Pre-retiree

(AGE 55 TO 65)

At this stage in your life you are starting to think about whether you can afford to work less now or how long you need to continue to work until you can financially retire. You're focusing on your super, other investments and beginning to make plans for how you will enjoy your retirement. You need to seriously consider all the strategies that will help boost your retirement savings tax effectively.

Issues that might apply to you:

• You are thinking of selling your business to help fund your retirement or investment assets and need to consider how to reduce the impact capital gains tax, so you can start to receive a tax-effective income.
• 55 or older are you considering reducing your working hours, however you need to replace that lost income in a tax effective manner so you can maintain the same living standards.
• You need to consider increasing your super balance and need to understand concessional and non-concessional contribution caps into superannuation.
• Unsure how to maximise your centrelink benefits or what benefit you may be entitled to receive.

It's important at this stage you talk to Quest FP to arrange a review or start to secure your income stream for retirement.