How to Retire With More Money – Tips from an Accountant in Perth

A common question we often get asked by our client’s is what actions can one take so they are able to retire with more money.

We love answering this question as the result allows our clients to take action today and be rewarded in the future.

Superannuation and Investment

While we know that we can’t control the investments made through our superannuation  accounts, one thing we can control is how much tax we pay and how we can reduce that bill.

Reducing that tax bill will result in saving more money.

A good method that will allow you to make and save money and one that is typically overlooked by many is placing more money in your superannuation account. This will results in a tax reduction and you will be getting a greater return for your money.

How does your super make you more money?

To better explain how you can save money by placing more into your superannuation account we can look at the following example: If your tax rate is 36.6% and you are looking to place more money into your super account, the tax in the super account is 15%.

With these numbers in mind, you could potentially be saving 21 cents per dollar you place in your super fund instead of other places.

Again, how that money is invested is out of your hands but we know that just placing money in the super account is already making more then it typically would.

We often see people take this action in the later part of their careers when starting to think about retirement and while it’s never too late to start, doing it at an earlier stage in life would definitely result in a bigger amount of money to retire with.

Typically, the action we see most people take is place any extra money into their mortgage. While we are not saying that is a bad thing, we do like to advise people that there are other options that they may want to consider.

Of course, there’s not one answer that is right for everybody and that’s why its always important to stay on top of your finances and options.

What Now?

To better understand where you could be saving money and and how you could be retiring with more, we also advice to sit down and discuss your position and circumstances with an accountant and finance advisor.

Another option is to go to the money smart website and download the resources that will help you understand your options and give you clarity of your situation.

The website has some great tools that will not only help you plan for the future but tell you specifically what you can and can’t do with your money. 

Either way, we strongly recommend taking some type of action as at the end of the day it will allow you to retire with more money.

A great start would be to talk to friends or family and see if they have had a good experience with either an accountant, financial advisor, or the money smart website.

At the end of the day, the only person who is going to care about how much money you retire with is you, so we strongly recommend dedicating the time to understand the dos and don’ts and not missing out on valuable information.

For more information, we welcome you to contact us at Eventum Consulting and we would be happy to answer any questions.