Do I have Enough Super to Retire: Considerations Before Leaving Your Job

Published on: 06 December 2018 Last Updated on: 22 February 2020

As you get older, you start thinking about retirement and if you have enough money to live comfortably afterward. In some cases, people don’t even usually get to decide their retirement age due to health reasons.

Retirement planning is an important process, and part of it is asking questions like “How much super do I need to retire?” or “Is my current lifestyle something I can afford?”. According to the Australian Bureau of Statistics or ABS, the average retirement age is at 65.5 years for men and 65.4 for women.

If you’re someone who’s nearing this age, then you should think about these considerations before you retire or leave your job.

How is your account doing?

account

Some of the biggest mistakes that people make is not knowing what their superannuation account is worth or where they’re money is invested. This reason is that a lot of people don’t really understand what it is and the advantages of having one.

At the end of the day, it’s money that you’ve earned, and you’ve set aside for retirement. Make sure to check how much you already have in your account so you can plan your retirement correctly. According to experts, you need to have at least $545,000 in your account if you’re single and $640,000 if you’re married to be able to have a comfortable retirement. This amount already covers health insurance coverage, home renovations, activities, and food.

How much money do you need?

You also have to take note that the amount you need will still depend mainly on how your lifestyle will be. Take this example below to find out how much you need to earn to have a modest or comfortable retirement:

Modest lifestyle
$27,430 for a single person
$39,445 for couples
Comfortable lifestyle
$42,955 for a single person
$60,604 for couples

A modest retirement would mean that you still get to enjoy activities like eating out once in a while and go on short trips within the country.

A comfortable lifestyle, on the other hand, will mean that you can go to a lot of recreational activities, get good private health insurance, buy a reasonable car and travel. Taking into account what your lifestyle is will have a great impact on how much money you need to be pouring into your super account.

Where do you wish to live during retirement?

After retiring, the house you’ve lived in for many years may seem dull and boring. Consider where you want to live as this will have an impact on your overall life satisfaction.

An option that’s popular for retirees is downsizing and selling off some of their assets. The reason behind this is because they want simpler things in life. They don’t have kids living with them anymore, and house maintenance cost can be expensive and impossible to do down the line. Additionally, downsizing can actually help you increase your superannuation account.

For example, Australians age 65 and over can make a non-concessional contribution to their superfund account for up to $300,000 from the sale of their primary home. This does not take into consideration of your work status, account balance, and history of contribution. Moreover, for couples, this amount can double up to $600,000.

Downsizing has some significant advantages such as:

Ability to stay closer to family and friends
Ability to purchase better health insurance coverage
Tax benefits
Affordable cost of living depending on your location
Ability to put money in other investment opportunities

Are you debt free?

Debt is something that can eat up a lot of your retirement income when not handled properly. Most experts advise that you carry no obligation when you retire or at least 90% as close to debt-free.

Ensure that you’ve already paid off your mortgage, credit cards, and other types of loans that you may have. If you’re planning to retire but still have a lot of payments needed for your mortgage, you may want to reconsider it or making additional payments into it. A debt after your retire can derail your plans of having a comfortable retirement.

Conclusion:

Taking time to ask yourself these considerations will help you get the life you want after retiring. Additionally, it helps to paint a bigger picture of how your life will be moving forward. Being mentally and financially prepared is what is going to help you achieve the life you have always dreamed of.

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8 Simple Tips To Pay Off Your Loans Faster

