We spend a lot of time talking about it here at Qantas Super, but your super isn’t the only thing you need to think about when it comes to your retirement planning.
While it will play a big role, your super is just one piece of your financial pie.
Here are a couple of other things you might want to think about as you go about planning for retirement:
Depending on the division of Qantas Super you’re in and your job type, the basic insurance cover you receive through your super account may stop between the ages of 55 and 65 – you can check this by reading the information booklets for your Division. If you have Voluntary Cover through Qantas Super, this will also stop when you turn 65.
With this in mind, it’s important to think now about your insurance needs in the lead up to your retirement, and in retirement.
The insurance needs calculator, provided by the Association of Superannuation Funds of Australia, can give you a general picture of whether you have enough insurance cover to death, disablement, and income. If you have a partner, dependants, a mortgage, or other needs, these are important considerations.
On the flip side, if you have paid off your mortgage and no longer have kids at home, for example, you may find that your insurance needs have lowered.
It’s important to ensure you have the right level of insurance cover for your needs.
Just like it’s not too early to start thinking about super when you’re kicking off your career in your early 20s, it’s never too early to start thinking about estate planning as you get closer to retirement.
Put simply, estate planning means planning for what happens to your various assets after you die. Though a will may specify who gets what, the goal of estate planning for many people is to ensure their assets are passed on to the right people in the most beneficial and tax-efficient way.
For example, this may involve considering whether a loved one’s eligibility for certain government benefits will be affected, or whether their tax situation will change significantly, based on their inheritance of an asset or even when they receive it.
Estate planning also considers who will be put in charge of your affairs and make decisions for you in the event that you lose your ability to make decisions.
Given the complexities involved, expert advice is key for estate planning. We can put you in touch with financial advisers familiar with Qantas Super to help.