Boosting Women’s Superannuation Is Extremely Easy But It May Require Some Pillow Talk!!

It is a well known fact that women often accumulate less superannuation than men over their working life due to many reasons including lower salaries and working less hours due to family commitments.

Any future initiatives by Government to boost women’s superannuation will be applauded but there are a few simple things that couples can already do every year to boost the superannuation balance of their spouse.

Salary sacrifice to superannuation is a very powerful tool that can be used to boost superannuation and a couple can determine who is best placed to initially implement this strategy.  A change in Legislation last year introduced an opportunity for anyone who is eligible to contribute to superannuation to consider a deductible super contribution.  This might initially benefit the higher income earner in the relationship but wait: there’s more!

After making salary sacrifice or deductible superannuation contributions, Superannuation Legislation allows members to consider splitting concessional superannuation contributions with their spouse in the following financial year.  There are a few conditions and the maximum that can be split is 85% of the previous year’s concessional superannuation contributions up to the cap.

Concessional superannuation contributions are superannuation guarantee, salary sacrifice and deductible contributions.

If you or your spouse are concerned about your superannuation balance, have a think about whether it makes sense to contribute and split concessional superannuation contributions each year to boost and equalise superannuation balances.  Additionally, for low income earners, look into and consider other contribution options such as spouse contributions, and personal non contributions to potentially qualify for the Government co-contribution to boost your superannuation balance further.

In summary, if you are looking at your superannuation contribution options, think holistically and make sure you consider if there are ways for you to tax effectively increase your current contributions and don’t forget to see if you can reduce your superannuation fees.

Unfortunately, superannuation is far more complicated that it needs to be so you will need to consider if you need advice.  This is a really big decision so give it plenty of thought before you choose a financial adviser.

What should you do next?  As its your super for your retirement, a good place to start is for you to get involved and take an interest.

www.financialadviceshop.com.au

#womenssuper #womenssuperannuation #financialadvicecanberra #financialadvisercanberra #financialplannercanberra #financialadvicedickson #financialadviserdickson #financialplannerdickson

Disclaimer: Do not trust what you read on the web.  Always seek professional advice before making investment decisions.

 

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In Good Times And In Bad, A Little Wisdom From The Experts Might Make All The Difference!

When it comes to investing, there are a number of basic principles that can potentially assist in making the experience a more successful one.

At The Financial Advice Shop we believe that “wisdom” is potentially a very important factor in successful long term investing and so do the experts.  To learn more, take the time to read the following article:

http://davisadvisors.com/davissma/downloads/WGI.pdf

ABOUT THE FINANCIAL ADVICE SHOP:  We are a leading, independent and experienced provider of strategic financial planning solutions for the over 50’s with a specific focus on strategy and cost effective long term investment solutions.

www.financialadviceshop.com.au

#independentfinancialadvice #financialadvicecanberra #financialplannercanberra #financialadvisercanberra #independentfinancialadvicecanberra

Disclaimer: The information in this post is of a general nature only and has been provided without taking account of your objectives, financial situation or needs.  No representation is given, warranty made or responsibility taken about the accuracy, timeliness or completeness of the information. Because of this, we recommend you consider, with the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances.

With The Banking Royal Commission In Full Swing, Isn’t It Time For You To Get A Second Opinion From Someone You Can Trust?

The issues being current raised in the Royal Commission come as no surprise to many who are in the know but are kept silent in perpetuity through legal documents containing things like confidentiality clauses.  In the end I felt obligated to start my own Financial Advice business and ultimately decided to make the necessary business changes to be able to call myself an independent financial adviser.

 

The problem for most people is that they don’t have a point of reference.  People instinctively want to trust others but sadly this is not a sound strategy as it turns your financial future into a lottery: you might get lucky and find a great financial adviser or you might not.

 

A far sounder strategy is to seek a second or third opinion and from that process work out the questions you really need to ask and have answered.

 

If the Royal Commission hasn’t motivated you to take action and get a second opinion or third opinion then I’m not sure what will.  If you don’t take an interest in your own affairs, rest assured no one else will either.

 

They say that the definition of insanity is doing the same thing over and over and expecting different results.  If this sounds like you then its probably time for you to stop doing what you have always done with your financial affairs and instead explore ways to do things proactively and very differently.

 

At The Financial Advice Shop there is something very important that differentiates us from our so called competitors: we don’t want to be known for being big, we want to be known for being awesome so our clients are never just a number.

 

HOT TIP:  The need for honest and practical financial advice has never been greater, so if you are over 50 and have significant wealth, contact The Financial Advice Shop without delay to see if we can assist with a cost effective Financial Advice Health Check to ensure you better understand all of your future superannuation contribution and investment options.

 

ABOUT THE FINANCIAL ADVICE SHOP:  We are a leading, independent and experienced provider of strategic financial planning solutions for the over 50’s with a specific focus on cost effective investment options.

 

www.financialadviceshop.com.au

 

#independentfinancialadvice #royalcommission #financialadvicecanberra #financialplannercanberra #financialadvisercanberra #independentfinancialadvicecanberra

The Latest Superannuation Cap Changes Are Terrible News For Defined Benefit Pensioners!!!

The new rules for superannuation and pension Transfer Balance Caps will reshape the way some Defined Benefit Pensioners approach their personal superannuation contributions and overall superannuation entitlements. Some will even have the right to make personal contributions to superannuation taken away from them forever!

The Government has chosen to use a very large multiple to apply to Defined Benefit Pensions when determining the amount recorded against the Transfer Balance Cap. Some consider the multiple used is extravagant and when other pension and superannuation accounts are included it is quite easy for Defined Benefit Pensioners to reach and breach the $1.6m Transfer Balance Cap.  Some senior executives will breach the $1.6m Transfer Balance Cap with only their Defined Benefit Pension and tax penalties will apply.

