You’ve earned your retirement. Ensure your transition into retirement is smooth and hassle-free by getting expert legal advice.

Retirement

So you’ve decided the time is right to finish up work and enter the next phase of your life. It’s an exciting time, but it’s also a time to take stock and think about how you would like to spend the rest of your life. There are many decisions you will need to make, some that may require the help of a legal advisor.

Planning ahead can be highly beneficial so that you are well prepared for the different eventualities that may arise in your later years such as your health failing or your residential needs changing. Seeking advice about your financial affairs and estate planning can make for a stress-free retirement.

We can provide advice about the legal aspects of retirement, so that you can approach your older years with total peace of mind.

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Legal issues to consider when you retire

If you are an owner or principal in your business, do you have an Exit Plan that allows you to leave in the best financial position that you can? Does the business have a Succession Plan in place that deals with what will happen when you retire?

Superannuation - Is your superannuation fund set up in the best way to provide for your needs in later life? When can you access your super and is it payable as a lump sum or as a pension? Can you take out a loan against your super fund?

What will become of your superannuation when you die? Have you considered making a Binding Death Benefit nomination?

Do you have any insurance policies, such as life insurance? Are your insurance policies owned by your superannuation fund and what are the tax implications?

Have you done any estate planning, such as writing a Will or setting up a Testamentary Trust in order to protect your wealth?

Are there better ways to structure your assets in order to minimise tax?

Have you thought about what may happen in the event that you become incapable of managing your own financial and/or personal affairs down the track? Have you considered appointing a Power of Attorney or an Enduring Guardian?

Do you intend to live at home or are you interested in moving into a Retirement Village or Aged Care facility later on? If so, what are the legal and financial issues affecting your ability to achieve this? Enduring Guardian?

Some common questions about Retirement:

At what age should I retire?

It depends. Most people consider retiring once they are able to access their superannuation fund (ie. when they have reached their fund’s ‘preservation date’), or when they qualify for the Age Pension. You may be able to access your super as young as 55 years, although if you continue to work you might only have limited access to your super. At age 65 you can access your superannuation without any restriction. Currently you can access the Age Pension at 66 but this increased from 1 July 2021.