Andrew and Suzie (both 55)
It was when Andrew was cutting his birthday cake that he realised it was time to get serious about his retirement in 10 years’ time.
Neither Andrew nor Suzie had paid much attention to their super; however, they were in a good financial position, having only a moderate mortgage and credit card debt. After enjoyable careers, they could see retirement on the horizon, and were looking forward to travelling, renovating their country shack and spending time with family and friends.
While 10 years sounded like a lifetime away, they also knew it would pass in the blink of any eye so the couple made an appointment to meet with Ivan, an Active Super financial planner, to discuss maximising their wealth now and into retirement.
Here's how Ivan, their Active Super financial planner, helped.
Getting back to basics:
The first step was to understand cashflow, so Ivan assisted with a budget which helped Andrew and Suzie see where they could be making savings, and put extra cash into their super.
Round them up:
Because Suzie had several casual jobs over the past decade, she had four super funds, paying fees on each. Ivan gave advice on the best way to consolidate these.
Ivan provided advice on the best way to put extra cash into their super. Andrew started making additional contributions to his account, and both he and Suzie contributed to hers within their contribution caps.
Protecting their plan: Given Andrew’s desire to work for another decade, Ivan put in place life, disablement and salary continuance insurances if something unexpected were to happen.
Suzie and Andrew both had wills and thought their super would be paid in accordance with their wishes. However, as Ivan explained, super funds need direction on how to pay out a super balance through a binding nomination. Ivan helped them complete this relatively simple process, so now Suzie and Andrew know their super will go to the right people when they die.
To see how our an Active Super financial planners could help you grow and protect your wealth, request an appointment now, or call us on 1300 547 873 between 8.30am and 5.00pm, Monday to Friday.
*Whether or not a fee applies will depend upon the scope of the financial advice you require. Your financial planner will discuss any fee payable when meeting with you and, if a fee is applicable, will advise you of the fee should you decide to proceed with obtaining the advice.
This case study is illustrative only and is not an estimate of the investment returns you will receive or fees and costs you will incur. Member names have been changed to protect anonymity.
This has been issued by LGSS Pty Limited (ABN 68 078 003 497) (AFSL 383558), as Trustee for Local Government Super (ABN 28 901 371 321) (Active Super). Any advice in this case study is general in nature and is not a substitute for personal advice as it does not take into account your investment objectives, financial situation or particular needs. Accordingly, you should seek professional personal advice and refer to the relevant Product Disclosure Statement at lgsuper.com.au before making a financial decision.