CASE STUDY – Sally felt she needed more self-control of her retirement after her husband passed away

CASE STUDY – Sally felt she needed more self-control of her retirement after her husband passed away

Sally felt she needed more self-control of her retirement after her husband passed away

After Sally’s husband passed away, and the business clients had been on-sold, she felt she needed more self-control of her retirement, and her plan was to have the ability to manage the super and her assets so she had more direct influence.

(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 she was at –

Sally’s husband passed away sooner than she had ever imagined. Their children were established in their careers so that was a comfort. Sally had taken care of the house and family finances, so she wasn’t scared to look after herself – but now doing it alone was a bit daunting. In the regular review with the financial advisor, they reviewed her position – assets, cash, investments and super.

WANT to have –

The aim was to be self-sufficient and comfortable in retirement, hopefully without Government support.

COST of that lifestyle – 

Estimated in today’s values, the annual income to retire that she desired would be at least $50,000 in today’s money. That would be well over the ASFA definition of “Comfortable and allow meals out and even occasional trips overseas.

NEED invested –

For that life, then how much do you need invested to cover the income required?To 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. $1,000,000 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, then 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 organising the investments.

What was liked best of all – that the SuperBenefit Programme made it easy – SuperBenefit manages compliance from the  annual 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.

There was visible value in our property investment specialists and 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. 

Shares would be the main investment.

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)

The advisors had put these components in place –

Strategy

to take control of the retirement plan, and build their super

Structure

use an SMSF and the SuperBenefit Programme

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 consultation and/or seeking further professional advice with our recommended advisors or your own advisor.

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.

SuperBenefit Programme educates and coaches you in connection with all the key SMSF admin issues. Where “advice” becomes necessary, we can refer you to a financial advisor. Or alternatively if you have your own financial advisor, please talk with them.

This is a simplified overview and does not constitute advice, nor consider your circumstances, and should not be solely relied upon.

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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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