Pre-Retirement Planning

Recently I met wth a retired teacher. Her husband died 2 years ago and she had been meaning to seek financial advice ever since, but hadn't got around to it.

She has one adult son, and he will inherit everything - because she has 2 pensions - he will be taxed on the taxable amount of her pensions at a maximum rate of 32%. This could mean tens of thousands of dollars in tax!

The sad thing is, that I may not be able to do very much for her in relation to this. Had she seen me before she retired, I would have suggested a re-contribution strategy to minimise tax.

If you, or someone you know is about to retire and has adult children, I may be able to help them save tax for the next generation.

Almost Retired?

The other week I saw a couple who wanted to retire by the end of the next financial year.

Both are over sixty and can access their super when they meet a condition of release - one of these being retirement. Even prior to their retirement, I am able to help with this transition moving from super to a pension phase.

The advantages of doing this are -

they can have a tax-free pension
the money they make on their returns are tax-free
they can take out additional lump sums which are tax-free for a holiday or new car

Strategy with knowledge & power can be life changing. Don't underestimate the ways a financial advisor can help to navigate the transition from working to retirement. There are usually lots of hidden gems we can discover together.

Who We Help

Wealth Beyond Money can help anyone who would like to take the necessary steps to have their financial affairs reviewed with a view to setting up a plan to protect assets, build wealth and provide peace of mind in relation to the future.

Our clients come from everywhere at various stages in their lives - young singles and couples starting out, those transitioning to retirement, people from rural areas wanting to secure a future for their families and those who find themselves single again.

We can help at any age and stage of your life.

Financial Planning in your 50's

Not quite ready to retire, but seeing it on the horizon is how many in their 50's view retirement.

I recently spoke with this couple in their early 50's about their long-term retirement planning, along with an insurance review.

Their children had just left home and they were starting to be able to put more aside for their retirement.

We were able to discuss ways of restructuring their spending in order to optimise this new stage of life, and calculate how much they are likely to need to life comfortably in retirement. We were able to review and adjust their existing commitment - for example they no longer need as much insurance, as their level of debt is now reduced.

The earlier you plan, the longer your strategy has time to reap financial rewards for you.

It's Never Too Early To Start

It really is never too early to get your super sorted.

I recently saw a couple in their mid-thirties who have two young children and a mortgage.

Michael work full time, and Jenny part-time and each have super of approximately $90,000.

Their real advantage is TIME.

At retirement, they will have approximately $1,500,000 each in their super and those funds will lost more than their lifetime.

I love helping people get this set up right, as I know it will have a huge impact on their lifestyle and that of their children in the longer term.

Small Changes, & Starting Early

"What's the point of looking after my super when I am only 35 if I can't take it out for another 30 years"

This can be a common belief from someone in their 30's or younger.

Here are some figures.

Say you are earning $60,000 per year and have a small super balance of $25,000. Let's say your employer's contributions are $6,000 per year.

Multiply this by 30 years and add in the returns for a growth investment. You won't need to rely on that lotto win!

But wait there's more. Your income won't stay the same, so it is more than likely that you will end up with much more in super.

Your money is worth paying attention to right from the beginning, as small changes make a big difference at your retirement.