Superannuation - Mature Families

Do you know how much you need to fund the retirement lifestyle you want?

Even though retirement is still a little way off, the decisions you make now can make a difference to your future

The risk of not having enough savings at retirement is one of the key challenges for retirees and if you don't start planning for your retirement now, you may face the super gap and not have enough to fund the retirement you want.

Each person's idea of a comfortable retirement is different and it's difficult to know exactly how much you'll need to achieve the lifestyle you want but there are tools that can help you build a picture of how you'd like your retirement to look

Make a time to speak with one of our qualified financial advisers to better understand your super position

Once you know how much you need to save, you can then plan how you're going to achieve the retirement you want.

There are a number of tax effective strategies available to help maximise your super

Is a Self Managed Super Fund (SMSF) something you've considered?

At this stage of your life it's likely that tour career is under control and your family is becoming more independent. You may feel it's also time to take greater control of your investments.

You may be interested in setting up an SMSF to give you more control over your investment decisions.

An SMSF can give you greater flexibility over what you invest in and more direct involvement in your financial future. You can work with us to create your own investment strategy and select from a broader range of investments when you have an SMSF.

Other advantages include potentially greater estate planning flexibility and the opportunity to set up one fund for up to four people. However running an SMSF also is a big responsibility and may not be suited to every investor.

Contact us to get assistance you with your SMSF strategy, we'd be happy to help

Are you and your spouse making the most of your super as a couple?

Even though retirement is still a little way off, the decisions you make now can impact your retirement future.

If you or your partner are working part-time, or not at all, you're not contributing as much to your super as you used to. This can have a big financial impact in your retirement savings and plans.

As a family there are several strategies you could use to make the most of your super. For example:

you may be able to claim an 18% tax offset for contributions up to $3000 made on behalf of a low or no income spouse
depending on your circumstances then the Government co-contributions or matching - 50 cents in every $1 contributed up to maximum of $500 - may apply
if you salary sacrifice or make personal concessional contributions you may be able to split these contributions into your spouse's super account and this money could be used to pay for insurance
you could also split contributions to your spouse

Do you know what will happen to your super if you pass away?

Over time your super will grow to be one of your biggest assets and by now your super balance could be quite large.

But what would happen to that money if you passed away? Unlike some assets you own, your super isn't automatically an estate asset. Also, unless you make certain arrangements, the fund Trustees get to decide who receives the money and this may not reflect your wishes.

One way to achieve greater certainty is to nominate which of your dependants will receive your super. Your choices include your spouse, children or someone that's financially dependent or inter-dependent on you or your estate (where the money will be distributed as per your Will)

The amount of tax payable will depend on which beneficiaries receive the money. A lump sum death benefit paid to your dependents will generally be tax-free. But tax due on lump sum death benefits paid to a non-dependent depends on a number of factors.

It's important you consider completing a beneficiary nomination and keeping it up to date, especially if your family or lifestyle circumstances change.

Want to speak to us about you

Contact us to ask us a question or make an appointment to meet with one of our advisers