Retirement Planning commences before a person retires.
It involves effectively investing any Superannuation Funds that a client may already have accumulated either as a rollover or through regular contributions or a one off contribution of non super assets (i.e. proceeds from sale of an investment property).
Post Retirement Planning involves utilising a clients accumulated funds to create a tax and Centrelink effective strategy to ensure a client receives the maximum benefit, allowing them to live their dreamed retirement.
Superannuation & SMSF
One of the most common and tax effective ways of saving for retirement is through superannuation (super). Super is a specially designed, long term investment for your retirement savings. Superannuation is different from other saving techniques because the money cannot be touched until retirement.
Personal superannuation plans are designed for individuals or their families. Contributions can be either the required Superannuation Guarantee Contribution (SGC) or voluntary contributions, and can be made by either the individual or their employer.
Self Managed Super Funds
Self Managed Super Funds are regulated superannuation funds with one to four members that are excluded from certain requirements of the Superannuation Industry Supervision Legislation (SIS). This exclusion ultimately ensures that the fund proves easier to manage compared to larger funds that must comply with more onerous SIS provisions.
Self Managed Superannuation Funds (SMSF’s) offer flexibility to members so the fund can be structured to meet the specific needs of the members. SMSF’s are usually established and managed with the assistance of an accountant, stockbroker, financial adviser or specialist superannuation administration company.
As well as allowing investors investment flexibility, many of the costs involved in setting up and maintaining a self managed fund are fixed and do not represent a percentage of the total fund, as is the case with retail investments. This may make the fund more cost effective as the size of the fund increases.
Self Managed Super Funds can be ideal for the more financially sophisticated investor with a strong interest in the financial markets, such as working directors, business partnerships or ‘mum and dad’ family businesses who want more control over how their superannuation is being invested.
Those considering self managed super funds should always have expert superannuation and investment advice to make sure the fund’s performance targets and prudential standards are met.
Investing is a great way to make your savings work harder and help create wealth.
While keeping your money in the bank is a good choice for emergency funds, in today’s low inflationary environment the returns are likely to be lower than what you could achieve using other investment methods. Making your money grow is all about investing over the long term and spreading your money across a range of different investments to minimise risk ‘not putting all your eggs in one basket’.
A persons investments should include a diversified portfolio of all asset classes – Cash, Australian Shares, International Shares, Property, Australian Fixed Interest and International Fixed Interest.
Creating wealth is not an easy task! Life is full of twists and turns, and by establishing a Wealth Creation strategy, this allows you to stay on track to your goals – no matter what life throws at you.
The development of a Wealth Creation Strategy has many parts. Firstly we must find out why you are wanting to create wealth. Is it a holiday you are looking at taking, or maybe you want to save some money to buy a home or maybe you are wondering about how you will survive upon your retirement.
Once we have worked together to determine your goals, the second step is to establish your attitude towards investing by conducting a Risk Profiling exercise. This will then enable us to have a clear understanding of how your strategy will be invested.
During the process, a number of different areas could be considered – it could be a regular savings plan, or maybe borrowing some money to invest (gearing) or possibly contributing to superannuation.
There is no set Wealth Creation Strategy – each client has different needs and goals – therefore their Strategy must also be different! Financial Advisers of County Group Financial Strategies will work with you to ensure that your Wealth Creation Strategy suits your needs and will get you to where you want to be.
Protection planning gives our clients the peace of mind that in the event of the worst (Death, Trauma or the inability to work due to sickness or accident), that you and your family will not suffer financially but rather are financially secure.
This is achieved by utilising the following types of products:
Life insurance provides a lump sum benefit in the event of a person’s death. Funds can be used to clear liabilities and also to replace the income of the deceased
Trauma Insurance pays a lump sum in the event of a person suffering a defined trauma, such as a Heart Attack, Stroke or Cancer.
Provides an on-going income stream in the event of a person being unable to work due to sickness or accident. The benefit is typically at a maximum 75% of the persons income paid after a qualifying period (of between 2 weeks and 2 years) and for up to a maximum of until age 65.
Involves assisting a client plan to ensure that in the event of their death there estate is distributed to their beneficiaries in the most effective manner.
This can involve the establishment of Wills, Powers of Attorney, Family Trust and the use of Testamentary Trusts for minor or disabled children.