With Christmas and New Year's celebrations behind us, I really hope you managed to have a safe and healthy break from work
from all those overwhelming covid news, or just from your usual daily tasks,
and you manage to get away or celebrate in a very special way
My way of relaxing and recharging my batteries is always a trip to the Victorian Alps
enjoying some physical activities, hiking long distances, sleeping in my little tent under the stars
having an evening meal near the campfire, waking up early to the beauty of unforgettable sunrise
and watching stunning sunsets and photographing this beautiful part of Victoria
Each one of us has a way of a perfect holiday, relaxing and enjoying some free time,
away from the usual daily hustle and bustles, so please let me know below the video
What is your perfect holiday?
And now that the festive season is over, I think January is the perfect time to review your situation,
your assets, your financial position and start planning for the best year.
As Thomas Edison said: “Good fortune is what happens when opportunity meets planning”
so I think this is a very opportune time to start thinking about what you wish to accomplish this year,
where you are heading and how you want to improve your financial outcomes within the next 12 months
And it makes no difference if you still working or if you have already retired,
there is always room for improvement and that's what this channel is all about.
And today we will talk about the financial changes we can expect to be introduced during 2022
by our government that might impact your planning.
And I will also let you know what sort of plans I have
and what sort of topics I wanted to discuss with you right here in our channel About Retirement TV
My name is Katherine Isbrandt from About Retirement, I'm a Certified Financial Planner
and you are watching About Retirement TV, the place to gather all the information you need
to improve your financial position in whatever point in life you are,
but especially when you are starting to think about preparation for your retirement
or if you have already retired and want to introduce some financial improvements.
As originally introduced in a 2021-22 budget and you can watch my full video Federal Budget 2021-22
there have been a number of recommendations made by the government that will hopefully be introduced from 1st July 2022
and they include;
1. Expansion of the First Home Super Saver Scheme
In order to assist the first home buyers it has been recommended to increase the maximum withdrawal
from the First Home Super Saver Scheme from $30,000 to $50,000.
Obviously one needs to meet all eligibility criteria in order to withdraw those funds
2. Abolishing the work test for retirees
this is big benefit for retirees.
Many financial changes are being done by retirees past the age of 65 or even 67
in order to be better prepared for the planned retirement.
So it only makes sense to remove the work test we have enforced right now.
So from 1st July 2022, if you are aged between 67 and 74,
you will be able to top up your superannuation without having to satisfy any work test
providing that your superannuation fund's value is less than $1.7 million in July 2022
This amount is being increased from the current limit of $1.6 million.
This measure will assist many retirees to make further deductible contributions meaning concessional contributions
or undeducted contribution meaning non-concessional contributions to their superannuation funds.
You will benefit from improving the value of your retirement savings by having more time
for your personal and your voluntary contributions but always keep it within the contribution caps
applicable for specific types of superannuation contribution.
You can watch all my superannuation related videos and I will link them at the end of this video
for you to understand what type of contribution would work the best for you.
3. Expanding the Downsizer Scheme - another huge benefit for retirement planning
Currently, to utilize that downsizer contribution you need to be over the age of 65.
however from 1st July 2022 the eligibility age will be lowered from 65 down to 60.
The Downsizer Scheme allows eligible people who sell their family home to make a one-off contribution
of up to $300,000 into their superannuation
Couples can contribute up to $300,000 each. Please watch my videos
Downsizer Contribution to super - Part 1 - Rules, and Downsizer Contribution to super - Part 2 - Who can benefit
Those two videos explain in full details, how the Downsizer Scheme works and who and how can benefit from it .
4. Removing the $450 minimum income threshold for superannuation contributions.
Under this change, from 1st July 2022, employers will be required to pay the superannuation guarantee
on the wages of employees that earn less than $450 per month.
This change will mostly benefit all part-time workers such as young people that are under the age of 18.
Many women working part-time, as well as many retirees, earning extra income from part-time employment.
Please keep in mind that all the above-listed changes are still in the recommendation stage and need to be accepted
by their parliament, before 1st July 2022 to become new rules and new legislation.
I will keep you informed of all those changes or any other strategies that might impact your retirement planning.
And now what is About Retirement TV channel planning to introduce to you in 2022?
Well, 1. Obviously all updates on superannuation and pension changes.
that will be explained in here in details once they become legislation.
2. Any Centrelink related changes that might be introduced we will explain them
and we will discuss those changes in details for you
3. Retirement as a single person
a single retiree has a completely different set of problems in comparison to a couple
So I think it is only fair to devote a couple of videos at least on that topic
4. Retirement overseas
This appears to be a very very hot topic with many questions and many emails that I keep receiving
So I will continue talking about how to set up your financial situation for the best retirement overseas.
5. We will discuss types of investments and risk associated with them
I keep receiving a lot of emails and a lot of requests to go deeper into the topic of investment
6. Ethical, socially and environmentally responsible investments
as I mentioned, before myself as a hiker, I love nature and I strongly believe we all need to do our bit
to improve the world we live in.
and every one of us has the power to impact such changes.
You don't need to be David Attenborough to do your bit for the environment
it is enough that you start paying attention where your super savings are
and what businesses your superannuation fund supports
7. Share investing. Over the last 12 months I received many emails and messages
requesting to talk about investments within shares, so I'm very excited to include this segment as well
8. Aged Care this is a very complex and deep topic,
but most people don't realize that benefits a financial planner can introduce in organizing
money of the person who is about to enter the Aged Care facility and many many more other topics
And now I have a big request to you, please list below my video any financial issue that you have,
or you would like for me to explain. As you can see I have many topics lined up,
but the best video ideas are always coming from you. So please keep them coming
and I will try to answer your questions in my future videos.
If you enjoyed this video and you would like to support this channel
please like it, share it with your family and your friends and please subscribe to this channel
this will not only allow you to be always notified of my new video
but you will also let youtube know that About Retirement TV is a channel of quality information
so more people can benefit from this information that I am presenting here
and now I invite you to watch those previously mentioned videos
about the most suitable superannuation contributions
that you can make.
The second lot of videos is all about creating financial success,
wealth and security as well as a reminder of what 2021
was all about.
Let's make 2022 the best year in your financial efforts.