How to Retire Comfortably – Financial Services Company Reveals Secrets
VICTORIA, Australia January 2015 – Most business owners don’t spend a lot of time nurturing the growth of their superannuation or understanding how their fund is progressing during their working years. When they consider saving for the future, many business owners don’t even bother with superannuation – they believe their businesses will provide them with enough to retire comfortably.
But when the business doesn’t reach monetary expectations (maybe it sells for less than expected, or not at all), many people are left with no other option. That’s why, according to financial services company The Hendrie Group, it’s important to consider more than one avenue of revenue when saving for the future. Business owners need superannuation to diversify away from their business so that they have at least two avenues f retirement funds and not put all their eggs in the business basket.
“The simple fact is that retirement planning involves time and effort. What you do and the strategies you adopt leading up to your retirement could significantly impact the way you live in retirement,” says The Hendrie Group director, Caren Hendrie BA (Hons), CFP. “I commonly hear people ask ‘how much super do I need to pay to retire comfortably’ and honestly, seeking professional advice may well be one of the most profitable investments there is to make.” www.hendrie.com.au
Superannuation funds are a percentage of a person’s salary meant to add to the overall build of the financial ‘retirement nest’, and while the fund shouldn’t be the entire nest, it’s definitely an important piece of the puzzle. While many business owners don’t pay themselves superannuation, The Hendrie Group recommends they include super as part of their financial planning because:
- The Age Pension may not be sufficient to retire comfortably
- The Age Pension may not be available
- Money may need to last for 20 years past retirement
- Superannuation funds can end up being one of the largest assets by retirement since it accumulates compound interest over a long term investment period
- The government offers attractive tax incentives.
The Hendrie Group has financial planning advisers that show clients how to retire comfortably through secure long-term financial planning. Seeking professional advice for retirement planning is an important component to retiring comfortably because it involves a number of options and weighted decisions. The company works with clients to explore all options and determine the best strategy to suit the client’s needs and preferred lifestyle.
Disclaimer: Material contained in this article is a summary only and is based on information believed to be reliable at the date of publication. Suggestions made in this article are not recommendations or offers to act as they are of a general nature only and may not be appropriate to your specific circumstances. They should not be acted upon without first consulting Hendrie Financial Strategies Pty Ltd, as representatives of Madison Financial Group Pty Ltd AFSL No 246679.
- Contact Information
- Caren Hendrie
- Financial & Small Business Advisor (BA Hons; CFP)
- The Hendrie Group
- (61) (03) 9725 2533
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