Often people end up with a number of different Superannuation plans as a result of a number of changes in employers.
This can result in paying increased fees due to duplication of member/policy fees, insurance benefits, etc. The additional paperwork/communications from more than one fund can be time consuming and annoying. Having your own personal plan that employer funds can be rolled into when you change employment can simplify your Superannuation arrangements.
A personal plan can be designed to fit your own particular needs; investment preferences, risk profile and insurance/protection requirements. This can be altered to suit your changing circumstances as you build your wealth for retirement.
We can advise you on the importance of investment choice in your Superannuation performance, Super’s complex rules and regulations including tax consequences and what levels of life, TPD and salary continuance/income Protection cover will safeguard you and your family’s lifestyle. Sound advice from an experienced qualified financial planner like myself is critical to securing your financial future.
GUARANTEED RETIREMENT INCOME GUARANTEED FOR LIFE
This does not refer to the idea of Lifetime Annuities. You can now convert your Superannuation into a market linked Pension (previously called an ‘Allocated Pension’) with an underlying guaranteed income for life.
Your guaranteed retirement income for life cannot drop (unless you withdraw lump sums) and can even go up if your account balance rises above the original amount invested due to favourable market movements. You will continue to receive the guaranteed income even if your account balance has been exhausted (i.e. nil) due to market losses and income payments.
And you retain full access to your funds. This is the new answer to the threat of sharemarket crashes, global financial crisis and the real fear of running out of income.
The common scenario is for a retiree to convert their Super to a market linked pension (new name for ‘Allocated Pension’). These pensions have both tax advantages and special treatment under the Centrelink income test. If your age pension is income tested, you may receive a higher age pension versus cashing in your Super and putting it in deemed assets such as shares, bank accounts, etc.
MAXIMISE CENTERLINK BENEFITS
Centrelink rules and regulations are a minefield for the average person.
We can help you structure your financial affairs legitimately to gain the advantage of higher Centrelink benefits whether Newstart Allowance, Disability Pension or Age Pension.
In some cases we have helped people receive Centrelink benefits whose assessable assets or income have been above the cut off limits.
We can also assist with maximising Centrelink entitlements for those entering Aged Care whether high or low care.
General Advise Warning
The web page contain general information only and does not take into account your objectives, financial situation or needs. Therefore, before relying on this information, you should consider your own personal circumstances and seek professional advice. Please click below to find out about our financial advice services.