Transition to retirement income streams

Retirement can mean different things to different people

However, when it comes to retirement and retirement intentions, there can be common threads. 

retirees with house plansFor example, according to 2018-2019 ATO data*:

  1. The average age of retirement was 55.4 years.
  2. The top three reasons retirees left their last job included: they reached retirement age or became eligible for super; they experienced sickness, injury or disability; or they were retrenched, dismissed or no work was available for them.
  3. The main factor influencing a person's decision about when to retire was financial security.
  4. For people who were intending to retire, the average age they planned to retire was 65.5 years.
  5. The Government's Age Pension remains the main source of income for most retirees, followed by super.

Read more…

Here's why you should think about refinancing

Pssst; want to save some serious money?

How long have you had your home loan? When was the last time that you checked the interest rate that you are being charged? Never thought about refinancing, here's why you should.

A standard variable rate home loan is being charged 4.39% (comparison rate 4.49%). With a 3-year fixed rate loan available at 2.19% (comparison rate 3.15%) with full offset, how much could making the switch save you?

Existing loan:

existing loan 

Setting goals and seizing opportunities in 2021

2020 will definitely go down as a year to remember (or maybe forget)

Who could have planned for what 2020 brought? And who can predict what 2021 will bring? 

Collins Hume CEO Christopher Atkinson has put together a short video of the year's highlights (or lowlights, depending on your perspective) to thank you for your support this year:

Read more…

2021 Risks


The Risks

COVID-19 rules and regulations
riskDespite feeling like we are emerging from the pandemic, the promise of a widely available vaccine is still over the horizon and the risk of another wave remains very real. For business, it will be essential to ensure that COVID-19 safe conditions are maintained. Aside from the obvious health risks of not maintaining a safe environment, a lockdown risks your business's survival and the fines for breaching public health orders are hefty. 

The ABC reports that "more than $5.2 million has been raked in nationwide since pandemic laws came into effect in March this year." In most regions, fines of around $1,000 apply to individuals and $5,000 for businesses and in Queensland, fines of up to $13,345 and prison might apply to individuals and business operators flagrantly defying the health order.  Read more…

2021 Opportunities

The Opportunities

With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to 'normal'. 

profits aheadThe recent Westpac-Melbourne Institute Index of Consumer Sentiment articulates this desire to 'get on with things'; sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.

However, the Reserve Bank of Australia cautions that the recovery will be uneven and drawn out and GDP is not expected to return to pre-pandemic levels until the end of 2021. The risks are not limited to the pandemic but Australia's geopolitical relationships, notably with our largest trading partner, China.

Here's our key opportunities as we head into 2021: Read more…

Collins Hume
is a CPA Business
                 
Liability limited by a scheme approved under Professional Standards Legislation.
 
          
Download your free Collins Hume app from  the App Store or Google Play.