Mike Ingham provides an invaluable service as my financial adviser. He has sorted my financial life out, got me back on track and continues to provide the most amazing prompt service for any slight problem, query or issue I may have. Mike is just a phone call or email away and always responds in his very professional, courteous, friendly manner. I would highly recommend Mike to anyone seeking financial advice, whether it just be to sort them out in the short term or to give long term financial guidance and management.
David is 61 and retired a few years ago from his job in the “corporate world”. He now juggles his time between golf, volunteering at his favourite charity and some part time consulting work. His wife Louise is thinking about stopping work altogether. Their children are now financially independent and Louise is looking forward to travelling with David while they are fit and healthy.
David and Louise have been asking themselves a few important questions
- Will their investment nest egg last them throughout their retirement years?
- How much of their savings can they afford to drawdown each year?
- Can they afford their travel plans?
- What is the best strategy for their super and other investment assets when they retire?
- Will they be eligible for the Age pension or health care and other Centrelink benefits?
How we can help
We evaluate David and Louise’s cashflow requirements in retirement and we develop retirement income projections to get a better understanding of how long their investment wealth might last under various scenarios involving different lump sum and pension income withdrawals and using different investment return assumptions. We discuss a range of smart super and pension strategies to build and preserve their wealth and their entitlement to Centrelink pension and health care benefits.
We prepare written financial advice with specific recommendations. We implement changes to their investment strategies to better protect and grow their retirement funds. We arrange for them to update their estate planning documentation with their super fund and their solicitor.
How David and Louise benefit
David and Louise feel confident that their investments are structured in a way that can maximise their financial position and provide a tax effective income throughout their retirement years.
Terry and Jane have had a self-managed super fund for several years but in recent times it has been pretty much dormant. Their fund now mainly holds cash and a few term deposits. They have become increasingly nervous about making new investments since the Global Financial Crisis began several years ago. Terry and Jane own the shop premises from which they operate their interior design business. Retirement is still at least a decade away but in the meantime they are keen to grow their retirement savings so they can enjoy a comfortable lifestyle when they do retire.
How we can help?
We work with Terry and Jane to identify their lifestyle and financial objectives and to better understand how their SMSF might help them achieve them. We present a range of smart investment strategies for discussion. For example, we explain to Terry and Jane how their SMSF could either buy their shop premises and pay them cash or they could transfer it into their SMSF as super contributions.
We help Terry and Jane formulate a new investment strategy for their super fund. Their new investment strategy provides a framework for making sound investment decisions for their fund. We prepare written financial advice with recommendations about new strategies and investment changes. Terry and Jane agree to proceed and we then project manage the implementation of our recommended changes.
Terry and Jane make new binding death benefit nominations and have their wills and Enduring Powers of Attorney updated. When they turn 60, they will each commence tax free pensions from their super benefits in the SMSF.
How Terry and Jane benefit?
Terry and Jane’s SMSF is now regularly investing in new defensive and growth investments in accordance with a clearly articulated investment strategy. They feel assured that their retirement savings are now on track to provide their desired retirement income.
Terry and Jane are minimising their personal tax by making tax deductible contributions to their SMSF. They are also relieved to know their family’s future is protected as a result of the personal insurance cover now owned and funded by their SMSF. They now have the peace of mind of knowing that their intended beneficiaries will receive their super and other assets in a tax effective way after their death.