Author: Michelle Griffiths, Partner, TAG Financial Services
People often have a lack of understanding about how important good advice is when you are considering the downsizing phase of your life. Understanding the financial implications is a critical part of the entire picture. Done in the right way, it should empower you to make the best decisions, not just for the property part of the decision, but also about your financial future and legacy for your family.
Dealing with complex financial decisions can be scary and overwhelming. How can you ensure you have the right financial advisor to help? A good advisor should help clear the confusion and make sure that you haven’t left out any important elements of the financial puzzle. Finding someone to help explore your needs, your vision of your financial future is essential in this process.
Since the downsizing superannuation initiative commenced, over 4,000 people have collectively contributed over $1 billion to their superannuation funds through the scheme
When you start considering downsizing, ensure you understand these key financial issues:
- How long will your money will last?
- The importance of cashflow planning
- The best superannuation strategies
- Retirement planning
- Tax minimisation strategies
- Downsizer superannuation rules
- Centrelink rules
Understanding these issues will provide you with financial direction and peace of mind.
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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2021. Please do not reproduce without the expressed written consent of the author.