In your lifetime you will encounter many, many expenses. Cars and houses, repairs and travel, medical and educational – and much, much more. But there are two expenses that dwarf them all:Tax & retirement.
Think about it, when you retire you stop working, that doesn’t mean your expenses stop rolling in. How much are you likely to need in retirement?The average life expectancy for Australian males is approximately 80 years of age and 84 for females.So when was it you wanted to retire?It doesn’t matter how old or young you are, it’s critical to start taking your retirement seriously.Who knows, if you get quality advice now you may even be able to retire early! Or follow your passion and do what you love without having to worry about your pay packet. In short, the sooner you start, the greater the opportunity you have to build your assets and benefit from compounding returns.If you delay preparing for your retirement, you’re putting a whole lot of pressure on yourself in your later years, and nobody wants that.Apart from retirement, there’s another HUGE expense to contend with…
This is the one you do NOT want to get bigger. Legally reducing tax is one of the best strategies for improving your financial position, which, in-turn can help out with growing your retirement fund.If you currently pay in tax $19,000 (which is the approximate amount of total taxes you would pay if you earned $82,500 in this financial year) and you speak to a skilled tax accountant (say for instance 5 Financial), with some quality tax planning (and depending on your circumstances) we could help save you $1,100 after our fees. If this happened each year, and each yearly $1,100 was invested each year at 6.5% p.a., it would return more than $100,000 over 30 years, and that’s when you start from scratch (i.e. zero savings). That’s an extra $100,000 for doing NOTHING.So how long can you afford to wait to get this sorted?Now is the time to get started. NOT two or three years from now. Contact us today to arrange a free consultation so we can help you identify all opportunities to grow your retirement assets, and legitimately reduce your tax bill.