Add muscle to be financially fit for retirement

While it pays to start earlier, it is not too late to be pumping money into super

Australians are enjoying richer and more active retirements than any previous time, and this requires financial fitness. Most of us do not start thinking seriously about money for retirement until at least our 40s or 50s, and while that is not ideal, it is not too late to make a big difference to your nest egg.

There is a pile of free online tools and other resources from financial institutions and the federal government’s moneysmart.gov.au website, and you can follow these five steps to make the journey to retirement smoother.

It’s never too late to start saving, and money you add into super in your 50s could still be sitting there paying you an income 30 or 40 years later

1

A MONEY HEALTH CHECK

It is hard to know where you are heading financially if you have no clue where you are today.

Money specialists recommend writing down everything you spend for a month or two to see if you can identify savings. It also gives you an idea of your living expenses, which is something to work with when deciding how much you will need for retirement.

Moneysmart.gov.au has online calculators to project your final superannuation balance and work out the income you will likely receive from super and the age pension.

2

UNDERSTAND THE TAX BENEFITS

Superannuation can deliver massive tax benefits later in life as the only tax-free structure for holding your wealth. It also has the flexibility to own real estate either directly through a self-managed super fund or through various investment funds that spread money across commercial and residential properties.

Most super fund members pay zero tax on their income and capital gains once they retire after age 60, and lower tax rates during the accumulation phase before members retire. For assets held outside super, tax of up to 47 per cent is payable.

3

INJECT EXTRA

People should be contributing as much money as they can into superannuation as early as possible in their working life to give compound interest time to work its magic.

But it is never too late to start saving, and money you add into super in your 50s could still be sitting there paying you an income 30 or 40 years later.

Every $1000 you put into super typically grows to $1600 after 10 years, and more than trebles over 25 years.

4

USE SUPER INCENTIVES

The government wants us to grow our super so we rely less on the age pension in retirement, so it offers some handy cash bonuses.

People earning up to $53,000 a year can get an annual $500 government co-contribution when they inject extra money themselves, others who add money to a low-income spouse’s super can receive a $540 tax offset, and most people get tax deductions for making personal contributions.

5

DON’T FORGET THE PENSION

A majority of Aussies do not retire with millions of dollars in super, but their superannuation nest egg combined with a full or part age pension is often enough to deliver the comfortable, active retirement they hoped for.

A full age pension for a couple currently pays $1424 a fortnight, and a healthy super balance provides an extra boost.

The size of that boost will depend on you.

Step back in time with this “slice of history” in the heart of Frankston. The beautiful Victorian, named Ambleside, is set on 578sq m and is complete with high ceilings and periodstyle gardens.

Built in 1887, the home was extended to include a Queen Anne tower and second storey in the 1900s.

Eview Group agent

Sandra Bardebes said the home had been lovingly renovated but was full of “charm and elegance”.

“It abounds in original features,” Ms Bardebes said.

“The original home was built from locally made bricks from the Frankston brick factory . . . and the history is quite interesting in respect to the (first owner, a) gentleman who initially was a substantial landowner in the Frankston community.”

Sit back and relax on the front porch, by the original freshwater well in the home’s courtyard or on the balcony of the main bedroom, which has views of the bay, city skyline and Dandenong Ranges.

Ms Bardebes said prospective buyers would “have the privilege of enjoying the uniqueness of the home” and also had the chance to add their name to the history books. The property is close to parklands, public transport, the beach and local shops.

Enjoy a blissful beachfront lifestyle with this cool coastal-style home. The house is set back from the beach to capture views of Port Phillip Bay and the Mordialloc Pier, as well as impressive sunsets. “It’s views are absolutely breathtaking,” O’Brien’s Kimberley Ferguson said. High ceilings, a large kitchen, original period features and private beach access are other highlights of the property.

