Retirement Planning Webinar – 19 October 2021 | Australian Catholic Superannuation
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
Um so for many individuals, that ' s sixty plus and also there ' s conditions of launch which we ' ll talk about. When you ' re young, that ' s why you probably wear ' t think concerning putting a whole lot of money right into incredibly cuz well, I can ' t touch it for 20, 30 years however as you ' re coming close to that 60 barrier, well, you ' ve got the disadvantage of gain access to is going or gone Um so, you ' ve obtained all the advantage of making use of Supra as a tax obligation lorry. or if you ' re retired you can access super tax free as swelling amounts or an earnings stream as Paul ' s already mentioned.And then once again 65 is a key age where if you ' re still functioning full time that ' s where you ' ve obtained full accessibility to your super like a financial institution account.Again it depends upon just how much you ' re earning as well as if you ' re paying taxes as well whether you ' ll in fact be able to utilize that countered. yet once again it ' s something to think concerning cuz when you look at what ' s the return all I I go back to what ' s the return on the cash Paul. Yeah yeah definitely trendy and so I guess once more'the ideal way to believe about your extremely once you ' re retired and you ' re over sixty it ' s primarily like a financial institution account.I think the points so as soon as you'' re retired as well as you ' ve fulfilled your getting money out there ' s no issue is getting cash back in those limitations. When that ' s in place, I indicate, it ' s just a paper and also it ' s it ' s kind of set in rock as well as after that, the final thing that we look at aiding around is beneficiaries. The where aged care comes in is actually I speak to it ' s generally clients that are retiring and also they ' ve obtained elderly moms and dads and also they ' re going via that procedure of looking at aged care or having to place them in aged treatment can be very complicated.Um how do you money it?What'' s the the costs that we ' re gon na have to pay? Um so this is where we truly help with the monetary side of points is placing a plan with each other to state okay well this is the finest structure that if you desire to fund aged care in the most effective way take a look at potential estate values to make certain that that that they'' re maximized.Getting the most effective care for your moms and dads. Just how do we do all that? This is where we can we can assist. So it ' s just to advise I guess our participants that we can aid in a great deal of ways. and also this is as you say an expanding area given the complexity. of the rules around aged care. Thanks Tom. Um I was simply going to say is is that if you ' ve obtained any kind of concerns send them through. We ' re we ' re coming to the end very quickly. Um if you ' ve obtained any type of inquiries, you can go with on the Q&A function on the on the on the Zoom call and we ' ll we ' ll come back to your concerns momentarily if'you ' ve obtained any type of. I understand that there is a pair there currently. Tom, can you just experience on what products you can actually you most likely touched a scattering of them right through this session tonight.Yeah. Um simply swiftly conclude on what you can in fact supply
as a monetary organizer. Yeah, absolutely. So, I I think the function of these workshops is to not just enlighten you but to try as well as I guess trigger you to consider, fine, have we obtained a plan in area? So, you may have a coordinator, be seeing them, that ' s great. This is where if you come and also see us, these are the sorts of'things that we concentrate on. Conserving much more for retired life having, approaches to do that. Just how do we increase Centrelink? Okay? Considering if you are concerned regarding the length of time your money ' s gon na last. Having a plan in position to check out situations. We often look at okay well if we retire earlier just how does that look? If we retire later on at the office part-time. Providing you a little bit more info Um we ' ve already touched on those'estate preparation kind of advantages that we can look at. And also any non-super investments that you could have that you might wish to get into Super. Um having a method around well tax effectively marketing them down. Um restrictions on just how much we can enter super.So just an all natural strategy once again with concerns to all these kind of subjects.
