Superannuation Discussion + market volatility

[tgh]

Not only that , it's all tax deductible.. not like us poverty stricken retirees struggling along with nothing to deduct from……. (God bless little Johnny Howard) ...

Nothing like ongoing professional development and catching up with other AFF'ers in the field. - isn't that right GPH

View attachment 98078

 

[Quickstatus]

Tax deductibility depends on tax being paid in the first place. If there is no tax paid then nothing to deduct against.

Whether somethings should be tax deductible or not is another post

 

[Denali]

We've just gotta get a time machine, go back 30 odd years, buy Sydney property and vacant land in the burbs, survive the 14-17% interest rates and sit on it until now and sell.

Easy. *rolling my eyes*

 

[BacchusMarsh]

We've just gotta get a time machine, go back 30 odd years, buy Sydney property and vacant land in the burbs, survive the 14-17% interest rates and sit on it until now and sell.

Even then you'd still have to manage your resultant wealth and tax with care. Maybe get advice from someone else sitting in the casino...

 

[tgh]

fwiw(nbm)…

Property has been a magnificent winner over the last 50 years and almost any investment in that area would have killed the indexes.
I remember being fresh to Qld and laughing at huge old Qlders on big blocks for eight grand a pop… I thought it was a red hot price for a timber shack…..

My mistakes have been to largely ignore this truth although I have done other things reasonably well.
Property can be messy and high maintenance compared to to other investments.. but the returns………...

 

[JohnK]

Thanks for all the help.

Ready Made from Australian Super looks ok.

There that sorted now I can enjoy my golf trips to Thailand again. The only risks I need to worry about is to go for it or lay up....

 

[RB]

Thanks for all the help.

Ready Made from Australian Super looks ok.

There that sorted now I can enjoy my golf trips to Thailand again. The only risks I need to worry about is to go for it or lay up....

Have you retired?

 

[JohnK]

Have you retired?

Not yet. Planning stages.

 

[Buzzard]

I know a couple that pull 200k a year from their "super". They still have as much as they started with years earlier. They use a financial planner.

 

[cove]

Forward interest rates look like they are going down another quarter of a per cent. This is bad news for depositors and ok news for borrowers if that happens. RBA call in next 2 months.

 

[cove]

Once you retire the bank of mum and dad should be closed because if you lose a chunk with a family loan that does not get repaid that money is very,very hard to replace.

 

[RooFlyer]

Benefit for mortgages may be eroded by big banks reacting to the new big bank tax.

 

[tgh]

I know a couple that pull 200k a year from their "super". They still have as much as they started with years earlier. They use a financial planner.

200k ??
Is that all??
Poor bug***s
Licenced sharks r bleeding them dry……..

 

[cove]

I see superannuation balances between about $20,000 and $14 million. Quite a variation. At work I am trying to get our staff to look at their super accounts before it is too late.

 

[PLANT]

14mill..... That's impressive

 

[QF WP]

It's not about product, it's about strategy and individual circumstances.

Correct. For us in the industry the focus is to "know your client" and advice must be "in the clients best interest". Once the clients situation is understood, then the over-arching strategy is the next important area. This can be a complex combination of a multitude of areas (income, tax, centrelink, insurance, estate planning, debt minimisation, retirement/investment/superannuation, etc). Then products that meet the strategies are considered, compared and the one(s) most appropriate for the client strategies are recommended. Where it's an investment scenario, the importance factors are roughly 90% getting the right money in the right asset sectors at the right time to meet the clients risk profile - only ~10% is which investment manager.

There are some that wish to do all or most of it themselves and to those I wish the best...they are a minority and will never meet my "ideal" client. I want to talk to client that are prepared to seek advice, receive and consider advice, then pay for it. They joys of having whittled down my client base from the heydays of 600+ to now 175. I can now afford to pick the prospects I want to be clients. Relationships are everything.

 

[QF WP]

When utilising the small business CGT concessions, contributions were (and will still be) significant and advisers I know in the high net worth client advice area see these balances regularly between clients super and account based pension accounts. But they are VERY busy at the moment until ~6pm on 30 June...

I see superannuation balances between about $20,000 and $14 million. Quite a variation. At work I am trying to get our staff to look at their super accounts before it is too late.

14mill..... That's impressive

 

[QF WP]

I know a couple that pull 200k a year from their "super". They still have as much as they started with years earlier. They use a financial planner.

I know a couple of clients like this as well (although they are well ahead of what they started). But as they age and the minimum income requirements increase, it is a little harder to have growth be greater than income drawdowns. Nice problem to have...

 

[QF WP]

For those that may want to know "how much do I need in retirement", I refer you to the Association of Super Funds in Australia (ASFA) Retirement Standard here: https://www.superannuation.asn.au/resources/retirement-standard, an excellent neutral piece on what is considered "modest" and "comfortable" retirement incomes

 

[Pushka]

First time this year I will be maxing out the SG and salary sacrifice contributions to the limit. I know that MrP will never officially retire. Health permitting. And we are now working on an income through sale through IP. It's been our strategy for years to get this passive income happening but it's been a bigger struggle than we'd thought. So close so many times.