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May 22, 2024 | 
moneymag.com.au | Lisa Palmer |Tom Watson |Renae Anderson |Rob Tucker
The journey to retirement can see us navigating uncharted waters. We share five tips to help make your retirement transition a breeze. For much of our working life we may look forward to the day we retire and leave the 9-5 grind behind. But as retirement approaches, we don't always feel ready to take control of our retirement journey. Engaging with your super fund early - and often - can make a valuable difference.
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May 22, 2024 | 
moneymag.com.au | Nicola Field |Tom Watson |Renae Anderson |Rob Tucker
A mix-and-match approach can deliver the ideal blend of investments - and turbo-charged returns - for your super. As an ultra-long term investment, one of the great strengths of superannuation is the ability for us to earn supersized compounding returns. But the extent to which we benefit from compounding can hinge on how our super is invested in the first place. To see how your choice of investments can impact your retirement savings, let's take a look at three simple scenarios.
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May 21, 2024 | 
moneymag.com.au | Mark Chapman |Tom Watson |Renae Anderson
Treasurer Jim Chalmers handed down his Federal Budget for the new financial year on May 14. The headline measure in this year's Federal Budget is one we already knew about - individual tax cuts. From July 1, 2024, all 13.6 million taxpayers will get a tax cut, which will flow into their pay packets. These tax cuts replace the original Stage 3 tax cuts which were legislated by the former government.
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May 21, 2024 | 
moneymag.com.au | Tom Watson |Renae Anderson |Nicola Field |Mark Chapman
Tax season is nearly upon us once again, so what are the tax changes you need to know about and the steps you can take to start to prepare? This week on the Friends With Money podcast, Money's Tom Watson is joined by director of tax communications at H&R Block, Mark Chapman, to talk all things tax in the lead up to the 2024/25 financial year.
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May 17, 2024 | 
moneymag.com.au | Tom Watson |Renae Anderson |Rob Tucker
On Tuesday evening Treasurer Jim Chalmers handed down the Labor government's 2024 Federal Budget - a budget which sought to emphasise measures related to providing cost of living relief and investment in local industry. As is custom, the Opposition Leader, Peter Dutton, then laid out his response and alternative vision for the country in his budget reply speech on Thursday evening.
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May 16, 2024 | 
moneymag.com.au | Nicola Field |Renae Anderson
Toll relief for Sydney motorists, one in three plan to save tax cuts, and Australia's cheapest Aussie share ETF launches. Here are five things you may have missed this week. For NSW motorists the end of the financial year doesn't just mean a possible tax refund, it can also bring a welcome toll rebate. Two options are available. Drivers who spend more than $402 annually on a personal toll account, may be eligible for a 40% toll rebate worth up to $802.
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May 9, 2024 | 
moneymag.com.au | Nicola Field |Renae Anderson
Grocery prices fall under pressure from senate report, Qantas to refund customers up to $450, and tax man reveals 2024 hit list. Here are five things you may have missed this week. The Senate Select Committee on supermarket pricing has wrapped up, and not surprisingly, the big supermarkets haven't emerged smelling of roses. The fragrance is more dumpster du jour.
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May 7, 2024 | 
moneymag.com.au | Paul Clitheroe |Tom Watson |Renae Anderson |Rob Tucker
Dear Paul,I moved to Australia in 2008, the year the GFC hit the UK. We lost $350,000 in the move and that caused my former husband to develop mental health issues. We limped on, but things got worse when we got moved to Melbourne from the Gold Coast. The GFC had hit Australia by then. We lost another $150,000 on that sale and were done for. We divorced, but my husband was bankrupt by then. I received 25% of his UK super, to be paid in instalments, once he retired.
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May 7, 2024 | 
moneymag.com.au | Rob Tucker |Tom Watson |Renae Anderson |Jeremy Lack
Capital protection plus capital growth are the twin goals many of us have for our super. Here's how an actively managed share fund can achieve both. Equities have a lot to offer as an investment to grow retirement savings. Long term capital growth plus ongoing dividend income is a combination that makes shares a favourite among self-managed super funds (SMSFs) and retail investors. Fortunately, there are several ways to gain exposure to shares.
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May 6, 2024 | 
moneymag.com.au | Nicola Field |Tom Watson |Renae Anderson |Rob Tucker
Australians are stacking up serious savings in super, but as our reader survey shows, there are aspects of super that still have us baffled. You could have more in super than you realise. One of the nation's biggest funds - Australian Retirement Trust, says the average balance across its 2.3 million-plus members is $123,000. But for people in their mid-60s the average jumps to around $428,000. The fact is, our retirement honeypot is looking pretty sweet.
