Approaching / Funding Retirement
The benefits of an Annuity strategy
Heather and David, age 65, have had long and rewarding careers. Heather does volunteer work one day a week and David is still enjoying working Part Time two days a week to top up their cash flow. Their house is paid off and they’re looking forward to relaxing in their retirement and spending more time with their grandchildren.
The couple have a meeting with Endorphin Wealth Management to start preparing for retirement and to look at strategies that may assist them get the most out of their situation. Their Wealth Advisor assisted them to determine how much money they might need and discussed strategies to maximise their Government Age Pension benefits by making the most of lifetime annuities.
The income from the annuities were found to receive beneficial treatment when it is assessed for the Age Pension calculations. As the case study below highlights, by investing some of their Superannuation money into annuities, the couple is able to potentially increase the amount received from the government by around $80,000 over 15 years.
Heather and David feel good about her future knowing they have implemented a strategy to maximise their retirement assets. They can relax now and instead focus on more important things in life.
Annuity Illustration (Challenger Liquid Lifetime)
Heather and David, age 65, are married and live in their own home. They have a Superannuation balance of $600,000 combined and David works Part Time earning $31,200 per year.
The additional Government Age Pension will enable the couple to splurge a bit more in their retirement – perhaps a couple more large holidays or even better, spoil the grandkids!
For an obligation free conversation about your financial future, please contact us.
The benefits of a TTR strategy
Susan loves spending time with her grandchildren, playing tennis with her friends and she is keen to make the most of her retirement in 5 years’ time. Susan is aged 60 and currently earns $120,000 p.a. as a Human Resources Manager. She has worked hard her whole life and made regular contributions to accumulate a Superannuation balance of $300,000.
Susan is looking forward to travelling the globe after she retires, but is concerned that her current Superannuation balance won’t be able to provide her with a comfortable lifestyle. She speaks with her wealth advisor to discuss her situation and was very interested to learn about a Transition to Retirement (TTR) strategy that would enable her to save tax, boost her Superannuation savings and retain the same level of take home pay.
By reviewing Susan’s Superannuation, the advisor will also have the opportunity to assess Susan’s investments within her Superannuation Fund and make sure that she is invested appropriately.
The strategy works by utilising:
+ The tax benefits available to Susan from salary sacrificing a portion of her salary into her Superannuation,
+ The ability to commence a pension to draw down an amount to top up Susan’s take home pay,
+ Further tax benefits from having her Superannuation funds in ‘pension mode’
Transition to Retirement (TTR) Illustration
The scenario will look slightly different to each individual, however for Susan, her Superannuation balance could be $47,631 higher by utilising a TTR strategy at the end of her career. This could mean an earlier retirement, a more comfortable retirement spread over many years, or perhaps she might elect to fly first class on a few of her flights instead?!
For an obligation free conversation about your financial future, please contact us.
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