Retirement planning
Live the life you want.
Australians are living longer and retiring earlier. In fact, many people now spend more than a quarter of their lives in retirement. Whilst this sounds amazing, it’s important to ask yourself, will your super last the distance?
If you are thinking about retirement, are semi-retired or have already left the workforce, the good news is that it’s not too late to start planning.
Coastline can show you how to wind back your working week without feeling the pinch of income loss, as you prepare for one of life’s great rewards – retirement.
How we help
Consider today's fluctuating markets in retirement strategies
Look at ways of delivering a guaranteed return
Maximising pension and Centrelink benefits no matter what stage of the retirement process you might be in
Allocated Pensions
A simple, tax-effective way to draw on super
An allocated pension lets you choose the level of income you need for your lifestyle, as well as how often you receive it. Think of it as setting your own salary but without the 9-5 workload. You can also change the amount at any time, as long as it remains within the limits set out by the Government.
Your Coastline Adviser can help you easily and regularly transfer money between your super and retirement accounts using a ‘no hassle’ consolidation strategy, with minimal paperwork for a stress-free way to manage your money. Retirement is a time to relish, so live your dream and let us worry about the admin.
Do you have enough for retirement?
Check out the ASFA Retirement Standard to determine if you have enough for a comfortable retirement. More importantly, call 5264 7700 to speak with one of our Financial Advisers and ensure your retirement dreams can become your reality.
About coastline Advice
We love financial advice
We help clients imagine the life they want, believe it is possible and help them achieve it.
We take the time to understand you and the life you want to lead.
We partner with you on your journey and life’s major milestones.
We provide informed financial advice to get you where you want to be.
Frequently Asked Questions
How much do I need to save for retirement in Australia?
The required savings for retirement in Australia vary depending on factors such as desired lifestyle, retirement age, life expectancy, and additional sources of income like the Age Pension or other investments. While retirement calculators and other tools can estimate costs, consulting a financial adviser is recommended to obtain an accurate assessment and initiate planning.
When should I start planning for retirement?
It’s best to start planning for retirement as early as possible to maximise savings and ensure financial security later in life. Beginning in your twenties or thirties allows for compounding returns on investments and the ability to adjust your savings strategy over time. If you’re closer to retirement age, creating a plan can still help assess your financial situation, set realistic goals, and make informed decisions about saving and investing. Speak to one of the financial advisers at Coastline Advice to get personalised guidance and strategies to help achieve your retirement objectives.
What is a Pension Fund?
A pension fund, also known as a superannuation pension, is a financial product in Australia that provides a regular income stream during retirement. It’s funded by transferring money from your superannuation (super) account into a pension account once you retire. There are two main types: Account-Based Pension (ABP), which allows flexible withdrawals and tax-free earnings after age 60, and Defined Benefit Pension, which pays a guaranteed income based on a formula.
Pension accounts are regulated by government rules, including minimum withdrawal limits and tax concessions, and are designed to support retirees with a steady income throughout their retirement. Speak to one of the financial advisers at Coastline Advice to help you navigate the options and rules associated with pension accounts.
What is an annuity and should I consider buying one?
An annuity is a financial product that offers regular payments over a specified period, often for life, in exchange for a lump-sum payment or series of contributions. It’s commonly used to provide a steady income stream during retirement. There are various types, including lifetime annuities, fixed-term annuities, and indexed annuities. Whether you should consider buying one depends on your financial goals and retirement plans.
Annuities can provide security by ensuring a consistent income and reducing the risk of outliving your savings. However, they typically offer less flexibility than other investments and may not provide as high a return. Before purchasing, speak to one of the financial advisers at Coastline Advice to help assess your financial situation and retirement income needs to determine if an annuity aligns with your overall retirement strategy.
Can financial advisers help protect my retirement savings from inflation?
Financial advisers help protect your retirement savings from inflation by strategically allocating your funds across different asset classes, such as growth assets like shares and property, which historically outperform inflation. Advisers regularly review and adjust your investment portfolio to align with your retirement goals and economic conditions, including inflation rates.
They also provide education and guidance on inflation’s impact, helping you make informed decisions to secure your financial future in retirement. To speak to one of the financial advisers at Coastline Advice, call 5264 7700.
What happens to my estate if I don’t have a will?
If you do not have a will, your estate will be distributed according to the laws of your state. This means that the state will determine how your assets are distributed, which may not align with your wishes. Generally, your assets will be distributed to your next of kin in a specified order, such as your spouse or domestic partner, children, parents, siblings, and other relatives. If you have no living relatives, your estate may go to the state government.
Speak to Coastline Advice about setting up a will to ensure that your assets are distributed according to your wishes and to avoid any potential disputes among family members.
Do I need insurance when I retire?
Whether you need insurance in retirement in Australia depends on your specific circumstances. Health insurance can be important to cover medical expenses not covered by Medicare, while life insurance may still be relevant if you have dependents or want to provide for your spouse. Income protection insurance may be less necessary if you no longer earn income from employment, but it could still be relevant depending on your financial situation. Home and contents insurance is crucial to protect against damage, theft, and liability claims, and travel insurance is essential if you plan to travel.
Review your current policies and speak to Coastline Advice to determine the insurance coverage that best suits your retirement needs.
What are the different types of retirement income streams available in Australia?
In Australia, there are several types of retirement income streams available from superannuation savings. An account-based pension (ABP) offers flexibility with tax-free payments for retirees aged 60 and over, while annuities provide guaranteed income for a fixed period or life.
Transition to retirement income streams (TRIS) allow access to super while still working, and defined benefit pensions are based on a set formula tied to factors like final salary and service years. Self-managed super fund (SMSF) pensions can be set up for members, and the government age pension supplements income based on means testing.
Each option varies in features, tax implications, and access to super, so it’s wise to speak to a financial adviser to choose the best income stream for your retirement needs.
What Coastline Advice Stands For
Authenticity
We are real people that genuinely want to see you achieve the future you want.
Connection
We are locals, living and breathing where we work and sharing a passion for our local community with our clients.
Outcomes
We partner with our clients to help them achieve their ideal lifestyle, whatever that may be.
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