The best time of the year to retire depends upon your individual situation. Superannuation rules and the retirement income you require will be the two main details of influence. If you do have adequate funds, what is the best age and when is the best time of the year to retire? Read on to learn more from Karidis Retirement Villages.
What Does it Mean to Retire?
The word “retire” means different things to different people. The definition of the word may mean one thing to you and mean something else to your accountant, for example. What we want to consider when finding out the best time of the year to retire is the latter. That is, the best time of year to retire for tax purposes.
What is the Best Age to Retire?
Let’s assume you have a picture of the lifestyle you want and, therefore, the desired retirement income and value of superannuation and investment assets. Although a growing number of people are choosing to retire earlier, being able to access superannuation tax-free at age 60 means that this is generally considered the best time to retire for tax purposes.
Best Time of the Financial Year to Retire
In Australia, $18,200 is the tax-free threshold and, therefore, the best time of the year to retire is once you have earned this amount within an Australian financial year. Logically, when considering a couple, the amount is $36,400. Seniors and pensioners who qualify for the Senior Australian Pension Tax Offset can earn up to $33,000 per year without paying any tax.
Financial Planning for Retirement
You can get assistance with financial planning for retirement and help you make the transition into life in a retirement village. This could be through tailored financial retirement support options, deferred management fees, help from an agent in selling your home, move-in assistance and more. We can offer insight into the various ways you can get help through Retire Assist. We suggest getting in touch and asking how an individually tailored financial support package can help you achieve your retirement dream.
Call Karidis Retirement Villages on 1300 796 311 to learn about retirement financial support options in South Australia.