.
 
  • It’s the expenses that clients don’t get any enjoyment out of anymore, or the ones where the cost doesn’t justify the little amount of enjoyment it does bring.
 
  • The more that is spent on these low benefit expenses, the less that is available to add to your retirement and to use on the things you really want to do e.g. travel.

Putting 10-30% of your wage into your super funds (maximising your concessional contributions):

  • This strategy is important as it produces a tax saving (free money).
 
  • Every individual has a concessional contribution cap of $25,000, inclusive of your Super Guarantee (minimum employer super contributions).
 
  • On average, our new client couples will have an extra circa $30,000 p.a. of combined concessional contributions available to contribute to reach their caps.
 
  • If the couple each had an income tax rate of 34.5% and decide to take this money as income, they would pay $10,350 worth of tax on the $30,000 earned.
 
  • When utilising this $30,000 as concessional contributions, the money would be taxed at 15% instead, reducing their tax payable on this amount to $4,500.
 
  • Not only do you create these tax savings, but you put your money in a place where it can accumulate and gain a return. You may not be able to access this money until you reach age, but the money is still yours nonetheless and will be growing.
 
  • It may seem hard at first to put that money away, but once you have put this in place, you will barely notice a difference.

Looking at your superannuation investment strategy:

  • Having your funds in a suitable investment strategy, gives your money the ability to work harder for you.
 
  • The power of compounding returns will increase your retirement balance over your lifetime significantly.


These 3 changes are not hard to put in place right now and the difference they can make to your retirement will be significant. Giving up some of your income now, will give you the ability to truly enjoy your time in retirement.

​Written by Ali Hogue

Comments are closed.

    Author

    Dallas Davison, Michael Hogue and Ali Hogue.

    Archives

    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    April 2018
    March 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    June 2016
    May 2016
    April 2016
    January 2016
    November 2015
    July 2015
    June 2015

    Categories

    All
    Alice Springs
    Book Reviews
    Budget
    Charters Towers
    Cloncurry
    Contract
    Contributions
    Debt Reduction
    Economy
    Events
    Examples
    FAQ
    Fees
    Financial Adviser
    Financial Planning
    Fund Management
    Goal Setting
    History
    Hughenden
    Inflation
    Interesting
    Interest Rates
    Investment
    Julia Creek
    Lifestyle
    Media
    Money
    Money Over 50
    Mount Isa
    Pandemic
    Pension
    Priorities
    Retirement
    Richmond
    Risk
    Sharemarket
    Superannuation
    Tax
    Travel
    Uncertainty
    Wealth
    Winton

​HOME
WHAT WE DO
WHO WE ARE
PODCAST
BLOG
CONTACT US

Important Information
Financial Services Guide
Privacy Policy
Lighthouse Financial Advisers Townsville
​
Tel 07 4772 0938
Email mail@lighthouseadvisers.com.au
45 Ingham Road West End Townsville Qld 4810

Lighthouse Financial Advisers Townsville Pty Ltd ABN 26 146 225 505, 45 Ingham Road, West End Queensland 4810 is the holder of an ASIC Australian Financial Services Licence (AFSL) #471826.

Website by Grey and Grey
  • Home
  • What We Do
  • Who We Are
  • Podcast
  • Blog
  • FAQ
  • Contact Us