The 2009/10 Federal Budget has significant impacts on financial strategies, particularly for people nearing retirement. Here’s a quick summary.

Key financial strategy impacts

~ Tax cuts confirmed

~ Changes to Commonwealth Seniors Health Card dropped

~ Age Pension full rate increased

~ Pension income test tougher

~ Concessional contributions to super trimmed

~ Lower minimum super pension drawdown extended

~ Private health insurance to cost more for high-income earners

~ Employee share plan benefits cut

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Successful investors tend to regard downturns in the same light that most of us view department store sales – a chance to buy something for a lot less than you’d expect to pay normally.

At present the world is on sale. US stocks are currently selling at 1997 prices. A big discount is also available in our market with prices well down on their peak. While disastrous stories dominate the headlines, many companies are actually bigger and better than they were years ago. If you believe, as I do, that we will continue to consume and support the products of quality companies through our daily activities then economies and businesses will continue to grow over time.

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Okay, your super has taken a flogging and your shares may have tanked. But for the first time in many years I reckon now is a good time to invest in property. Prices have dropped, interest rates are low and rents are up, and while I’m not expecting a boom any time soon, if you choose the right property in the right location, the long-term growth prospects are good.

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