Proposed superannuation changes in 2022 and more #SuperChangesIn2022 - YouTube

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.