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Four strategies to help you retire earlier

Four strategies to help you retire earlier

Most of us dream of leaving the workplace early. Here’s how you could make that dream a reality.

1. Build your super up

Your super balance is your ticket to an early retirement. The sooner you put money into it, the more time it has to grow – thanks to the multiplying power of compound interest.

Start with a smart strategy like salary sacrifice, where you contribute an extra amount from your before-tax income into your super on top the 9.5% super guarantee. As well as building your super, if you’re paying more than 15% tax on your salary, this strategy could reduce the amount of tax you pay.

2. Change up your investments – but mind the risk

Don’t just add money to your super – make it work harder when it gets there. Your super account’s investment option can significantly affect your retirement savings. For instance, a 45-year-old who has $200,000 in their super and is earning $100,000 could retire at 60 with almost $400,000 if they choose a growth option. The same person would retire with about just over $315,700 – that’s $84,300 less – if they had chosen a conservative option.[1]

But remember, higher growth options are generally more volatile – which means there’s more risk involved. So talk to your adviser about choosing an option that you feel comfortable with, as well as one that suits your age group and retirement goals.

3. Limit debt

A high level of debt can really limit your ability to save now. So aim to reduce your debt as quickly as you can. Make extra repayments on the mortgage, and leave the credit card at home to avoid impulsive buys.

4. Spend wisely now

Finally, see where you can cut back on your spending now. Cancel that gym membership you never use or that pay TV subscription that you rarely watch. Choose cheaper holidays, eat at home more often and stay away from luxury cars. Then put the money you save into your super – and get ready to retire earlier.[2]

Find out more

Owl Financial Management can help you choose strategies to build your super and clear your debts so you can have a comfortable retirement – sooner. Contact us on 08 8362 0060

[1] Calculated using ASIC MoneySmart Superannuation Calculator. The calculation assumes fees and management costs of 1%. Figures are rounded to the next 100.

[2]  You should be aware that there are contribution limits. Extra tax may be payable if you exceed these limits.


Financial Advisor Adelaide

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The one most rewarding thing about being a financial planner in Adelaide is when you have been working collaboratively with a client in developing and building their goals and objectives and the come to fruition. This give both the clients and myself a real sense of achievement and to use the famous quote 'are we there yet?' and together we can say YES! There has never been a better time to look towards what you want to achieve and start a financial plan so you can get there too.

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A person's financial story is like a jigsaw puzzle... "lots of pieces needing to be put into their correct places". A financial adviser can assist a client to put the pieces in the right places by having a series of simple conversations about where a they are currently situated, where they want to be and what strategies can assist them. Every client has a different financial story and goals. Each jigsaw puzzle will always be different. A good financial adviser is experienced at putting together a wide range of jigsaw puzzles. Helping a client put their own puzzle together and seeing their satisfaction is a wonderful feeling.

Barry Phillis and Owl Financial Management Pty Ltd are Authorised Representatives of GWM Adviser Services Limited Australian Financial Services Licensee Registered Office at 105-153 Miller Street North Sydney NSW 2060 and a member of the National Australia group of companies.

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