Planning for Retirement in 2023
The first step in planning your retirement is considering where you want to live. As a retiree, you are in a great position to explore new places and make the most of your freedom. You no longer have work or family commitments that keep you rooted in one place, so this is the perfect time to see what's out there!
Bribie Island, Agnes Water, Hervey Bay and Mackay all sit at the top of the list of retirement destinations in Queensland. All are famous for their lush greenery, warm weather, and picturesque beaches. These locations also tick the boxes for a dream retirement with a relaxed coastal atmosphere, golf courses, shops, cafes, fishing, boating and beautiful year-round weather. It's easy to see why they have become such popular destinations for retirees looking for an exciting new lifestyle!
Downsizing is a great way to take care of yourself in retirement. As you age, you must ensure your retirement is as comfortable and enjoyable as possible. That can mean many things: a safe and manageable home, plenty of time with family and friends and activities that keep you active. Holding onto a big family home may not suit your retirement goals, give you the freedom to lock up and leave or be close enough to shops and services.
Land Lease communities are a fantastic option for downsizers with the security and freedom of owning a home. These master-planned neighbourhoods are purpose-built with over 50's in mind offering location, convenience and low maintenance homes at affordable prices. In addition, most communities have shared facilities like pools, libraries, cinemas, gyms and sporting options, plus a social calendar of activities, so there will always be something to do if you don't feel like going out on your own.
Land lease expenses cover the maintenance of all common area amenities, including entry gates, roads, security, recreational facilities, garden and lawn maintenance to common areas and the front of homes and council rates. Residents receiving the Aged Pension can offset the weekly site rental fee with Government rental assistance.
If you're gearing up for retirement in 2023, it's an excellent idea to get financial advice so you can rest easy knowing you have enough funds and your budget is in check.
Talk to your accountant.
Talk to your financial advisor.
Talk to your family and friends.
Ask a financial planner, retirement specialist or lawyer if they have any advice for how you can save more money for retirement in 2023.
Government benefits
In addition to your superannuation, you may be eligible for government benefits. The Australian Government Service Australia website has a comprehensive list of available benefits and their eligibility requirements, including:
Age pension
A health card (or Medicare card)
A carer's card (for those providing care for someone with disability)
A Commonwealth Seniors Health Card (for Australians over 65 years old who meet certain income and assets criteria)
The Queensland Government Senior website also has an incredible amount of resources to help plan your retirement, including:
Legal, finance and concessions
Home support and housing
Health
Recreation and staying connected
Transport
Safety and protection
Retirement
Education, work and technology
Grand parenting
Downsizing contributions into superannuation allows eligible downsizers to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into their superannuation fund.
At Solana Lifestyle Resorts, we believe that planning for retirement is an essential part of life. So, if retirement or downsizing is on the horizon for 2023, get in touch with the Solana team. We would love to help you achieve your goals.