At Soans Financial Advice we understand what it is like to be a single woman who does not fit into the family unit “box.”
And many of our friends who are not single now will become so through divorce or by simply outliving their partners.
We are building this section of our new website to provide some resources designed specifically to help you.
Click here to view our articles for women.
As a guide, if you have $100,000 in your super account and your net investment returns are 6% per annum, your balance can double in 12 years, treble in 19 years and quadruple in 24 years. If you could add just $10,000 each year to your initial $100,000 you could have over $600,000 in 20 years’ time.
In reality, investments do not increase by a smooth amount each year, but these figures illustrate the “power of compounding.”
If you would like to understand more please contact us.
How much capital will I need when I retire?
Target Retirement Assets calculator
How much capital am I likely to accumulate by retirement?
Assets Accumulation calculator
ASIC’s Moneysmart website is a well-written resource for many life situations:
Self-employed people https://www.moneysmart.gov.au/life-events-and-you/self-employed-people
Age Pension Recipients
Many pensioners will suffer a sizeable drop in their Centrelink income under the new Age Pension assets tests from January 2017. However it may not be necessary to suffer a drop in your standard of living: less Age Pension now could lead to more in the future if your assets are managed correctly. Contact us to learn more.
How much Age Pension am I entitled to?
Max Age Pension
Based on ASFA calculations, a single homeowner needs around $43,000 per annum to live a comfortable lifestyle and a couple needs $60,000 per annum. For most clients this income is generated using a combination of your own financial assets plus the Age Pension; optimising this combination needs careful long-term planning and this is where a financial adviser with skills in tax and Centrelink issues can add significant value. Contact us to find out more.
How long does my money need to last?
Netactuary’s Survivorship Calculator
How long might my money actually last?
Please feel free to contact us for assistance in working this out.
Soans Financial Advice Pty Ltd (CAR Number 464491) and Rebecca Soans (AR Number 436618)
are authorised representatives of Lifespan Financial Planning AFSL 229892.