CASE STUDY – Gary & Purina – Need to sort out super funds and life insurance

CASE STUDY – Gary & Purina – Need to sort out super funds and life insurance

Gary & Purina – Need to sort out super funds and life insurance

WHERE they were atGary and Purina were early 60s and late 50s and knew they needed to sort out several super funds and life insurance. They had a work super fund that puzzled them, not looking like one of the regular commercial funds. They owned their home, valued between $500-700,000 and children were all settled and doing fine. He would work as long as he could as he had no desire to retire from his factory work.

What they WANTED to haveGary could not work out why they asked him to sign papers for this other work super fund each year. He was also wanting to ensure his life was covered OK as he expected his wife would out-live him. They would like to have a trip back to their European country of origin in a few years, but being around family was most important. If there was a little extra above the Government Pension, that would be a bonus.

What it would COST Talking with the advisor, they estimated an annual income required would be $30-40,000 in today’s money. But extra for the trip and supporting their grandchildren would be appreciated.

What they would NEEDTo be safe, if a conservative investment return of 5% is used, (one 20th of 100%) this meant they required at least 20 times the income goal – that rounded to approx. $600-800,000 in income-producing assets other than family home.

What to do NOW Their current super was growing with SG contributions form Gary’s employment about $120,000 and the other super fund had about $65,000. The advisor would investigate this other work super fund – and rollover the amount to consolidate and simplify. Unfortunately we found that it was an old -form of Self-Managed Super Fund and the original creators were no-longer available, nor could we find how to get the Trust Deed and who was looking after past accounts. It became such a timely and frustrating exercise to get the Trustees to agree to help,  that even the ATO advised it seemed best to leave it for now.

Gary liked that the SuperBenefit Programme had a CONNECTOR/ASSIST service which could help them know who to talk to for other help besides the advisor, such as a broker who supplied a list twice a year after reporting season, of financial data on companies with strong financial health that are likely to perform well.

We were instructed by the planner to set up the SMSF and applied to the super funds to roll-over to the new SMSF bank account. The planner assisted in many doctor and specialist visits and they made application to claim on the insurance for the terminal illness.

They would speak to the stock broker about the list he had created for SuperBenefit clients, of healthy Aust companies based on the 12 financial health criteria. Since 2010 clients have made returns ranging from 3-18% in certain years.

They also had peace because any queries or compliance issues, could simply be directed to SuperBenefit the administrator, who would CONNECT them to the right advisors as required (SMSF Connector/Assist Service)

They now had the components in place –

Strategyto take control of the retirement plan, and build super

Structure an SMSF using SuperBenefit administration,

Support with resources and all compliance taken care of by SuperBenefit, as well as a team of specialist professionals that the SMSF Connector service provides

Note – This is a simplified summary of one client – We recommend asking for a FREE consultation and/or seeking further professional advice with our recommended advisors or your own.

Got questions? If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today and also get your FREE Expert Guide – Self-Managed Super and Youtop right hand side above.

If you have any questions, why not give us a call – it’s FREE also! No obligation. 0407 361 596, Paul.


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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