More than ever before, current and former Defined Benefit Pension recipients (such as CSS, PSS, DFRDB, MSBS and many others) need to look carefully at their situation when it comes to contributions, superannuation accounts and entitlements but they should not leave it until the last minute if they are likely to be affected. The new rules take effect on 1 July 2017 and penalties can apply for breaches but fortunately there are strategies to be considered to improve the situation.

The Government and Australian Taxation Office are expecting affected Defined Benefit Pensioners to take all necessary actions with all of their superannuation entitlements before 1 July 2017 to avoid financial penalties.

If you are a current or former member of the CSS, PSS, DFRDB or MSBS who is not sure what the latest superannuation Transfer Balance Cap changes might mean to you and all of your superannuation entitlements, you should consider contacting us. New client places are strictly limited but to get things started, we can offer a very cost effective Financial Advice Health Check discussion to ensure you can potentially access our experience to understand all of your future superannuation investment strategy options.

HOT TIP: The need for honest, transparent and practical financial planning advice has never been greater, so contact The Financial Advice Shop without delay to see how we can help you.

We have never had anyone say that our Financial Advice Health Check wasn’t value for money and we won’t deal with anyone where we can’t add value! If you are referred by someone we know, you will even get a discount!

www.financialadviceshop.com.au

#CSSTransferBalanceCap #PSSTransferBalanceCap #DFRDBTransferBalanceCap #TransferBalanceCapDefinedBenefit #TransferBalanceCap #excesstransferbalance

The Effects Of The New Superannuation Rules Are Complex And Should Not Be Underestimated!!

On 23 November, the Australian Parliament passed the Super measures announced in the 2016 Federal Budget.

There are a number of significant changes being made to superannuation and a summary of some of the major changes is available via the following link:

http://nebula.wsimg.com/59c0a5c4ac67ea27de95cd90d4c2e40e?AccessKeyId=255E926C354D54DF0D43&disposition=0&alloworigin=1

The effects of the new superannuation rules are complex and should not be underestimated, but fortunately there are things you can do to minimise the effects. It is important that you take the time to understand the new rules and immediately make appropriate changes where required. It could be that urgent action is required before 30 June 2017 to ensure you are not disadvantaged.

If you are starting to think about your superannuation and retirement, or know you should be planning for your retirement, it is time to start taking action with a trusted financial planning advice discussion to “see what’s possible”. Perhaps you also know someone else who should be talking to us?

HOT TIP: The need for honest, transparent and practical financial planning advice has never been greater, so contact The Financial Advice Shop  without delay. To get things started, we offer a very cost effective Financial Advice Health Check discussion to ensure you can access our experience to understand all of your fees and future superannuation investment strategy options.

We have never had anyone say that our Financial Advice Health Check wasn’t value for money! If you are referred by someone we know, you will even get a discount!

http://www.financialadviceshop.com.au

#1.6mcap #1.6milliondollarcap #superannuationcaps #superannuationchanges #retirementplanningcanberra

Don’t Let Your Future Retirement Concerns Become A Miserable Reality!!

Imagine a 30 year retirement where you couldn’t afford to enjoy yourself? No one would actively plan for this outcome but sadly it is a reality for a very large number of retirees. Don’t let this happen to you.

Relying on your employer’s superannuation contributions and holding your hand out at retirement for an Age Pension in the hope that this will make everything OK is a very poor choice. A far better outcome is to make smart investment decisions, save tax effectively through voluntary superannuation contributions in a low fee environment over many years and as a result make yourself 100% financially self sufficient in retirement. It really is time for everyone to start taking more responsibility for their retirement outcomes.

When it comes to achieving a comfortable retirement, making additional tax effective superannuation contributions over long periods of time is critical. The greater your retirement expectations, the more you need to do to ensure you achieve your goals. If you are planning to have less than $1,000,000 in investments (excluding the family home) at retirement you are probably setting your sights too low.

If you are starting to think about your retirement, or know you should be planning for your retirement, it is time to start taking action with a trusted financial planning advice discussion to “see what’s possible”.

HOT TIP: The need for honest, transparent and practical financial planning advice has never been greater, so contact The Financial Advice Shop without delay. To get things started, we offer a very cost effective Financial Advice Health Check discussion to ensure you can access our experience to understand all of your fees and future superannuation investment strategy options.

http://www.financialadviceshop.com.au

#retirementplanningcanberra #financialadvicecanberra #superannuationcanberra #retirementadvicecanberra

The Government Backflip’s On Their Original Superannuation Changes To Gain Support!

The Government has announced a few changes to their 2016 superannuation Budget proposals.  Some key points are now as follows noting they are still subject to Legislation:

  • The $500K lifetime Non Concessional Contributions (NCC) Cap has been dropped.
  • The Government has instead announced a reduction of the current annual NCC Cap from $180K to $100K from 1 July 2017. The 3-year bring forward provisions will remain as per the current provisions based on the lower cap. No NCC contributions will be allowed once the proposed $1.6Million transfer cap has been reached.
  • The reduction to a $25K NCC cap will remain in place and commence from 1 July 2017.
  • The concessional contribution catch up provisions have been delayed and will now not commence until the 2019/2020 financial year.
  • The government has changed their mind on the removal of the work test for those aged over 65.

Further details on the latest revised superannuation proposals are available via the following link:

http://www.treasury.gov.au/Policy-Topics/SuperannuationAndRetirement/Superannuation-Reforms

A Financial Advice Health Check from The Financial Advice Shop will help you understand what it might all mean for you.

#superannuationchanges #superchanges