There’s now a new superannuation rate: you’ll receive at least $10 more per week in your pocket each week from April 1.
That means singles living alone will now get $437 a week (up from $423) and couples who both qualify will get $672 a week (up from $652).
If you’re looking ahead to retirement and thinking that $437 each week isn’t much to live on, you’re quite right. Although many people get by on superannuation alone, if you plan to travel and spoil the grandchildren, you’ll want an extra source of income once you stop working. That needs to come through investment, whether that’s rent from a property or money from managed funds or other investments.
Take a moment to think about what kind of lifestyle you’d like to enjoy in retirement and whether you need to make some changes to achieve it. Don’t forget all Impression clients get a free one-hour session with Cave Financial each year, or talk to your own financial adviser for more guidance.