The period leading up to retirement is crucial and key decisions need to be made now, not later. Having a sound financial plan in place, and sticking to it, is vital when it comes to achieving your financial goals.
But it’s also just as important to regularly review your plan to make sure that it still meets your personal needs.
Your super plan has helped you build your retirement savings. Now you probably have many questions, such as how to invest the lump sum that you’re likely to receive from your employer when you stop full time work. How to get adequate, regular income...and how you may be able to maximise Centrelink benefits?
What we hear from most people approaching retirement is: ‘I hope my money will last’ and ‘will I be able to live the life I want?’
As financial planners, we can answer your questions, look at your individual situation, discuss what you have in mind for the future and how best to achieve these goals. We also have access to products and services from other leading fund managers as well as AMP
Aged pension age
From 1 July 2017, the qualifying age for Age Pension will increase from 65 to 65.5 years. The qualifying age for Age Pension will then rise by 6 months every 2 years, reaching 67 by 1 July 2023.
These changes will be introduced 4 years after women's qualifying age for Age Pension has reached 65, under existing rules.
The table below shows the gradual increase in women's qualifying age for Age Pension over the period leading up to 1 July 2013, and then the increase in qualifying age for both men and women from 1 July 2017.
|Born||Women eligible for Age Pension at age||Men eligible for Age Pension at age|
|From 1 July 1944 and 31 December 1945||63.5||65|
|From 1 January 1946 and 30 June 1947||64||65|
|From 1 July 1947 and 31 December 1948||64.5||65|
|From 1 January 1949 to 30 June 1952||65||65|
|From 1 July 1952 to 31 December 1953||65.5||65.5|
|From 1 January 1954 to 30 June 1955||66||66|
|From 1 July 1955 to 31 December 1956||66.5||66.5|
|From 1 January 1957||67||67|