Can Superannuation Survive In Its Current Form? Hopefully Superannuation Does Not End In Ruins.

Superannuation might look very different after 6 October 2020 when the Government hands down Its delayed Budget.

Share your thoughts on what you think might change or things that should not change.

I suspect superannuation will not survive in its current form as the Government makes desperate moves to increase tax revenue.

I expect there could be reductions to contribution limits, the $1.6m transfer balance cap could be reduced, allocated pension accounts could lose their tax free status, allocated pension payments could become partially taxed, and/or the tax on superannuation account earnings could be increased.

If the Government does attack superannuation in the 6 October 2020 Budget it will be very negative for the future success of the superannuation sector.

Fortunately there is time to plan and take action ahead of the October Budget to attempt to pre-empt some possible changes to superannuation.

www.financialadviceshop.com.au

#superannuationreform #financialadvice #superannuationadvice #retirement #financialplanning #retirementplanning #superannuation

Stay Connected | Stay Informed | Stay Safe

What Ought One Do When One Thinks They Need Financial Advice?

Finding a financial adviser who you think you will be able to feel comfortable with is probably one of the hardest parts of the process and it is impossible to guarantee you will make the right choice so what can you do to improve your chances?

ASIC has published some information to assist people with their search for a financial adviser and as you can see there are a lot of things to consider in selecting a financial adviser.  While the ASIC information doesn’t have all of the answers it certainly gives you plenty of things to think about and gives you some insights into the financial advice profession.

https://www.moneysmart.gov.au/investing/financial-advice/choosing-a-financial-adviser

In our experience, it is important to understand in detail the story behind the financial adviser and their business.  A recommendation from someone you know and trust is a good place to start when you are commencing your search for a financial adviser.

HOT TIP:  Before you sign up and commit to financial advice, make sure you understand how much the initial advice will cost, how much it will cost to implement any recommendations, how much the total ongoing portfolio costs will be on a per annum basis and finally how much it will cost for an ongoing advice service if one is required.  Complete transparency is very important.

www.financialadviceshop.com.au

#financialadvicecanberra #pssfinancialadvice #cssfinancialadvice #financialplanningcanberra #pssfinancialplanning #cssfinancialplanning #retirementadvicecanberra #retirementplanningcanberra

 

Financial Advice: What Consumers Really Think?

ASIC’s recently released report into what consumers really think about financial advice has been causing some discussion in financial planning circles but the report findings do not really reveal anything new or remarkable.

If you would like to read the ASIC report or review the key findings, the report is available from the ASIC website via the following link:

Click to access rep627-published-26-august-2019.pdf

Unfortunately, with rapidly increasing regulation, compliance costs and the desire by a number of financial advisers to distance themselves from large institutions so as to achieve greater autonomy, consumers may find it more expensive to see a financial adviser in the future and they may also find it harder to find a financial adviser who is seeing new clients. This is a very disappointing outcome as it is likely that a greater percentage of consumers in the future will not be able to receive the financial advice that they really need.

At The Financial Advice Shop, we have always found that the very best way for a consumer to find a financial adviser they can trust and for us to find a new client who will fully appreciate our capabilities, is via a referral from someone they know and trust and someone who also trusts us.

http://www.financialadviceshop.com.au

#findafinancialadviser #trustedfinancialadviser #financialadvicecanberra

Ever Wished You Could Get A Glimpse Of Your Future To See How Well You Will Survive Retirement?

Recently released Life Expectancy Tables dated 30 October 2018 from the Australian Bureau of Statistics (ABS) paint a thought provoking picture for many Australians.  For those who do not plan diligently for their retirement, their only hope might be that they do not live so long that they run out of money!

As summary of some key points from the 2018 ABS information are as follows:

Age 45: Males can expect to live on average for just under 37 years and females just over 40 years

Age 50: Males can expect to live on average for just over 32 years and females just under 36 years

Age 55:  Males can expect to live on average for just under 28 years and females just over 31 years

Age 60: Males can expect to live on average for just over 23 years and females just under 27 years

Age 65: Males can expect to live on average for just over 19 years and females just over 22 years

Spend a few moments thinking about how much income you might need in retirement. Then have a think about how much superannuation you might need to survive retirement and how much you need to save to achieve it. Finally, click on the following link to run some numbers that are specific to you and make sure you think about investment fees as they can make a huge difference to your retirement outcome.  For many, this task will prove useful and may hopefully spur you into action!

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/super-and-retirement-calculators

www.financialadviceshop.com.au

#retirementplanning #financialadvice #financialadvicecanberra #retirementplanningcanberra

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 and it must not be acted on. 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. Past performance is not a reliable indicator of future returns.

The Final Report From The Royal Commission Into Misconduct In The Banking, Superannuation And Financial Services Industry Has Finally Been Publicly Released!

The Government is indicating it will commit to take action on all of the 76 recommendation.

https://financialservices.royalcommission.gov.au/Pages/reports.aspx

At The Financial Advice Shop we have reviewed the recommendations and concluded it really is business as usual for us and our clients, as most of the industry sensitive and more controversial recommendations are already our standard policy.

When it comes to Financial Advice, The Financial Advice Shop is a leading force.

Would you be better off partnering with The Financial Advice Shop?

http://www.financialadviceshop.com.au

#royalcommission #royalcommissionrecommendations #financialadvicecanberra

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.

When It Comes To Long Term Investing, Is A Low Cost Index Option Too Good To Ignore?

https://static.vgcontent.info/crp/intl/auw/docs/resources/2018-index-chart-brochure.pdf

 

www.financialadviceshop.com.au

 

Disclaimer: Past performance is not a reliable indicator of future performance.  Always seek advice from your professional adviser before comparing investment options and making investment decisions.

#financialadvicecanberra #financialplannercanberra #financialplanningcanberra #finncialadvisercanberra #indexinvesting #indexinvestments

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.