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Financial Advice

Superannuation

Is superannuation, super?

Yes, but it is widely misunderstood…

Media talks about the ‘performance’ of superannuation when Superannuation is simply a very effective vehicle for saving for your retirement. The performance, as such, of superannuation never changes unless the Federal Government tinkers with the way they tax it. What you invest in determines performance and you can choose exactly the same investments within or outside super.

So if you are not happy with the performance of your superannuation it is within your control to fix it and the sooner you do the sooner the decision on whether you want to continue to work will be in your hands!

A good analogy is a car. If I have a Rolls Royce chassis and put a VW motor in it, the performance is determined by the motor not the chassis. In Australia we have a Rolls Royce chassis for superannuation which is the tax structure that your savings will reside in but you get to decide the motor and that is where we come in.

How can RFS Advice help with your superannuation?

Superannuation is going to be one of the biggest assets most Australians will have in retirement. How big that asset is will be reliant on getting good advice and maximising your ability to save while earning an income.

Your adviser should be pro-actively discussing the strategic opportunities you have as you move through the various stages of your life. The last thing you want to see if your balance substantially reduce just as you are about to retire.

These are some of the issues we address with our clients:
  • What investment options should I have?
  • Should my insurances be paid for by my super and how much insurance should I have?
  • How much should I contribute?
  • Does your current provider have a strategy for taking advantage of market movements?
  • Should I be considering Transition to Retirement strategies?
  • Should my asset allocation be different now I am getting closer to retirement?
  • Have you changed your strategy as you near retirement to protect your wealth?
  • Am I on track to retire when I want to?
  • When I retire how can I access secure tax effective income to protect my standard of living?

Don’t wait until you retire to find out that you haven’t done enough!

Can’t I just spend everything and rely on the pension?

Your involvement in your superannuation will be the reason you retire comfortably or are largely reliant on the Age Pension to determine your standard of living. The Age Pension is a safety net and living on around $711 a week as a couple or on just over $472 a week as a single is not going to leave any room for anything but meeting your bills. Remember you will still have Medical, electricity, fuel, rates, food and clothing requirements before you can afford any luxuries in your life.

Can I rely solely on my superannuation for my retirement?

Superannuation should be a significant part of your retirement strategy but it should only be a part of your total plan. Superannuation is principally there to provide for your retirement income needs.

The government may change access rules at some stage in the future (though it usually has no impact on your existing balances) so we always believe in diversification of strategy, as well as assets, is prudent.

You may well need access to capital for purchases such as vehicles or holidays and there are always unexpected events such as medical surprises that you will not have allowed for.

Part of our service is to track the progress of all your wealth and to build flexibility into your plans to try to manage the unexpected twists and turns that life offers up.

Can I afford financial advice?

“If you think the cost of advice is expensive, you should see the cost of ignorance.”

We do not take commissions on Superannuation and applaud the industry funds for highlighting the issue. We are not fund managers or even industry fund administrators. We provide advice and help our clients achieve their financial and lifestyle goals.

We take our advice obligations to you very seriously and have at the core our philosophy the tenant that our clients must have a net positive benefit from being involved with our firm.

We firmly believe that we can help improve your situation through appropriate structure and strategy, risk management and investment selection.

If you think you need help in achieving your retirement goals, don’t put it off any longer. Phone or email to make an appointment with one our specialists. The initial meeting is done at our cost and you will know whether we can help you before you decide to proceed with the advice process.

Make an enquiry today

You can arrange an appointment with RFS Advice today by filling out the form below.


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