Super Decisions - Over 55

Sydney, Australia (PressExposure) February 13, 2009 -- And if you were making plans to stop work some time soon, the falls in financial markets may have you asking yourself some tough questions about where the next couple of years will take you. Here are a couple of points you may want to consider:

Buy yourself some time – keep working Putting off the day you stop earning and start spending your super means you buy yourself time – time for the markets and your super balance to recover. Working longer gives you two other potential advantages: you can delay drawing down on your super, and you can add more to your super through ongoing contributions.

Save now, spend later Adjusting your short-term spending might also have big advantages down the track. This could mean delaying big expenditure items such as house renovations, an overseas trip, or an upgrade to the family car. Instead, think about moving this money into super’s generally tax-effective environment, and you’ll be creating the opportunity for it to grow and earn investment returns when financial markets do recover.

Seek professional advice Regardless of market conditions, it makes sense to regularly review your investment strategy and make sure it is appropriate to your retirement savings goal and investment timeframe. A financial planner can help you do this, as well as help you work out how much income you need through retirement and your plan to achieve it, and a planner can help you review the asset allocation of your portfolio.

You may live longer than you think According to the Australian Bureau of Statistics, we're hanging around for longer. Life expectancy for an Australian man is now around 78.5 years, while women can expect to live till they're 83. Stop working at 60 or 65 and, statistically speaking, you'll have a long time in retirement.

If you want to make sure your retirement savings to last as long as you do, it makes sense to get advice to maximise your investment earnings over the long-term so that you can enjoy a more comfortable retirement.

If in doubt, seek advice

About BT Financial

If you're still nervous about your super and the impact of market falls, make sure you speak to your financial adviser to discuss your specific situation and long-term savings goals. They will be able to assist in ensuring your superannuation is invested to extract the best value for you over the long-term.

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Press Release Submitted On: February 12, 2009 at 10:53 pm
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