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The following article was published in our article directory on September 24, 2012.
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Article Category: Finances
Author Name: Grant Abbott
Today I'm talking to all you Baby Boomers out currently there. That's people like me, we were born between 1946 and also 1964. Guess what's right in front of us at the minute? That damned thing called retirement. Who ever thought us Baby Boomers were going to retire. And I tell you what, don't even concern oneself about calling it retirement or taking a pension. Let's just say that we're growing older gracefully.
We are undoubtedly at the forefront here and we've changed history all along the way, and the big thing we demand to now focus in on, and I put it to you to do your research is that at the present moment there are 2.8 million of our parents or what we call the war generation or the silent generation remaining out there. But over the next five to ten to fifteen years, we're actually going to start to hit retirement pretty hard. And the problem about that is that if you think how stretched the Australian system is actually at the moment with 2.8 million war generation, you know, the medical care costs, the social security, the aged pension costs; if you think of how stretched it is simply at the moment, wait until we come on board; there's 4.8 million of us. So once we start to go through, there's going to need to be a doubling of heath care, there's going to need to be a doubling of the social security or the aged pension and that's going to be quite scary for future governments and it's a specific thing we require to put in mind. Which means at the end of the day, we need to start to check out at our investments, we want to start to look at while we've got a nest egg and ensure it last as long as possible.
I don't want to be aged 85 waiting for a hip replacement for five, six, seven months. If you've got the money, you want to get in there and basically do that straight off. So Baby Boomers check up on at what you've got. Now the problem about us, as Baby Boomers, is we suck at superannuation. The government, in its wisdom, decided in 2007 to actually be in a position of saying, well if you take money out of super it's tax free. Well that's fine for them to tell us that, and that's great for our kids, the Gen Xs and Gen Ys because they're going to take full advantage of it, but for us, most of us have done all of our wealth creation away from of superannuation. We've got little amounts-- do you know we've only got probably around about half the size of Gen Xs, our children's amount of superannuation considering of those investments outside. What you need to do though, is you've got to sit down and make sure you get with a good SMSF strategist, someone who really knows there stuff about seeing how you can transfer what you've developed up outside, whether it's residential properties, whether it's shares, managed funds, see how you can effectively transfer it distant of super into super, cost effectively.
See now, if you can manage to do that, you sit down do a quick-- spend a little bit of time, have a glass of red wine, get a piece of paper out, look at what's going to happen when you get to retirement, all your investments are going to have no gearing on them, work out how much tax that is going to be over the next 10 to 15 years for you. It's going to be hundreds of thousands, potentially millions of dollars. Then what you want to do, on the other side, actually start to say, well what would happen if this sits inside my superannuation fund and I'm not paying any tax. At the instant, if it's in a pension stage or you've got your own little account based pension sitting in there-- and remember in a self-managed super fund, you are the controller. When it presides in there you don't pay any tax, when you pull it out you don't pay any tax. At the end of the day you've got tax versus no tax. If you can switch those assets over you are going to be there getting that capital working for you for a lot longer time and it's currently there going to protect you when we have a look 15, 20 years down the track when those costs of health care, aged care and also we have a look at the costs in terms of social security, it's really going to make a big difference.
Baby Boomers, this is not a time to go to sleep, this is a time to wake up to your super and really start to make it work for you. Try and get those investments outside to take advantage of the tax-free super and you can still have full control of it because it's going to be in your self-managed super fund. For those of you who managed to actually find this video on there, you are already halfway there - there are a lot of Baby Boomers who won't even ever see this type of video. It's time to take action, time to really wake up your super, wake up to the next stage of your life.
Keywords: Retirement, SMSF, Finance, Investments, Pensions, DIY Super, superannuation fund
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