1.0Surf Coast Timeshttps://timesnewsgroup.com.au/surfcoasttimesrich600338<blockquote class="wp-embedded-content" data-secret="uCOs94U36G"><a href="https://timesnewsgroup.com.au/surfcoasttimes/news/the-foundation-of-retirement-planning/">The foundation of retirement planning</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://timesnewsgroup.com.au/surfcoasttimes/news/the-foundation-of-retirement-planning/embed/#?secret=uCOs94U36G" width="600" height="338" title="“The foundation of retirement planning” — Surf Coast Times" data-secret="uCOs94U36G" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); //# sourceURL=https://timesnewsgroup.com.au/surfcoasttimes/wp-includes/js/wp-embed.min.js </script> https://static.timesnewsgroup.com.au/prod/uploads/sites/2/2022/08/Copy-of-Facebook-Feature-Picture2-25.png1200630BY ANDREW TORNEY FROM MUIRFIELD FINANCIAL SERVICESRetirement planning often begins and ends with a discussion about how much super you have and whether it's enough.While super is important, it's not the only factor to consider when planning your retirement.The three pillarsAustralia's retirement system is underpinned by three potential sources of income:Compulsory superannuationA means-tested Age Pension, andVoluntary savings inside and outside super.However, is there any reason you don't consider the family home as a form of savings?The family home is often overlooked as a potential source of funds in retirement as well as being a roof over your head. But awareness is growing as retirees search for ways to boost their income in the face of low investment returns and an Age Pension that is not increasing as much as most would wish.One home, many functionsA family home that is fully paid for or close to it when you retire provides more than a roof over your head. It can also be:A store of tax-free wealth, as the family home is not subject to capital gains tax when soldA way of maximising Age Pension entitlements as it is not included in the assets or income testsA potential way of financing residential aged care, andA future inheritance for your children.When you think about your family home in this way, it can become an important factor in determining the right path for your retirement.It's important a good financial plan covers all bases, including your family home. That's because most Australians enter retirement with more wealth in their home than their super.That's partly because today's retirees – especially women and anyone with a broken work history – haven't had the full benefit of compulsory super. However, they do have relatively high levels of home ownership. About 75 per cent of retirees own their home, including 1.8 million seniors on the Age Pension.Asset rich, income poorAustralian retirees are some of the wealthiest in the world, with median household wealth of around $1.4 million. Yet close to $1 million of this wealth is tied up in the family home and can't produce an income to live on.The bottom lineThe home is a critical component of most Australians' voluntary savings journey and is an important factor influencing retirement outcomes and how people feel about retirement.If you are considering downsizing or researching ways to access equity in your home, it needs to be viewed as part of your overall retirement income plan.A comprehensive strategy developed with the help of a professional can ensure you understand all your options and make the right choices.Muirfield Financial Services have an experienced team of local advisers. Phone them on 5224 2700. [...]Read More...