Getting a cool tax returnGetting a cool tax return

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Getting a cool tax return

For many years I couldn't work out how my co-workers seem to be getting these really cool tax returns, which let them go on holidays to Bali, where I seem to get tax returns that let me go to the local fast food joint if I was lucky! Since I met my girlfriend I started to go to her tax accountant and I finally understand how it all works. There are so many easy deductions that I can claim now, which is going to help me head to Thailand this year! This site has some of the tips I have learnt to help you maximise your return this year.

Over Sixty With No Savings Account: 4 Tips to Prepare for Retirement

26 June 2015
 Categories: , Blog

The idea of paying for retirement can be stressful for many people, but if your retirement is looming right around the corner, the thought can be extremely stressful. That is especially true if you are sixty or older without a savings account. Luckily, there are things you can do so you can start looking forward to rather than worrying about your retirement. Check out these tips:

1. Don't give up

Just because you have saved little or nothing doesn't mean you should despair. If you can still work, celebrate! You have a few years to make this work financially. You'll have to cut your expenses, give up anything unnecessary and possibly work a bit extra. However, in the end, it will be worth it.

2. Maximise your retirement contributions

Once you've reduced your outgoing expenses by canceling the cable, taking a roommate or a range of other options, you need to focus on maximising your retirement contributions.

Contribute every dollar you can to your superannuation fund. If you meet certain income requirements and if you are over the age of fifty, you can contribute more to your super than you normally can.

Talk with an accountant as well. You can often contribute extra to your super by claiming contributions you were allowed to make but didn't make in previous tax years.

3. Research cheap but exciting places to retire

If you really want to enjoy your retirement with a minimum of cash, consider moving somewhere cheap but exciting. Depending on where you live currently, You could move to a small and remote cabin in a quiet undiscovered town with low real estate values, or you could look at cities that are relatively inexpensive but offers all of the amenities of a city with a university.  

Alternatively, plan to leave everything behind and go somewhere where you can stretch your dollar like Panama, Thailand or Egypt. The excitement of planning this next chapter in your life can help to encourage you as you cut expenses and save.

4. Consult with a financial advisor

When you're working against a deadline and you only have a bit of time to plan for your retirement, you need an organised game plan. To help you create one, consult with a financial adviser like John Osborne & Associates. These pros can advise you on everything from how to cut your expenses to how to maximise your contributions and more.