CASE STUDY – Peter over 50yo – Wanted to control his super

CASE STUDY – Peter over 50yo – Wanted to control his super

Peter over 50yo – Wanted to control his super

Peter ran his own business for many years and enjoyed the rush and buzz – like any business there were challenges and ups and downs. His children were grown up and married and supporting themselves – he chuckled as many friends still had their adult children at home – and wondered why things had changed in the world this way. Was society encouraging less risk in our children to get out and make it work?

His possible close retirement meant he wanted to use SMSF to control and manage their super by using direct investment expertise. This was part of their Retirement Plan.

There are 5 easy steps to planning anything – start where you are at, decide what lifestyle you want to have, what that lifestyle state/position will cost in money (to maintain or the living costs) what you need invested to meet that cost of having what you want, and what action we need to take now to get there. (Get the Free Resource: 5 Easy Steps to Plan your Retirement).

WHERE he was at – Peter was a successful business owner, but at times some years were not as good … as happens in life. He had worked hard and knew that he needed to combine a couple of super funds, and also there was some unrestricted non-preserved part that he could access (need to ensure you get advice about this – it is very RARE!). that could help finance a difficult period.

WANT to have – Peter’s aim was to be self-sufficient and comfortable in retirement and he was not wanting to rely on the Government Pension.

COST of that lifestyle Estimated in today’s values, the annual income to retire that he desired would be at least $75-90,000 in today’s money. That would be close to the ASFA definition of “Comfortable” and allow meals out and occasional trips overseas.

NEED investment to return the costTo be safe, if a conservative investment return of 5% is used, (one 20th of 100%) this means at least 20 times the income goal – which rounded to approx. $1.5-1,800,000 of income-producing assets other than the family home.

NOW what to do After meeting the advisor who explained the Pros and Cons of SMSF, he met with Paul the Administration Manager at SuperBenefit who supplied FAQ sheets, a Checklist of what was required, and a detailed list of what would be included in the service. Once the Trust Deed was prepared and executed, bank account formed and applications to superfunds signed, it was a simple matter to start paying super to the new SMSF.

What was liked best of all – that the SuperBenefit Programme handled all the set up and documents, storage of records electronically and additionally, had a CONNECT/ASSIST service which provides co-ordination as well as help with who to talk to for advice and other help besides the financial advisor. He also saw value in our private-client share broker who supplied a list twice a year (after the Australian company reporting seasons) summarising financial data on companies with strong financial health that are likely to perform well.  He thought this would work alongside his own analysis and choices.

There is also peace of mind because any queries or compliance issues, could simply be given to the SuperBenefit administrator, who would CONNECT them to the right advisors as required (Connect/Assist Service).

They now had the components in place –

Strategy – to take control of the retirement plan, and build super;

Structure – use an SMSF using SuperBenefit administration service where ALL is taken care of;

Support – with resources and all compliance taken care of by SuperBenefit, as well as a team of specialist professionals that the SMSF Connect/Assist service provides, working with the client advisors in unison.

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 will SET UP your SMSF and provide investment education for a better result. We take care of all your administration, accounting, ATO lodgement and audit of SMSFs, working with you and your advisors. If you want advice we can arrange one of our recommended advisors and accountants to meet with you, as we do not give advice, but take instruction only. Take control of your super, including property shares and other assets. Learn how to be your own advisor - make better decisions - by being mentored and coached to invest your own super wisely and strategically by qualified partners. Book to come to an event to find out more, or - Call us 0407 361 596, no obligation FREE strategy call.
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