Can you afford to fund your retirement dreams?

Retire with enough to fulfill your dream retirement, and perhaps even earlier than you think

Don’t let your funds dictate your options

  • Superannuation

    Make Your Super Count!

    Superannuation is still one of the best places to accumulate wealth and save for your retirement. The main reason, of course, is the favourable tax treatment.

    At Total Wealth Management, we believe super doesn’t have to be complicated. We will walk you through the benefits and strategies of utilising your super, whatever your age. We can also help you effectively respond to legislative changes regarding super, tax, social security and other retirement issues.

    Strategies and other things we may consider for you are:

    • Boost savings and minimise tax via salary sacrifice
    • Divert cashflow from your home loan into super
    • Grow your super without reducing your income
    • Invest non-super money in super
    • Top up your super with help from the Government
    • Contribute to super and offset capital gains tax
    • Purchase Life and TPD insurance tax-effectively
    • Convert business capital into tax-free retirement benefits
    • Ownership of superannuation assets to maximise Centrelink entitlements
    • The type of super fund most suited to you:
      • Industry super fund
      • Employer-sponsored super fund
      • Public sector super fund
      • Retail and wholesale master trust super fund or
      • Self-managed super fund*

    * Click here to find out more about self-managed superannuation funds

  • Pre-Retirement

    Did you know?

    Australia has one of the highest life expectancies in the world and the average retirement length has increased accordingly.

    You may therefore need to plan for 20 to 30 years without the financial securities of regular employment. So it’s really important you make the most of your super and other savings in the lead-up to, and during your retirement.

    Your Total Wealth Management adviser will help you get off to a good start, eliminate the confusion and find out which of the following powerful strategies below suits your needs and circumstances.

    Strategies we may consider for you are:

    • Top up your salary when moving into part-time employment
    • Grow your super without reducing your income
    • Use your super tax-effectively when retiring between ages 55 and 59
    • Use your super tax-effectively when retiring at age 60 or over
    • Invest the sale proceeds from your business tax-effectively
    • Invest non-super money tax-effectively
    • Offset Capital Gains Tax when starting an account based pension
    • Reinvest your super to save tax

  • Centrelink

    Are you in receipt of a Centrelink payment or getting close to age pension age?

    If you’re not getting the maximum payment, is there anything you can do to increase the amount you do receive?

    If you’re nearing retirement, or have retired (or know someone in either case), you need to ensure your assets are in order to achieve the best possible outcome.

    With regard to Centrelink payments, they look back up to five years before applying for the Age Pension. So if you’re planning to receive Centrelink benefits let us check your assets are in place and under the threshold.

    Because of the volatile investment markets over the last five years, many retirees’ assets have lost value and have in turn found that they may qualify for Centrelink benefits. So, if you’re already retired and not in receipt of the age pension, talk to us and we can assess whether you now qualify.

    At Total Wealth Management, we can estimate your Centrelink entitlements and sometimes recommend strategies to increase the amount you receive.

    Some Centrelink maximisation strategies we may consider for you:

    • Structuring the ownership of your assets
    • Gifting of assets
    • Optimising income from your retirement income streams

  • Estate Planning

    Do you have your Estate Plan in order?

    Do you know that you have the right tools in place to make sure your assets are distributed upon your death according to your wishes?

    Estate Planning ensures the wealth you’ve built over your lifetime is distributed to your beneficiaries in the most financially efficient and tax effective way.

    Many people think Estate Planning is having a Will, either drawn up by your solicitor or using a DIY Will Kit. This is not so. And, in many cases a Will on its own, or worse, a poorly drafted Will, may have ‘cracks’ or ‘holes’, leaving your beneficiaries (and sometimes people you would not consider your beneficiaries – an ex-daughter or son-in-law) fighting it out in court over your hard-earned money.

    Unlike Wills, estate planning involves the distribution of all your assets, both estate assets and non-estate assets. These will have different considerations when it comes to the Will and how the assets are passed on to whom you wish.

    At Total Wealth Management, we work closely with your solicitor in order to arrange the best financial outcome for your beneficiaries.

    Estate Planning considerations may include:

    • Wills
    • Powers of Attorney (General, Enduring and Medical)
    • Guardianship of young children
    • Testamentary trusts
    • Binding death benefit nominations on your superannuation and retirement income streams
    • Reversionary income streams
    • Ownership of assets – solely in your name, joint, tenants-in-common, companies, trusts, superannuation etc.
    • Estate Equalisation for beneficiaries
    • Tax minimisation strategies
    • Anti-detriment payments from superannuation

  • Longevity

    Plan for your money to live longer than you!

    Leading into retirement many of us give a great deal of thought about where we will invest our money. On one hand, cash and term deposits offer security while on the other, shares offer higher returns but with far greater volatility. As a result, we often take the more conservative option, which may result in our retirement savings being exhausted sooner than we would like.

    How long will I live?

    Another issue which most of us do not think about is longevity. Arguably, this issue is more confronting then the risks associated with where to invest your money in retirement. According to the Australian Bureau of Statistics, Australian life expectancy is ranked among the highest in the world. A male currently aged 65 can expect to live a further 19 years and a female, 22 years. There is a 75% probability that either you or your partner will live past your average life expectancy. In fact, there is a one-in-three chance that one of you will live to 95 and a one-in-ten chance that one will live to 100 (ABS Nov 2013).

    Therefore, even if financial markets remain relatively stable, you may consume all your assets before your life is over. Matching your rate of consumption to the duration of your lifetime is tricky. Many of us will run out of money first. Considering how long we will live is critical for planning our retirement. By definition, half of us will stay around longer than average. Rather than planning to reach your life expectancy, you should plan to survive beyond it.

    We still have the aged pension!

    Many Australians still assume that the aged pension will support them through retirement. For many people, a retirement income derived solely from the Government pension might not be enough to provide a reasonable standard of living. Particularly in the later years of retirement as health care costs, including aged care, can often be greater then lifestyle expenses incurred earlier in your retirement.

    What should you do next?

    Call Total Wealth Management and arrange to meet with an experienced financial advisor. There are strategies available today which will:-

    1. Protect your money in a falling share market while still providing the higher long term returns that shares offer over cash
    2. Extend the life of your retirement capital
    3. Maximise Centrelink benefits while paying zero tax on interest and other income generated by your money
    4. If your over 55 you may be able to access your super while still working

    It may be the phone call that transforms your retirement.