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The Art of Downsizing

PSK Monthly Newsletter

How to budget for your social life in retirement

21 December 2020

If you're in or approaching retirement, you may be prioritising things such as living costs, utility bills, health care and even potentially helping the kids out with their future financial goals. With many Australians looking at a retirement (which in reality, could span a few decades), it is also important to plan for your own recreation and social life. For an insight into how much you could actually need and to get an idea of how much better off you might personally be, click on the link below. Read more..

PSK Monthly Newsletter

Coronavirus vaccines – are we there yet?

21 December 2020

The UK have started the roll out of a vaccine, targeting front line workers and those who are most at Risk with the United States approving their first vaccine for COVID-19 with a planned roll out to 20 million Americans by the end of December. Here in Australia, the government is currently engaged in planning for the rollout of the first COVID-19 vaccines by March 2021. In this article, Dr Ross Walker provides his views and opinions on the most common vaccines and how important they are as we strive to eliminate the SARS-CoV2 from the world. Read more..

PSK Monthly Newsletter

5 ways to shop a little smarter this Christmas

21 December 2020

With only 4 days to go until Christmas!!! It is amazing how it creeps up on us each year. If you've left your shopping a little later this year and if you are looking for some tips around managing the costs of gift giving, here are some ways you could potentially shop a little smarter, so your money goes a little further. Read more..

18 Apr 2019

The Art of Downsizing

 

Australians are experiencing a major social transformation as the baby boomer group, around 5.5 million people born between 1946 and 1964, are reaching retirement. While they are living longer than ever, it presents a real issue as many of this group simply don’t have sufficient superannuation to fund a comfortable retirement for their projected lifespan and are choosing to re-align their assets to meet with their changing accommodation and income requirements.

According to the Credit Suisse Research Institute Global Wealth Report 2018, Australians have the highest median wealth per adult. Despite this, retired Australians experience high levels of relative poverty and albeit are asset rich yet cash poor with the majority of their wealth tied up in the family home.

It’s worth remembering that when compulsory superannuation was introduced in 1992, many baby boomers were more than halfway through their working life, and they missed out on the benefits of compounding returns over time. As a result, the median household superannuation balance for retiring Australians currently sits around $200,000, estimated to support a ‘comfortable’ retirement income for just 10-15 years.

The government recognised this and in December 2017 introduced the Downsizing legislation from July 2018 allowing retirees to make a contribution of up to $300,000 to Super upon the sale of the principle residence, providing that the contribution is made within a 90 day window after settlement, that the property was owned for a minimum of 10 years and are over the age of 65, for full details visit ASIC MONEYSMART website ASIC MONEYSMART DOWNSIZING.

 

The Art of Successful Downsizing information sessions

Off the back of this environment and the introduction of the legislation we have enjoyed more conversations on this subject and last week we ran an additional client information session with special guest speakers Lisa Oshlack the founder and Managing director of Moving On, a downsizing, home preparation and re-location specialist specialising in the over 55 Market and Rich Harvey, Managing Director of Propertybuyer and buyer’s agent of Channel 9’s successful Buying Blind series.

The next session we will be holding will be on Tuesday 20th August if you would like to attend please email  info@psk.com.au

 

First published 28 August 2019

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