WHERE they were at – Gary 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 have – Gary 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 NEED – To 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 –
Strategy – to 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.
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