Many people consider taking out a loan when they don't have the necessary funds to pay for something upfront. This allows them to make big purchases or investments without missing out on limited-time opportunities like discounts or promotions. For other reasons, people may also take out a loan for personal emergencies like paying medical bills or investing in a new business that can help them achieve their goals. No matter the reason, borrowers are still obliged to pay back the same amount of money within a period of time, with designated interest rates. To enjoy a debt-free life faster, here are some tips on how you can pay off your loans faster: 8 Simple Tips To Pay Off Your Loans Faster: 1. Arrange your debts: Create a spreadsheet or a list of every single debt you have and arrange it based on whether it is outstanding or not. Include details like how much cash you borrowed as well as the payments you have made so far. This allows you to keep track of your progress and give you a visual motivation to get things done. Remember to always pay on time to avoid increasing your debt further. Read more: Eight Essential Tips For Getting Out Of Debt 2. Ask help from an expert: If you need help managing your debt or are looking for expert advice, consider contacting the nearest expert financial group in your area. Many of them offer consultation or debt relief services that help manage complicated loans. For instance, Check Into Cash offers various solutions at affordable rates and have several locations within the United States. You can also visit finance advice blogs and social media websites for industry tips from experts. 3. Create a budget plan and stick with it: Creating a budget allows you to allocate your finances into segments. This includes dividing your monthly pay into equal portions sorting your expenses according to the following: Bills and important payables Grocery budget Food and transportation allowances Loans and debts Savings Miscellaneous and emergency expenses Keep this data in a logbook or in your personal spreadsheet to track your progress. 4. Pay off the most expensive ones first: Not all debts are created the same, if you haven't been paying your credit card loan then you might want to start now. The reason for this is because credit cards have the highest interest rates compared to other lenders. However, depending on your loan you can also pay off the ones with the smallest balance first and use the debt snowball method. The snowball method is done this way: List all of your loans from the most to the least Make the minimum required payments for each loan Try to allocate as many resources possible for the loan with the least balance Do it every month until all balances are cleared Read more: Using Short-Term Loans To Help Rebuild Your Credit Score 5. Pay more than the minimum: If you have extra money, consider paying it directly to your loans to help pay off your debt faster. Make sure each payment you make is up to date so a portion of it won't go to interest. If you don’t have any extra money, look for a side job like doing paid online surveys or driving for Uber and Lyft. If you’re creative, you can also freelance part-time and create content for clients on various websites. 6. Sell items you don't need: Many of us can live without a few extra items in our house. Sell off some items like electronics, art, and furniture on a garage sale or online shops like eBay. If you have items that may need refurbishing, try getting them repaired before selling them off. You'll be surprised how much people are looking to buy things on a bargain! 7. Lessen your spending habits: Learn to live frugally for a while. Instead of paying for gas, use public transportation or walk to your destination. Make home-cooked meals instead of ordering out, and as much as possible try to limit your shopping habits except for necessities like groceries. If you must buy something like a dress or a pair of shoes, consider waiting for a sale or look for bargains online. Every little act counts. 8. Refinancing: Refinancing your loans might seem counter-intuitive. But it's a smart way of transferring your loan with high-interest rates to another lender that offers affordable loan interest rates. Some examples of these are student loan refinancing options, home loan refinancing, and auto loan refinancing. It's a great way of saving money since you're able to remove yourself from high-interest debts which take a long time to repay. Final Thoughts: Paying off your debt faster allows you to enjoy your life without worries, providing you peace of mind while also ensuring financial strength. For the latter, paying off your debt as soon as possible allows you to have better credit scores, which provides you with more financial opportunities in the future. Learning how to live life frugally while paying off a debt can also be a great learning experience since it helps you learn to value every penny you earn. While it may seem overwhelming at times, learning how to be financially responsible for making a plan and sticking with it will help you become more responsible in the future. If you need any help, contact your local bank or nearest financial group and see whether they have offer consultation services that can help you formulate your own plan. for personalization Manager: I can't access the website to check the link. it says that it's blocked in our country. Read Also: Debt Consolidation Plans For Your Debt Relief Are Payday Loans Really As Bad As People Say? 5 Questions To Ask When Deciding On An SBA Loan The 8 Smart Tips To Get A Smart Repayment Plan Home Sweet Home Improvement: How To Find The Best Home Improvement Loans

