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

06 December 2018

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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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Successful Binary Options Trading

Binary options trading is becoming more and more popular. That trend isn't really striking as binary options are a lot of fun, offer a 50% chance of winning, and are easy to understand. Cash-or-nothing options are another term for the exotic options that definitely live up to their name. But even though binary options aren't as complex as other types of options, there are pitfalls you should avoid when trading them. In this article, you'll learn everything you need to know about binary options trading. Binary Options – What Are They? Binary options are a subcategory of options. Just like regular options, they belong to the group of financial derivative instruments. That makes them attractive to investors, who don't want to purchase any assets but prefer placing bids on the development of assets. Each binary option is placed on a so-called underlying asset. It can be a share, a cryptocurrency, a commodity, precious metals, a foreign currency, and more. When placing the all-or-nothing option, you only have one question to answer: Once the option expires, will the underlying asset be above or below a certain price? As there is only one decision to make, there are only two possible outcomes of a binary option: Either your prognosis was right or it was wrong. You make a profit if your prognosis was right, but don't get any money back if it wasn't. That's what the terms “binary”, “all-or-nothing” and “cash-or-nothing” describe. Even beginners quickly understand how binary options work. And yet, there isn't only a 50% chance of profit, but also a 50% risk of loss. In order to become a successful binary options trader, you need to reduce your loss risk as much as possible while increasing your chances of winning. In order to do so, you'll need a binary options strategy. But there are other things to consider. A Reputable Binary Options Broker In order to maximize your chances, you should try to find the best binary trading website. It should offer a low minimum trade amount, a low minimum deposit, and a low minimum withdrawal. The less money you have to park in your account, the more independent you are. The minimum trade amount is important because you should start with small investments and practice until you get a real hang of binary options trading If you don't have any experience yet, it might be smart to choose a platform that comes with a free demo account. That way, you can practice your strategy for binary options trading without having to invest real money. A Trading Plan Binary options are possibly the most exciting type of investment out there. Some brokers will enable you to place bets of only $1, which is great but can also lead to an investment spree. Before getting started, you should set yourself a budget and transfer it to your trading account. No matter how much fun and luck you might be having, make sure to stick with your plan in order to limit your risk. Trading Strategies Some governments have banned binary options trading for two reasons: In the past, there seems to have been fraudulent activity linked to binary options. As the market is very solvent and new, fraud is a real risk that good brokers can limit. The second reason some countries ban binary options is that they classify it as gambling. Even though there is a 50:50 chance of both winning and losing, binary options trading isn't subject to (bad) luck. There are various factors that can affect the prices of underlying assets. If you educate yourself on the markets and find a good binary options trading strategy for beginners, it's possible to take well-founded decisions. Try these popular and easy strategies. Follow the Trend, the Rainbow Strategy, the Candlestick Strategy, the Money Flow Index Strategy, or the Turtle Strategy. A demo account will help you find the one that matches you and your trading style best. Additionals: Rumors About Trading – True or False?How To Exchange Bitcoins And Other Coins On Binaryx?What Beginners Must Know About Trading Options In DubaiPassive Income And Crypto Trading: Here Is How You Can Start

What You Must Know about ELSS before you Invest

Equity Linked Saving Schemes (ELSS) or assessment sparing common store schemes as they are otherwise known similar to, a mainstream impose sparing venture. The significant reason for this ubiquity has been the introduction of Section 80C of the Income Tax Act, from April 1, 2005. This section enables the investor to put up to Rs 1 lakh in different speculation items and get an assessment deduction for the same. The rundown of speculation items additionally incorporates ELSS. Prior, till March 31, 2005, interest in these duty sparing schemes only took into account an assessment deduction of up to Rs 10,000 under Section 88. Things You Must Know However, that being stated, there are different things an investor needs to remember before choosing to bounce into an ELSS speculation. Section 80 C spoils you for decision: As has been mentioned above, ELSS isn't the only speculation road that goes under Section 80C. Other ventures, for example, Life Insurance, Public Provident Fund (PPF), National Savings Certificates (NSCs), Senior Citizen Savings Scheme (SCSS), Post Office Monthly Income Scheme (POMIS) and so forth likewise offer a comparable tax break. Then there are mandatory installments, for example, your PF, tuition expenses of youngsters and notwithstanding lodging credit reimbursements that are secured under Sec. 80C. Secure of three years: Like all venture roads under Section 80C, ELSS supports additionally include specific security. For this situation, the security is for a long time. Subsequently, an ELSS speculation can't be pulled back for a time of three years from the date of the venture. This secure resembles a twofold edged sword. On the one hand, it cultivates long-term venture, which is extremely basic while putting resources into equity. What's more, on the other, if you wind up in a situation where you require supports in a crisis, you should turn to other means/speculations - best fewer funds to invest in 2017. Withdrawals are simply not permitted, not even with a punishment. Expense sparing schemes carry the danger of putting resources into equity: ELSS stores are advanced as great speculations as they empower the reserve manager to accept long-term approaches account of the implemented three years secure. In other words, the store manager doesn't need to stress over keeping reserves fluid to oblige day by day redemptions that can occur in ordinary open-finished schemes. However, it must be remembered that Reliance elss supports for every single reasonable object are like ordinary diversified equity shared reserve schemes. Conclusion The assets in these schemes are put resources into the stock market. Consequently, the profits these sukanya samriddhi scheme create rely upon the sort of stocks the store manager puts resources into and the general condition of the market. So if an investor puts resources into an assessment sparing plan, and three years down the line, when the secure finishes and the markets are not doing great, his total returns will get destroyed. Indeed, this has not occurred in the past as the Indian market is in a sidelong bull stage (excepting the occasional hiccups). However, the capability of the capital loss is especially there and it must be considered.