And when we consider recommendations for there ' s always what we call concrete and abstract benefits to guidance. So I believe on the next slide that we ' ve obtained. oh well I assumed we had one there but no. Chatting concerning benefits to advice. Um there ' s a tangible side of points. We saved on tax obligation. We built the very. We ' ve obtained even more Centrelink. To make sure that ' s where we can truly add worth. However we likewise include worth on the intangible side'of things which is more that well we ' ve got a plan in position. We ' ve got a blueprint that we can work towards as well as maintain track of. Um'to ensure that ' s often what a great deal clients like as well is they simply want to be have that risk-free expertise that they ' ve obtained a plan in place that they can follow entering into retirement. Lovely. Many thanks for that Tom. What I will certainly state is is that I mean would certainly you mind going through the economic suggestions offerings. I suppose the very first thing that I need to claim is is that if you do need any general info or basic guidance you can call our phone call centre. You can call our local supervisors. If you do desire to obtain additional details from the fund and also the basics of your account looking at the website which I ' ll touch on in a moment.Please do not be reluctant to provide either myself or one of our regional supervisors a phone call. I expect the other thing is is that Justin our aide in the background has actually just placed in a link into the chat center. If you desire more information from the fund you can utilize that link as well as it can take you through as to which option you would prefer. that is absolutely up to you. Um now the one thing that I would say is Tom would certainly you mind undergoing both various solutions that we have readily available? Yeah so for the much more individual recommendations to ensure that ' s where you you ' re being being given some referrals. We ' ve got a pair of alternatives. The over the phone suggestions. That ' s a complimentary solution at the fund office. we ' re totally qualified advisors can give you individual advice however just on'particular topics connecting to your super.So those the primary topics that'they check out are the financial investment selection within your super. So if you ' re having any kind of inquiries around that or taking a look at any different financial investment alternatives payments to extremely. So, that ' s quite a popular one especially with the rise in the cap. that if you want to check and you desire to try and also rise to that cap due to the fact that you can pay for to do so. The restricted advice team can give you some'referrals. Exactly how do we ensure we do that? and after that the 3rd area is around insurance within your super fund that if in we haven ' t truly touched on it cuz this is a retirement planning seminar yet if insurance coverage is necessary the appropriate levels of insurance coverage they provide you some referrals on that. That ' s the free service a or free services being a member of the fund. The thorough guidance service, well, this is where we check out your entire situation. Um if you ' re a participant of a pair, we always look at you as a couple as well.It ' s very crucial Um and you you put on ' t have to be a member of Australian Catholic Super to obtain advice cuz with this solution, it ' s what we call a FIFA solution design. The initial appointment, if any of you have gone
through it previously, if you always rest down, generally for about an hour and an hour and a fifty percent, look at your situation as well as go', fine, exactly how can we help? We go, well, in my expert viewpoint, you need to concentrate on X, Y, and also Z. This is what I would consider as part of the plan. Um and this is the type of strategy that I would create. Um if we can ' t help you, we would certainly claim so. We ' d state, well, appearance, you ' re doing whatever that you actually can. There ' s not a lot truly that we can assemble in part component of a strategy But if there is, we would discuss, well, this is what we can do. These are the benefits and after that, we give what we call a taken care of quote for the declaration of suggestions and placing that blueprint with each other which ' s a fixed quote to generally place the guidance with each other, undergo the suggestions, as well as carry out the advice.We don ' t cost any type of ongoing charges. I wear ' t obtain any kind of commissions or bonuses for any type of suggestions that I do. It sounds a little bit selfless yet I obtained into doing guidance since I like to assist people pass on'my understanding, placed them in a far better placement. Um but eventually, if we hang out doing that and that the person is profiting from that recommendations, detailed, we need to charge for time it takes. So you get a quote usually talking it can be anything between 1500 to 2 as well as a half thousand bucks. Relying on the intricacy of the strategy. Um so yet you choose whether you wish to continue after that stage. to put that plan together. Without a doubt. I expect Tom there was an inquiry there from Gail. I will certainly schedule a person to offer Gail a hire concerns to the timing problem of tonight ' s webinar. So Gail somebody will certainly give you a call from our workplace tomorrow in relation to to the tonight ' s webinar. Tom I suppose the the thing with thorough guidance is is that individuals need to well I'intend either see in person or you recognize seek some convenience to make certain that they ' re on track.I always tell people that by involving meet you there ' s reached be an understandable benefit in you doing the recommendations. Can you just undergo in terms of the price framework and also just how you
