Monday, 9 June 2014

Get advice about retirement from a Melbourne accountant

When you are preparing to retire, it is important to get advice from a reputable accountant in Melbourne. Retiring is an exciting time in your life, when you begin to make big plans about what you’ll do with their time off. With idea of travelling and hobbies filling a person’s mind, it’s crucial not to get too carried away. By talking to an accountant in Melbourne, they will help you make long-term plans that will assure you use your money wisely.

An accountant will provide you with options of whether you want to fully retire or partly retire. Partly retiring is the process of reducing your working hours, as you slowly fall into retirement. This is a great idea as you still are brining in money, as you continue to plan for your full time retirement. An accountant may suggest to you a transition to retirement pension, giving you access to your superannuation as a non-commutable income stream. It is a regular superannuation payout that is not a lump-sum payment. This pension can be obtained while you are still working and it is meant to help you transition into retirement.

If you are considering retirement, it’s also important to talk to an accountant about Centrelink entitlements. An accountant will help you understand what pension you are eligible for. They will also provide assistance with the Seniors Card, pension concessions and the Commonwealth Seniors Health Care Card.

Before you decide to retire, it’s a good idea to check out your superannuation funds. You can use a calculator on the MoneySmart website to discover if you have enough superannuation funds to retire on. The calculator can also estimate ways for you to boost your funds by altering your current superannuation contributions.

If you discover you do not have enough superannuation to retire, there are some incentives not to retire. The Work Bonus has been introduced to make pensioners stay in the workforce, by increasing the amount of money you can earn before your pension is reduced.

If you are considering retirement talk to an accountant in Melbourne at Lenton FM. Simply call them on 03 9854 6330 to discuss your retirement plans.

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