When a person crosses the age of 55, retirement planning and retirement solutions should be given considerable thought. In Australia, there is no fixed age group for retirement. Generally people over the age of 45 plan for retirement. Retirement planning is essential for living without stress and worries in the future.
Gordon Wealth shelters a team of professionals in Sydney which offer a lot of services in the financial area. From the management of finances to payment of loans,Gordon Wealth provides help and guidance in every kind of situation. It provides expert guidance in retirement planning and solutions.
Given below are some of the retirement solutions offered by the Australian Government. There is an eligibility criterion for all the solutions. You need to check the eligibility before applying.
Australian Super
Superannuation in Australia is compulsory for all the employees. It has a lot of benefits and advantages after retirement. When you are working, you get a salary every month. The employer also sets a certain amount of the salary aside in the Superfund if the employee is above the age of 18 years. The money in the Superfund belongs to the employee so that he can live a comfortable life after retirement. It is compulsory for all the employers to provide a Super Fund to all the employees. It is called the Superannuation Guarantee.
Age Pension
The age pension is a government fund given to Australians who retire after the age of 65 years. Centrelink handles it. Age Pension is income and asset dependent. It means that your pension amount will be fixed per your previous revenues, super funds and assets owned. It is also referred to as old age pension. To receive this pension after retirement, the person must have lived in Australia for more than ten years, and the person should be above the age of 65 years.
Seniors Card
The Australian Government provides a Seniors Card for Australians over the age of 60 years. This card avails a lot of discount on public transport fares and many other Government Services.
Rent Card
People on Age Pension who are living on rent can get the benefit of the reduced cost of rent through the rent card.
Seniors Health Card
This Card provides a lot of assistance to people who could not qualify for the pension. It helps with the cost of medicines and other health-related services.
Most of the Australians retire from work when they are eligible for Superfund and Age Pension. If a person wants to retire early before the age of 55 years, he will not be eligible for the Super Fund and Age Pension. Proper retirement planning is necessary in this case.
Instead of retiring from work, Australians can consider the TTR strategy. As per this strategy, people can cut down their working hours to a certain extent and can access their Super funds without reducing their income. This approach is perfect for people who want to retire at an early age. It will generate an income and help you meet your expenses comfortably.
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