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Sarah (55) and her husband Simon (51) love living on the North Coast of NSW. They’re looking forward to retiring but still have a few years before then.
They wanted to know how they could maximise these last few years in the workforce to build on their super, so they reached out to Active Super financial planner, Rosi, based in our Ballina office.
Sarah had recently come into an inheritance and was looking at investment opportunities. Meeting with Rosi, Sarah and Simon learnt that they could contribute some of the inheritance into their super which could help boost their balances, while reducing tax. It was a win-win.
Steve (61) and Jayne (59) have been with Active Super for over 15 years.
When COVID hit in early-2020, the couple questioned if their super investment strategy was still right for them, so they reached out to their Active Super financial planner, Ivan.
Ivan took Steve and Jayne through the different investment options and spoke to them about their risk tolerance. Steve and Jayne agreed that switching to a more conservative investment strategy may not be the best long-term solution for them, so they stayed in the Balanced option.
While there was some short-term volatility, the couple stuck to their long-term plan, and since then their super balances have bounced back and grown even further, getting them closer to their retirement goals.
After 27 years of hard work with the same employer, Ron (63) was offered a redundancy package.
The problem? Ron had built up over 3,400 hours of annual and long service leave over those years, which he was planning to use to help him transition to retirement. Facing redundancy, taking his leave was no longer an option. Instead, his remaining leave would be paid in a lump sum attracting a large amount of tax on his almost $103,000 payment.
Ron met with Errol, an Active Super financial planner, and had a financial plan prepared. Our team realised that Ron had not used his concessional contributions for a number of years. So he was able to carry them forward, effectively using part of his leave payment to make personal deductible contributions, significantly reducing the tax bill he had been facing.
Richard (67) had recently divorced and agreed on a financial settlement. The plans he’d had for the future had changed dramatically and now he wasn’t sure where to start – or if he had enough funds to retire comfortably.
Richard met with his Active Super financial planner, Julie, who was able to help him set some realistic goals and reinforce the importance of budgeting.
Richard wasn’t ready to fully retire, but he liked the idea of reducing his working hours and transitioning to a more relaxed lifestyle. Julie was able to assist with working out an appropriate strategy and Richard was surprised to find he was now eligible for a part age pension, which came with a pensioner concession card. Now with more certainty and control, Richard feels more at ease about his financial future.
Please note, fees may apply. 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.
*These case studies are illustrative only and do not represent an actual client or client’s experience. The case studies are not intended to provide an estimate of the potential investment returns or costs incurred. An individual's experience may vary according to their personal circumstances. There can be no assurance that Active Super financial planners will be able to achieve similar results in comparable situations.
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ACTIVE SUPER RETIREMENT PRODUCTS
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