Downsizing the family home is often part of the longer-term financial plans for many older Australians. But did you know that you could consider investing the proceeds of the sale of your family home to your super – depending on your age and circumstances – as a downsizer contribution?
Australians will need to rebuild their superannuation and retirement savings, after withdrawing more than $36 billion in early super release payments in 2020, according to Colonial First State’s Retirement Realities Series.
There’s no denying that being proactive with your super may be key to increasing your retirement savings. As an investment vehicle, super can offer significant benefits thanks to the magic of compounding interest. It also provides one of the best tax structures available.
In the right hands, a self-managed superannuation fund (SMSF) can be a beneficial way to build wealth for retirement. Whilst they are not for everyone, it is important that when thinking of starting an SMSF, individuals need to understand the benefits and responsibilities they take on by having an SMSF.
In these uncertain times, it pays to have money set aside to give you peace of mind that if your income drops, you still have ample funds to pay for your everyday expenses until you get back on your feet again.
The Covid situation took a turn for the worse, as spiralling infections saw new lockdowns introduced in Australia. The government has suggested all restrictions can be lifted once 70% of the adult population has been fully vaccinated. Until then, the outlook for economic activity levels has deteriorated.
We are pleased to share that the team at Phillip Anthony Partners have merged with Paris Financial. Our team at Paris Financial can provide you with a large range of quality financial services with over 65 people located across two convenient locations in Blackburn and East Melbourne.
Paris Financial shares the same philosophy as Phillip Anthony Partners of providing a value focused and high quality service for each of our clients. We look forward to assisting with your accounting needs.
