Retirement Planning

Western Australia’s Economy in 2025

Western Australia’s economy in 2025 continues to demonstrate impressive resilience, supported by a thriving resources sector, a healthy employment market, and consistently high property demand. According to the Western Australian Treasury Corporation’s latest update, the state’s economy is expected to grow by 4.25% for the 2024-2025 financial year, making one of the highest growth rates seen in nearly a decade. This growth is primarily driven by continued investments in mining, infrastructure, and a robust export market, particularly in iron ore and LNG, which are key drivers of the state’s economic success.

Consumer sentiment stays positive, though inflationary pressures and fluctuating commodity prices present ongoing risks that businesses need to navigate. As a result, companies are closely monitoring global economic trends, as well as potential shifts in government policies that could affect influence future investment opportunities and market stability.

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Retirement Planning How much do you really need to retire comfortably

How Much Do You Really Need to Retire Comfortably?

Retirement is one of life’s most significant milestones, marking the transition from years of hard work to a period of relaxation and enjoyment. However, ensuring a comfortable retirement requires careful financial planning. The amount you need to retire comfortably depends on several key factors, including your desired lifestyle, whether you own your own home, your ongoing expenses, and access to government benefits or other income sources.

Having a clear understanding of your financial needs allows you to build a strong retirement plan that ensures long-term security. Planning ahead helps safeguard your future, giving you the freedom to enjoy retirement without financial stress or the fear of outliving your savings.

Since everyone’s retirement goals and circumstances are unique, there is no universal figure that works for all. Your ideal retirement savings will depend on your personal situation, spending habits, and long-term aspirations. Taking the time to assess your financial needs and plan accordingly will help you achieve the comfortable retirement you envision.

 

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Retirement Planning What Is The Most Serious Financial Risk Retirees Face?

What Is The Most Serious Financial Risk Retirees Face?

Retirees can face serious financial risks unique to this period of your life. As a retiree, consider all risks when planning for this momentous stage. The risk factors during retirement are not limited to an economic standpoint alone. You must also be mindful of the health risks you face, and have your affairs in order so that your family isn’t burdened as you age.

 

The most common financial risks that retirees face include the following:

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Retirement Planning What Is The Biggest Expense For Retirees?

What Is The Biggest Expense For Retirees?

Leading up to retirement, you can’t help but wonder what is the biggest expense for retirees. When you retire, you would expect your expenditures to drastically decrease, in fact, that is the general consensus on what should happen. You may cut some work-related costs such as clothing and transportation. However, this is not necessarily a forgone conclusion, without proper planning. The reason for this is other necessities, such as medical bills or travel expenses for leisure activities, come into the picture. In this article, we will talk about the biggest expenses for retirees and what you can do about them. 

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Retirement Planning What Is A Good Monthly Retirement Income?

What Is A Good Monthly Retirement Income?

You are entering the next chapter of your life and retiring and you’re asking yourself the question, what is a good monthly retirement income? It’s your goal to ensure that you will get to live comfortably and you will get to sustain the lifestyle that you desire. Many factors may affect it, but your first and foremost concern is gaining a good monthly retirement income. Answering this question requires careful planning and research, but it is well worth it so that you can enjoy a relaxed and secure retirement. In this article, we will talk about what we consider a good monthly retirement income.

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Retirement Planning How Much Do I Need To Retire In Australia?

How Much Do I Need To Retire In Australia?

If you’re asking yourself the question, how much do I need to retire in Australia, then this article is for you. Taking proactive steps will enable you to rest assured that you can afford a comfortable retirement. It is beneficial to weigh up how much you need to retire comfortably against your expectations of the retirement lifestyle you have always dreamt of. This article will discuss how much you need to retire in Australia and what steps you should take for great retirement planning.

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Retirement Planning What Are The Biggest Financial Mistakes That Retirees Make

What Are The Biggest Financial Mistakes That Retirees Make?

 

What Are The Biggest Financial Mistakes That Retirees Make? Retirement is a transition that we cannot avoid, and all of us will eventually have to face it. When approaching retirement, it is essential to be mindful of any financial mistakes that could derail our plans. The consequences of making a financial mistake can be more severe than when you are still earning money and in your prime. Unless you have started early and built up significant assets, you may need to be more realistic in your lifestyle expectations and take steps to minimize the chance of getting caught up in the common pitfalls that lay in waiting for the unsuspecting retiree trying to “catch up”. In this article, we will talk about the biggest financial mistakes that retirees make and what can be done to avoid them.

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Superannuation FundInsurance ProtectionNewsRetirement Planning superannuation statements in Australia

Superannuation Statements – What to Check

Last financial year’s superannuation statements are hitting your mail boxes over the last week.

It is important that you check your details are correct. The type of information you should be checking:

  • What is your balance.
  • Is the balance trending upwards over time – remember the Centrelink aged pension will probably not provide enough for the niceties in life. Chances are you will be relying on your superannuation for a better quality of life in your retirement.
  • Are all this year’s superannuation payments showing on your statement?
    Only recently we had a client whose superannuation guarantee payments from his employer were going into a different fund to the one he thought. And in rare cases, unscrupulous employers have been known not to make their payments at all even though they have a legal requirement to do so.
  • Do you have insurance within your superannuation (life, income protection or total permenant disability)?  Is it still sufficient for your needs?
    Remember that insurance premiums within your super fund are paid from your superannuation returns rather than billed to your directly. This makes them a convenient form of extra financial security, but one which it is easy to overlook.
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NewsRetirement Planning Retirement Planning Essentials

What the Financial Planning Association of Australia (FPA) Says About Retirement Planning

We offer full service retirement planning in our Perth office. In a recent blog post, Certified Financial Planner James McFall of the Financial Planning Association of Australia (FPA) outlined ten steps he feels are essential to a comfortable retirement. As a public service, we would like to provide the information that we think is relevant to you. Remember, though, that we can only provide financial advice via a personal, one on one consult.

Retirement Planning Essentials

The FPA advocates identifying what it is that you value the most in life. After you have done this, they recommend prioritising what is important to you and then creating a list of firm goals which can be turned into a financial plan. *

According to Mr McFall, your superannuation fund is probably going to be your biggest retirement asset. He likens it to a “tax haven, but…legal.” *

The next step is to determine how much you can save and use that amount to make your plans. Mr McFall reminds that savings and home equity are available for investment and that you may consider investing either or both. He also feels that it is important to take full advantage of tax laws to lower your liability. *

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