In preparing for retirement, a common strategy is to downsize the family home to a smaller and lower cost home. By selling and purchasing a lower cost, smaller house, and pocketing perhaps $100,000 to put into your superannuation, you could benefit from drawing an additional income of circa $8,000 pa. in retirement.
A major part of pre-retirement planning is focused on growing or increasing retirement savings using available cash flow. Two of the main ways to do this include paying down debt, or contributing to superannuation. To compare these properly we need to look at all of the factors that will affect this decision, such as:
We’ve all heard recently in the media about the Reserve Bank of Australia (RBA) cutting interest rates (IR), however what does this actually mean for your mortgage? How can you maximise this opportunity? And how can you retire in financial comfort?
Dallas Davison, Michael Hogue and Ali Hogue.
Money Over 50 Financial Advisers
Tel 07 4772 0938
45 Ingham Road West End Townsville Qld 4810
Money Over 50 Financial Advisers Pty Ltd ABN 26 146 225 505, 45 Ingham Road, West End Queensland 4810 is the holder of an ASIC Australian Financial Services Licence (AFSL) #471826.
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