For a one-bedroom apartment, this trendy pad sure packs a punch. Its location will land the lucky owners moments from the heart of Footscray and Seddon’s vibrant cafe scene. Timber floorboards and high ceilings with exposed concrete feature tiles and chic pendant lighting set the scene as you walk into the apartment. The kitchen incorporates timber and white features, but it is the geometric splashback that makes a statement. It also features stone benchtops and stainless-steel appliances. The open-plan living area leads out to a large entertainment deck. The bedroom has an ensuite, a built-in wardrobe and a study nook. There is also a European laundry, a carpark and a storage cage. Village agent John Luong said it was a great step on to the property ladder for first-home buyers or a smart investment. “The huge westfacing corner deck, unique shape, high-end finishes and exposed concrete ceilings give the apartment character you don’t find in entry-level properties,” Mr Luong said.

Amodern marvel hidden behind a heritage facade has hit the market.

The opulent open-plan home is flanked by cathedral ceilings and crisp architectural lines, complete with a statement outdoor patio and feature roofline at the rear.

Newly renovated, the spacious Victorian has lots of natural light and windows, Caesarstone surfaces and brushed brass tapware.

The Agency partner Sam Hobbs said the makeover was “of the highest order” and was designed by the owners themselves.

“This is the second one (the owners) have done together,” Mr Hobbs said. “They love it and now just want to do it again on a bigger scale. You can’t say enough about the renovation, it’s stunning.”

The home also features an electric log fireplace, Smeg and Miele appliances and has an integrated outdoor area complete with decking and leafy trees.

“It’s (an opportunity) to move into a house that’s perfectly renovated with nothing else to do, in a very convenient lifestyle location,” Mr Hobbs said.

“It’s a great entertainer’s house but it’s also suitable for young families.”

Homebuyers enticed by the prospective of retail therapy on their doorstep are being offered up to $130,000 to snap up an eastern suburbs apartment.

The now completed Sky Garden complex above The Glen shopping plaza has about 75 apartments left for sale.

And with the advent of Luna New Year, the developer, Golden Age Group, is offering significant contributions towards everything from stamp duty to owners’ corporation fees, rebates or even furniture.

Residents are already moving into the 536-apartment tower with a 4000sq m private garden above the plaza that includes everything from fitness and play areas, to a bar and lounge, a dining space and a water feature.

Sales director Dandan Zhao said there had been a strong response to the $130,000 offer, which added to existing discounts available at The Glen shopping centre downstairs.

“While residents are still settling in, many are finding great value in the unique offers and discounts within the food and dining precinct in The Glen,” Ms Zhao said.

Bulk-billed home visits from doctors at the centre’s medical clinic are also on the table.

The Glen received a $430m update in 2019 and puts a mix of 240 shops and eateries on residents’ doorsteps. Glen Waverley train station, parks and the popular Glen Waverley Secondary College are within walking distance.

One-bedroom apartments are priced from $498,000-$610,000.

Two-bedroom homes are on offer from $668,000-$950,000, while three-bedroom floorplans will set you back $1.188-$1.49m.

For more information call Ivan U on 0499 388 988 or see skygardenresidences.com.au

Afifth-floor rooftop garden and barbecue zone will give residents space to catch up while watching beehives being filled at a new Brunswick East development.

In addition to the honey produced at the complex, a vegetable patch and barbecue zone will add to the homegrown flavours on offer at the Albion Terrace project.

And it’s not just grocery bills residents might save on. A seven-star energy efficiency across the 29 apartments is thanks to a mix of clever design, high-performance glazing, water harvesting and solar panels.

Golden Peak Developments’ David Gurvich said the first apartment sold within a week of the project hitting the market, and there had been strong early inquiry from investors.

“The design is the premier reason they are inquiring, but there also isn’t much available like it in East Brunswick,” Mr Gurvich said.

The mix of one-, two- and threebedroom offerings include two penthouses on the top floor.

Design flourishes range from arched windows to engineered oak floors. Smeg appliances — or Miele in the penthouses — will be complemented by soft-close joinery.

The homes will capture impressive views to the CBD and the

Dandenong and Macedon Ranges.

Construction will take about 12 months, and is expected to commence later this year.

A limited-time promotion will give buyers a $20,000 smart home set-up, which controls curtains, temperature, wall switches, locks and cameras.

One-bedroom apartments are priced from $445,000-$505,000, twobedroom floorplans cost $665,000$709,000 and three-bedroom homes $859,000-$869,000. Penthouses are available from $1.28-$1.3m.

For more information, contact Greg Stockden on 0409 132 455 or see albionterrace.com.au