you recognize work with clients to chat regarding the cost and also and what benefits that would occur from that? Yeah. So, I think when it come to the the advantages, it returns to that concrete and also abstract benefit yet often I can reveal instantly that well, you ' re gon na save ten times out that you ' re gon na spend for the advice in tax or interested saved money on lendings. To ensure that ' s rather a simple, I think, profit because again', it doesn ' t benefit me what the client does, whether they whether they take suggestions or they don ' t.Um so, we simply bill for the time it takes for putting that case together. That ' s how we charge for the suggestions. There ' s the abstract advantage as well that some individuals
like to pay for the recommendations because they desire that feeling that'they know they ' ve obtained a plan in location and they ' re on track. So it might not be that we can conserve from thousands in tax obligation yet that they feel it ' s worth paying for'the suggestions due to the sensation. Currently, that ' s a really specific choice that some individuals more than happy to pay that charge. Some people aren ' t. All I would certainly claim is returning to the costs pool. We ' re not a profit-making business.We ' re just a cost-recovery service in terms of recuperating the expenses it takes to to for the time it requires to place that advice together.
', typically talking, if get a quote from myself. You can most likely to one more financial preparation organisation and obtain a quote that I believe we you ' d locate we ' re very affordable in terms of any plan that we would assemble to help participants. Yeah and also I ' d additionally or I constantly inform people that they ' re going to obtain an approach plan that ' s what? 60, 70, 80 web pages lengthy sometimes.Yep. Um if you intended to you can allow it exist under the cushion. Um absorb it. Provide you comfort understanding that you ' re on the right track at each as well as every day if you wished to. We ' re all So, if you do obtain a plan placed together, we put on ' t simply give you the strategy as well as state, there you'go. We assist you.We, we, we, it ' s all the the time it takes to carry out any kind of recommendations too which which would usually more than a 12 or 18 month period. So, that ' s what the price is covering is also the time it'requires to implement as well as yeah. So, I expect after tonight ' s there ' s a link there that is being put in the conversation if you wish to take part in that'service. Somebody can offer you a phone call to prepare a consultation time or otherwise will certainly be a study sent out to you after'the session tonight. that will likewise include some an opportunity for you to give some feedback in in regards to tonight ' s session.But it ' ll likewise permit you that if you wished to acquire more details you can indicate where you would like that. And also we ' ll schedule someone from the fund workplace to give them a telephone call pretty quickly. So thanks quite for that Tom
. I mean the important things that we additionally require to address is the is the new or the the your future your extremely regulations that was lately introduced. I intend it has a little bit of a a background in the feeling that it was presented back in October of twenty twenty. Um it was enacted laws only recently Um and afterwards the way the examination would run was just offered in early of August. Um I mean there has been some significant conversation in concerns to the examination and the make-up of the test. We were just notified that our My Super Financial investment choice. Um the My Super Financial investment or Default option did not pass examination and we ' re only alerted on the 30th of August Basically the examination is a seven year examination and also what it ' s done is is that it ' s contrasting it to a predetermined benchmark.So we have a lifetime one choice that has actually only been readily available for the last 3 weird years and what they ' ve done is combined and used our previous default investment option of being the traditional balanced alternative. So essentially they ' ve used 2 incredibly various products to incorporate them with each other to establish our efficiency on the test. So primarily the combination of these two products that'we ' ve created did not pass this mandated test. So we just desired to see to it that this only puts on the default alternative. It does not use to'the other 13 financial investment choices that we have in the fund. As well as after that to day we have not been recommended of the specific setting on on on the on the standard. The reason the under performance is is that our definitely our shares investment item has not certainly fulfilled the legal criteria. Currently that is a