Assessing your needs
The first step in planning for retirement is a thorough assessment of your personal circumstances, your financial position, goals and interests, and your overall health.
With this information we can start the process of building a strategy to help you to enjoy your retirement years.
It is important to start this process well before the actual date of your retirement, as there are many opportunities that can be lost if you wait until after you have actually finished work, especially if you are over age 65.
Lost Superannuation Tracking
Often times when a person moves from one job to another the last thing on their mind is to remember to transfer superannuation into a personal superannuation plan especially ear-marked as their superannuation accumulation “basket”. It is a smart move but often left for a long time.
Consolidating superannuation into a personal and private plan where you are in charge is an important right that we have in Australia. It can also save you money and helps you to plan to maximise their ongoing potential. We can establish such an account and also search for any lost superannuation that you may have lost contact with, until we find it that is.
If you have lost superannuation, or even just a string of small accounts that need to be brought together, we can help.
Don’t feel that you are alone, we have helped clients with more than 10 existing inactive superannuation accounts bring them all together and to help them grow.
Transition to Retirement Pensions
Between the age of 55 and retirement age of 65 a person is now allowed to draw against their superannuation with considerable savings in income tax and sacrifice all or some of their taxable salary into superannuation with further income tax benefits.
In a simplistic way you `bank’ the tax you save into superannuation and in this way help to accelerate your accumulation in the latter years of your working life.
You need to seek our advice in this regard as there are many opportunities and some pitfalls in this process. We can prepare an illustration for you after a suitable Fact Find discovery session.
Accumulation Phase Super
Active superannuation accounts need careful planning, investment strategies and ongoing monitoring. At BDA we can help with all of those elements. Right from the start our focus is on matching your investor risk profile with the right selection of investments in an account that gives you clear and understandable information, access to that information 24/7 and with the backup of skilled ongoing advice. We can provide superannuation plans for individuals and corporate groups.
We are mindful of the impact of ongoing fees and other charges, but we are also mindful of the impact of not having proper advice and getting it wrong.
Over the years we have seen many examples of where people have been invested in the wrong place at the wrong time and have suffered losses. We have also seen people that have not had proper advice that have failed to include adequate Life insurance and TPD cover and have suffered a major medical catastrophe to the ultimate detriment of their dependants.
We have also seen situations where benefits have been paid out on retirement, only to find that they could not be returned to the relative sanctuary that the tax-free retirement income system currently provides.
These are real and costly mistakes that have arisen from not having a qualified adviser to help you along the way.
We have helped people to get legitimate early release of their benefits who were facing terminal illnesses so that they could distribute benefits before their death and in doing so they were able to exclude the impact of tax on their benefits that flowed to adult non-dependant beneficiaries.
We can help!
Roll-overs & Consolidations
Sometime prior to retirement many people deem it necessary to bring their superannuation into an environment where they can convert it into a market linked pension (an allocated pension with some modifications by a new name).
At this time there are a number of important strategies that can be brought into play to maximise both the superannuation benefit and often Centrelink benefits after retirement.
This is especially the case when one partner retires a number of years before the other. It may be possible to plan to maximise Centrelink support for the first person to retire by using a number of re-contribution strategies. It is at this time that we would look at the future tax liability at an assumed date of death and try to plan to reduce the potential tax payable by adult beneficiaries.
“This website contains general advice only. Please contact me to determine whether the information is appropriate for your particular needs, financial situation or objectives prior to making an investment decision.”