Pre-retirement planning

According to the Australian Association of Superannuation Funds (ASFA), the gap between the average super balance at retirement and what a couple will actually need for a comfortable retirement is over $510,000 and $430,000 for single retirees.1  

The good news is from age 55, you can set up a retirement account and start receiving an income stream while you are still working. This facility, known as a Transition to Retirement strategy, can allow you to reduce your hours of work or boost your super and pay less tax. This is why 55 is often referred to as the age of opportunity. Retirement used to represent a sharp break with the past, these days with a well-managed Transition to Retirement strategy you can set a retirement date that suits you. 

Australia is facing a $1 trilliongap in retirement savings. Do you know how much you need? What's my number calculator gives you a sense of how much you may need to retire on to fund the retirement lifestyle you want based on expenditure estimates of over 65 year old Australians. 

Through our vision of Plan. Help. Achieve. Provident Financial Services allows you to take control of your retirement.

Plan.

  • We identify your financial goals.
  • We assess your risk profile.
  • We review your current super funds and your contributions.

Help.

  • We make the most of the opportunities available and develop a strategy that is designed specifically for you, including:
  • Increasing your super without sacrificing your current lifestyle.
  • Opportunities to reduce your personal income tax.
  • A cashflow and budget plan.
  • A model portfolio tailored to your risk profile.
  • We regularly review and ensure that you are on track for your retirement objectives and make any changes needed.
  • We provide legislative and market updates keeping you informed.

Achieve.

Everyone’s situation is different and rules are subject to change but knowing how you can benefit from the Transition to Retirement (TtR) facility can provide you with a larger lump sum for your retirement. For someone aged 55 on a salary of $90,000 with a Super balance of $150,000, an effective TtR plan can add in excess of $42,000 to that Super balance between the ages 55 and 65 without any reduction in take home pay3. Our experienced advisers deliver the peace of mind knowing you can control your lifestyle and your retirement. 

Source

Association of Superannuation Funds of Australia (August 2014) ASFA Retirement Standard. Assumes retirees own their home outright, are relatively healthy and receive part of the Age Pension.
2Longevity Savings Gap Research & Policy Options (September 2012) by Rice Warner for the Financial Services Council.
3AMP Transition to Retirement flyer, September 2012 outcome based on pension refreshed annually from age 55.
 

Enjoy factor moments

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Our vision PLAN. HELP. ACHIEVE. is a series of stepping stones designed to help you explore what it means to enjoy life with financial security. Let us help you discover what your Enjoy Factor is. -

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Our Enjoy Factor is spending time in retirement with the grand-kids and having fantastic holiday adventures. - Jim & Connie Medew

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My Enjoy Factor is volunteering for the Nakuru Hope Gabriel Learning Centre in Kenya. I get the ‘joy’ in my enjoy factor, from the smiling faces of those I am privileged to be able to help; those who so desperately need it. - Gayle Greenwood

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Thanks to careful planning by our wonderful team at Provident, we have been able to travel around America and the United Kingdom enjoying the beginning of our retirement visiting family and friends. - Gerri Garland & Steph Mutch

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We are very satisfied with the service provided by Polly & Provident and can’t recommend them enough. - Matt & Pip McMullen

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Paul, Greg and the team at Provident have become more than just financial advisers to us over the years and are as much friends as they are advisers. - John & Vicki Evans

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Thanks Polly and Greg – you remove plenty of worry from my life! - Richard Murrell

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Provident, Paul Carter and Greg Neill have done an excellent job organizing our financial affairs such that we can draw funds as needed to enjoy these fabulous overseas holidays. - Bob & Bev Berven

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