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Empty Nesters

Once the kids are financially self-sufficient, it’s time to really focus on paying off your mortgage as quickly as possible and developing a well-structured plan to save for your retirement.

1. Pay off any existing home loans as soon as possible
Paying off your home loan signals an important landmark in your financial life: it’s time to decide what to do with the extra income that used to go towards your home loan repayments.

2. Invest for a super future
Do you really know how much you will need for retirement? No one wants to fall short, so start looking at ways to build up your superannuation.

3. Seek advice on super strategies you can implement now to increase your retirement income and minimise tax As you approach retirement, it is absolutely essential to seek professional advice to ensure you can achieve the lifestyle you want. Putting strategies in place now can make a world of difference during retirement.

Some strategies could include:

	Splitting super contributions with your spouse in the lead up to retirement
	Accessing part of your super pre-retirement
	Salary sacrificing into your super fund
	Making deductible contributions into your super fund

What’s next?
Start planning your retirement as early as possible to ensure you can enjoy the lifestyle you deserve later down the track. See our Retirees section for more information.

As at 5 February, 2007 Doc Owner: < >