Natalie (59) and Jeff (61)

Natalie wasn’t quite ready to retire from work when her husband Jeff hung up his boots two years earlier. With five years to go until she planned on retiring, Natalie wanted to do as much as she could to maximise her super before finishing work at age 65.

Natalie had been making additional contributions to her super since they’d paid down their mortgage, and with no other debts, she was comfortable contributing more to make the most of her retirement investment.

However, Natalie wanted to determine the most tax-efficient way to do this, so she and Jeff met with LGS financial planner, Dean.

Here’s how Dean, their LGS financial planner, helped

  • Making the transition: Dean recommended a transition to retirement strategy for when Natalie turns 60, meaning that she could start receiving a tax-free income stream from her super twice-monthly. Using this extra money to supplement her income, she could now afford to salary sacrifice even more. Not only did this mean her super balance grew, it also reduced her taxable income.
  • Super boosts: Dean suggested that Natalie make a contribution into Jeff’s super to take advantage of the spouse tax offset.
  • Getting the house in order: Natalie’s super balance was invested in a high growth strategy, which at this stage of life didn’t match her risk profile. It turned out that Natalie was more comfortable with a less risky approach, so Dean arranged with her super fund to reallocate her investments into a moderate strategy.
  • What would happen to their super? The couple thought that when they died, their super balance would be paid in accordance with the instructions in their wills. However, Dean informed them that’s not the case and helped the pair complete a binding nomination to ensure their super would be distributed to their beneficiaries as intended.

To see how an LGS financial planner could help you maximise your super and reduce your overall tax, 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.


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