What you need to know about Ethereum mining

Ethereum mining is one of the essential means to develop your business in the best possible ways. Work out the plans that can help you to achieve your goals in the correct order. Do not make your choices in grey while you want to develop your trading business in the correct way. Ethereum mining is possible in a number of ways Crypto mining is a new money-making frontier without much risks involved. And while Bitcoin is becoming less profitable to mine by the day, Ethereum is still a solid choice. It gives solid returns (assuming the price of ETH doesn’t change too much!). Today, let’s see how we can have a setup for Ethereum mining! 1. Get your Mining Setup Together Mining basically means running an algorithm again and again until you find the “solution”. Once said the solution is found, you are paid by the system with Ethereum Mining can become computationally expensive and can be demanding on CPU or mining hardware. To have a chance of mining and therefore earning, a decently powerful computer setup is the absolute minimum. More power would potentially mean more earnings on average. Ethereum Mining can help your business to grow at a rapid pace. Work out the plans that can work well in your favor. In the case of Ethereum, it pays out 5 ETH roughly every 15 seconds to whoever solves the mining algorithm (though this may change in the future when Ethereum switches over to a Proof of Stake algorithm) So,first step would be to get a computer and/or graphics card setup. A standard, absolute minimum setup consists of 6 video cards. These should be a minimum of 3GB, and a motherboard with 6 PCI slots minimum. The other crucial parts would be a CPU, Memory of at least 4 GB, a decent power supply capable of handling of 80% of the output capacity, and a 60 GB hard drive. It’s also recommended to connect the rig to the Internet via a wired Ethernet cable connection; WiFi isn’t really recommended. The above rig is optimized for Ethereum mining using the current algorithm and mining difficulty. It collects a decent 0.5 ETH per month but, as is with cryptocurrencies, things change fast. 2. Get a Digital Wallet For you to earn and use cryptocurrencies, you need a digital wallet. Wallets are nothing more than placeholders where your coins are stored online. You have tons of choices in this area, with many different factors too big to cover in this guide. Ethereum mining can help your business to grow in the right direction in a short time span. Work out the plans that can work well in your favor. Once you have a wallet, it’s time to decide: 3. Do you Mine Alone or join Mining Pool Mining at it alone sounds like a great idea. The reward is much bigger and it’s all yours. However, this only works if you consistently beat thousands of others in solving the algorithm first. Trust us, with those odds, it won’t happen very often To successfully solo mine, you will need an upwards of 100+ graphics cards at your disposal. Not to mention taking the brunt of the enormous electricity costs, taking care of heating problems and ventilation, and the huge upfront cost of buying the hardware. Solo mining is possible and, yes can be rewarding, but you need to know what’s in store here. Mining pools are a collection of mining rigs which combine their hash rates together for a better chance of mining Ethereum coins. With crypto mining pools, you get a steady income even if you mine a block by proxy. It’s all about a collective group effort. There are lots of factors you should consider before joining a mining pool. The size of the pool, or the number people joining, is an important consideration. More people in the pool means there’s a bigger chance of mining a block and getting a reward. On the flipside, however, the payout per person gets smaller, since it gets split between more people. It might be worthwhile to try different pools to see which one you like best. But here are some we recommend NiceHash is a relatively easy to use and quick to set up mining pool to join. The nice thing about it is that it automatically searches for the best algorithm or cryptocurrency to mine, not just Ethereum. This can give more value for your rig in the long run. It should be noted that NiceHash also pays in Bitcoin, regardless if you were mining Ethereum or something else To join, you first need to download the AMD or Nvidia program installer from their site. This application will scan your hardware setup and install software as necessary. Afterward, you enter your Bitcoin wallet address. It should be noted that you need a BItcoin wallet setup before joining NiceHash. Else, you won’t get paid. Once entered, click on the benchmark button and start another scan. You’re then ready to mine NiceHash runs at an overall hash rate that is 20% less. This might seem concerning, but the switching feature more than makes up for this, as it can potentially up your profitability than just focusing on one coin alone. Another option is Nanopool. It is currently one of the largest mining pool joinable with 130,000 active members and counting. Nanopool also pays out to miners who are close to solving the algorithm, so that’s nifty as well. It charges a fee of 1%. Similar to Nanopool is Ethermine, which has a similar structure and fee. For mining software, we recommend Claymore Dual Miner. This allows you to mine two different coins at the same time. This works brilliantly for mining Ethereum and another crypto coin. Since Ethereum is more memory intensive, the processor can be used to mine for more processor heavy crypto coins. Thus allowing you to mine at twice the speed. Both Nanopool and Ethermine support Claymore. 4. Start mining! Once you’ve installed your choice of mining software, just run the appropriate program and your computer will then automatically start mining. Remember to always keep the program running, preferably 24/7. 5. Check your earnings and profit! After a while, you might want to check how much ETH you’re earning. To do so, you need to go to your mining pool’s website and type in your digital wallet address. You should be able to see how much ETH you’ve been earning thus far. Ethereum Mining can help your business to grow and move at a rapid pace. But earnings are different from profits. To truly calculate how much you are profiting, you need to consider electricity costs. To do this, you need to find out how many mega hashes per second (Mh/S) your setup is contributing to the pool. Next, go to the numerous mining calculators available online. Supply the relevant information to see how much you’re really earning! 6. Improve your Results There are a lot of ways you can improve your results and therefore your profits. Techniques such as overclocking and undervolting are worth looking at. What doesn’t change is the need for constant learning and improvement in this area since changes come in very rapidly. You need to be on your toes if you want to keep the profits rolling in. Happy mining! Read Also: Securing Mobile App Development With Blockchain Technology What You Should Know Before Using ExpertOption (more…)

