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 LGS financial planner, to discuss maximising their wealth now and into retirement.
Here's how Ivan, their LGS 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.
- Super boosts: 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. Not only did Andrew pick up a spouse tax offset of $540, Suzie received a government co-contribution bonus of $500. They kicked themselves for not knowing about this earlier, missing out on thousands of dollars over the years.
- Protecting their plan: Given Andrew’s desire to work for another decade, Ivan put in place life, disablement and salary continuance insurances to ensure their financial plan didn’t fall apart if something unexpected were to happen.
- Assurance: 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 an LGS financial planner could help you maximise your super for a better retirement, request an appointment now, or call us on 1300 LGSUPER (1300 547 873) between 8.30am and 5.00pm, Monday to Friday.
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Member names have been changed to protect anonymity.
Natalie (59) and Jeff (61)
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