Get set

first_imgI was interested this week in a Financial Wellbeing survey, which focused on the gap between the size of superannuation, and what was actually needed for retirement. Just 23 per cent of Australians are confident their super will fund a decent retirement. When it comes to superannuation, there are distinct phases: people in their teens and twenties don’t care; people in their thirties and forties do care but they’re are focused on career, mortgage and kids; and people in their fifties and sixties are panicking about retirement. Let’s start with the first group. Those new to the work force don’t think about retirement but their decisions now have ramifications forty years later. The law says your employer has to put 9 per cent of your wages into a complying super fund, so you start with the advantage of a developing nest egg with tax breaks. You owe it to yourself to shop around the funds and see what they offer. Secondly, I suggest you roll any super accounts your might have from previous employers into one super account. You should also put some extra super in each month and select which accounts your super goes into. Your super fund has various allocations, such as conservative, balanced, growth, international, property and so-on. When you are young you should have your super in funds that ride the more volatile yet higher-yield shares-based funds. It gives you the best chance of having a large nest egg when you retire. Then we have people in their thirties and forties. This is a difficult group to interest in superannuation because all of their earnings are going into mortgages and/or kids. But these are also peak earning years so income should be put away to be accessed later. In these years you should start with owning your own home. Secondly, you should be contributing more to your superannuation than the 9 per cent your employer puts in. Fifteen per cent of earnings is a good target. And don’t forget to protect your earning power with life insurance, income protection insurance and total & permanent disability (TPD) insurance. With the complex interactions between tax, retirement savings and tax breaks, you can easily lose advantages that the law provides, so I suggest you get an adviser. The third life stage – people in their fifties and sixties – is the most complex because a certain amount of life has been lived and retirement is drawing closer. Start by knowing how much you’ll need to live on. Secondly, work on owning your home: either do this in your working years or use your superannuation to pay-out the mortgage. Thirdly, you must get the most from super, especially if own a business or you have a self-managed super fund. Superannuation is designed to allow you to be a self-funded retiree. But you have to make it work to your advantage, and for most of us, that means taking advice. * Mark Bouris is the Executive Chairman of Yellow Brick Road, a financial services company offering home loans, financial planning, accounting & tax and insurance. Email Mark on [email protected] any queries you may have or check for your nearest branch. Facebook Twitter: @NeosKosmos Instagramlast_img read more

StayWell Hospitality Group signs third hotel in India

first_imgStayWell Hospitality Group signs third hotel in IndiaThird time’s a charm when it comes to opening hotels in India for Australian-owned Hotel Management Company StayWell Hospitality Group which is opening a 72 room Park Regis Sanpra Beach in Visakhapatnam in the first quarter of 2017.Opening in partnership with renowned Indian Infrastructure Company Sanpra Group, the property will be StayWell’s third across the country and first in Southern India. StayWell Hospitality Group CEO Mr Simon Wan said that opening and managing a hotel in the developing city of Visakhapatnam presents many benefits for both StayWell and the local region. “We are passionate about expanding our Park Regis and Leisure Inn brands internationally and see the opening of Park Regis Sanpra Beach in Visakhapatnam, a known tier II city primed for future development, as a great opportunity to enter into the new market of Southern India,” Mr Wan said.Property owner, P. Kiran Kumar said that joining forces with StayWell Hospitality Group to manage this hotel in early 2017 will bring increased efficiencies and an enhanced guest experience. “The new hotel management agreement with StayWell will bring new world-class operational systems and procedures to the region which both guests and staff will benefit from,” Mr Kumar said. “We are delighted that the hotel matches the vision of the Andhra Pradesh government by bringing in the world-class infrastructure and associating with an international hotel management chain, StayWell Hospitality Group by signing with their upscale brand, Park Regis,” he said.StayWell Hospitality Group India’s Managing Director Rohit Vig also agrees that the brands future within India looks bright following the formalisation of this hotel management agreement which now represents a total of 12 hotels signed under the StayWell brands of Park Regis and Leisure Inn within India.“Park Regis Sanpra Beach is a great addition to the StayWell Portfolio with its prime location overlooking one of the best known beaches and tourist spots in Visakhapatnam as well as hotel facilities which include a roof-top restaurant, a business centre and conference facilities, gymnasium and pool,” he said.Source = StayWell Hospitality Grouplast_img read more