A Beginner’s Guide In Using MT4 On A Mac

As described by most forex traders, MetaTrader 4 — is by far the top forex trading platform you can use today. The MT4’s trading platform is an all-in-one platform for all of your forex trading needs — from market analysis to all the additional services a forex broker will offer. Although MT4 was initially created for Windows, the application is now also available in Mac. And if you’re wondering what MT4 application to use for your Mac, you can open a meta trader 4 for your mac here. Here’s a beginner’s guide in using the MT4: What’s inside the platform? There are four main panels on the MT4 platform, the navigator, market watch, terminal, and chart panels. Let’s discuss each one and some of their uses. 1. Navigator Panel: This panel enables you to access your trading accounts. This also allows users to create a trial account to test new strategies before trading in the market. Additionally, the navigator panel offers a feature to add various indicators — trends, oscillators, and volumes — on your chart panel. You can even customize your own indicators through MQL4 or MetaQuotes Language 4, the integrated programming language for developing indicators in MT4. 2. Market Watch: This is where you’ll find all the various instruments that are tradable, such as forex pairs, energies, precious metals, and indices; and it also displays the current bid and asking prices alongside its instrument symbol. The market watch panel also allows you to have access to a set of options by clicking a specific instrument symbol. These options are: Chart window - This opens a new chart of your selected instrument. New order - This opens a trade on your selected instrument. Depth of market - This will display the bid and ask prices of a specific instrument. Tick chart - This will display the sales activity of the forex pair. Specification - This will display the contract specifications of a particular instrument — swap rates, contract size, and spreads. 3. Terminal Panel: This panel allows quick access to your trading history and account. The terminal panel displays various tabs along the bottom side of the panel, such as: Trade - Allows you to view your pending orders and open positions. News - This displays the relevant and important trading headlines. Account history - This displays all your executed trades. You can also view your withdrawal, deposits, profits and loss, and credits in this tab. Alerts - This displays the list of alerts and notifications, such as instruments reaching a specified price. Mailbox - This is where you can view the messages sent via this platform. Journal - This tab lets you view your account’s systems messages, such as filled or edited orders, login times, and closed positions. 4. Chart Panel: The chart panel is probably the most recognizable panel of the trading platform, as this panel shows a particular instrument’s price movement. The charts can be viewed as lines, price bars, or candlesticks. And if you’re tracking multiple instruments, this panel can display multiple charts on a single screen. Additionally, this panel also allows you to view the charts in various timeframes, from one minute to one month charts. MetaTrader 4 trading: How to open a currency pair trade: The easiest way to set up a trade in MT4 is to utilize the Order window to place an order on the market by doing these steps: Select the chosen currency pair by clicking the Window tab of your MT4 platform. Select New Window Click New Order on your toolbar, or open the Order window by pressing F9. Enter your chosen trade size in the Volume box. Choose Market Execution in the order type Click sell or buy How to close a trade: When you’re done opening the trade, of course, you’ll eventually need to close the trade. Here’s how to close: Click the Trade tab from Terminal window. Right-click any order you want to close on the Trade tab. Select Close Order Select the Close button on the Order window to close the trade. How to add currency pairs: If there’s a specific currency pair that you’d like to trade, but it’s not visible in the Market Watch window, then follow these steps to add currency pairs: Press CTRL+U to open Symbols In the Symbols window, look for the currency pair you’d like to add. Click the symbol and click Show to add the currency pair. Closing thoughts: Although setting up and placing trades in MT4 is easy, learning the platform’s powerful features and intricacies to fully take advantage of the program can actually take time and effort. May you use this guide as a stepping stone to start trading in the MT4 platform. Read Also: Forex Trading Wisdom: Talk Yourself Out Of Bad Trades What To Expect When You Become A Forex Trader

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

Tags

Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

Leave a Reply Cancel reply

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Successful Binary Options Trading

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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

Tags

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

Leave a Reply Cancel reply

Popular

Follow Us

Recent

Related