What Is A Pay Stub?

When it comes to financial record keeping, there's perhaps no other document more important for you to save than your pay stub. You might think your employer would provide you with a year-end summary of your earnings, but that's not always the case. Avoid tax and employment problems down the road by holding onto your pay stubs and knowing how to read them. This quick guide will help you to understand the importance of your pay stub. What is a Pay Stub? A pay stub is a payment statement that you receive from your employer that details how much money you've earned in a given pay period, as well as any deductions that have been taken out of your paycheck. This can include things like taxes, health insurance, and retirement savings contributions. Although the federal government does not require employers to provide their workers with a pay stub, most states have their own laws in place that mandate this. In some cases, your employer may opt to provide you with an electronic pay stub, rather than a physical one. If this is the case, be sure to print out a copy and save it for your records. Why Are Pay Stubs Important for Financial Record Keeping? You will need your gross and net payment details at tax time to accurately report how much money you earned over the course of the year. Your pay stub information helps you keep track of any staff benefits that have been added to or deducted from your paycheck. This is important for two reasons: first, it can help you to budget accordingly; and second, if there are any discrepancies, you'll have documentation to back up your claim. Finally, pay stubs can also serve as proof of employment in the event that you need to apply for a loan or other type of financial assistance. How Do I Read a Pay Stub? Pay stubs can vary somewhat from employer to employer and the payroll system they use. Generally, most pay stubs will contain the following information: Your name and contact information Your employee ID number The check number The date of the pay period The amount of money earned during the pay period A breakdown of any deductions that have been taken out If you have any questions about your pay stub, be sure to ask your employer for clarification. After all, it's important that you understand exactly how much money you're taking home each week or month. How Long Should You Keep Your Pay Stubs In general, it's a good idea to hold onto your pay stubs for at least one year. This will give you plenty of time to file your taxes and resolve any discrepancies that might arise. If you're self-employed, you'll need to create a pay stub each month and keep them on hand for even longer than a year. That's because you'll need them to prove your income in the event that you ever apply for a loan or other type of financial assistance. How To Create A Pay Stub If your employer doesn't provide you with a pay stub, or if you're self-employed, but if you do not know how to make paystubs then you can create your own using an online pay stub generator. This is a quick and easy way to create a pay stub, but it's important to work with reputable companies that provide you with a document that will be considered legitimate by the US government. Make light work of your financial record-keeping by using our pay stub generator which is easy to use and generates safe documents. Start by selecting the right pay stub template. Read Also: Bridging Loans Explained Top Ten Solutions Offered At Ocbc Securities Seven Benefits Of Hiring A Professional Bookkeeper B Corps Vs Public Benefit Corporations: Understanding Ethical Investing

Do I have Enough Super to Retire: Considerations Before Leaving Your Job

How is your account doing?

How much money do you need?

Where do you wish to live during retirement?

Are you debt free?

Conclusion:

5 Places to Get Fast Cash

The Need for Equity Release Consultants to Understand the Details

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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8 Simple Tips To Pay Off Your Loans Faster

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What Is A Pay Stub?

Do I have Enough Super to Retire: Considerations Before Leaving Your Job

How is your account doing?

How much money do you need?

Where do you wish to live during retirement?

Are you debt free?

Conclusion:

Share this Article

5 Places to Get Fast Cash

The Need for Equity Release Consultants to Understand the Details

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related