historic thing. Um as well as the irony is is that we ' ve always pointed out and you ' ve if you ' ve checked out the disclaimer or had you the the the one of the factors there is is that previous performance is not an indication to future performance.And yet this examination is looking back traditionally over the last seven years. So back in 2 thousand as well as eighteen we'have restructured our share profile to make sure that it ' s taking the finest advantages that are readily available there for our members. The various other product that has resulted in the detraction or or or the result is is that our different financial investments have actually been I mean assembled at a criteria as well as contrasted with each other at a criteria of a property that substantially higher in growth orientation which consequently if it ' s a higher development orientation it must have carried out. Um a a higher amount over a longer duration of times.This is certainly adversely impacted the portfolio. We ' ve formerly recognized our under performance 6 and also 7 years earlier. I can honestly say since with the introduction'of life time one in the last 3 years we ' ve seen stronger performance as well as I ' ll give you with some efficiency figures in a minute. The one point that I would certainly say if want additional details in concerns to this YFYS test that we have a specialized page on our website.Um the federal government has provided a my extremely contrast device. Um as well as I would certainly state Tom we'' ve both known clients that have actually looked on that. and we ' ve also seen lots of people comparing our fund over the three years. We acknowledge the fund has had performance under efficiency years earlier. Six and seven years ago.
We recognize that in the last three years considering that Life time One has actually been around. This Lifetime one or or items that is currently our current has actually been extremely competitive versus various other superannuation funds. As well as I we would certainly ask and recommend for you to go and compare those.I expect there are lots of different point of views and there ' s a great deals of various articles and also we ' ve placed a few of those on that site web page as well. In regards to ah the objectives of the product it ' s been it ' s it ' s it ' s it ' s a tended objectives. It ' s for instance members under 40 years of age. My youngsters who remain in this
item. And last entry year finishing June 30. a return of'20. 9%after charges and also tax obligations. A a return that ' s not very not not very seen in our lifetime of our of investments. Whilst'we ' re being in a superannuation fund. So life time one basically is high risk for more youthful members. They have a high growth positioning. Merely and totally they have an extended period of time to retired life And this way of living investment.Once they struck the age of 40'they slowly minimize down in threat. So it becomes a growing number of conventional as you get closer in the direction of retirement And also I think that ' s a fantastic and also it ' s a life cycle item. Um that we say in the sector. And it ' s certainly one that I find that it ' s as human beings we obtain increasingly more conservative.
I picture Tom that you ' ve seen people more detailed to retired life coming to be an increasing number of traditional as they age. Obtaining closer to retired life They ' re. seeing their dimension of their account balance and that ' s exactly what'this product has actually done. as well as it'' s done it ' s it ' s absolutely done what it was meant to do as well as developed to do. You can see there last monetary year a 40 year old the greatest threat direct exposure was 20. 88%. As you can'see there ' s a basic reduction in the returns and what we ' ve done is is that every single year'you ' ve got a very gradual as well as I state I try to emphasise that when it ' s a really progressive decrease down in danger. When you ' re looking at contrasting products you need to make certain that you ' re comparing products that are risk proper to that age. Therefore I would certainly refer individuals to the financial investment truth sheet that ' s on our web site in regards to the various structures of regards to danger.
However you'can see there ' s a person who ' s aged 60 in a conservative setting. Um the return was 13. 87 for last economic year. And the 3 years average was 6 factor five five percent. You can see there that the lifetime ones returns has definitely done what it is meant to do.' I intend our'future the outlook. The trustee has definitely constantly made sure that we are caring for the members ideal economic interests. As well as they ' re going to continue to do so. They ' re mosting likely to be I intend you could state acting in the most effective financial rate of interests of the participants By looking for range. Um the has integrated with huge superannuation funds. There ' s been a great deal of merges of late.And the fund will in the not also remote future be introducing a merger partner that will certainly provide us with scale. The government has actually absolutely suggested that to make it through in the superannuation fund moving forward. You need to be of a fund of at least 50 billion dollars. We ' re definitely looking to be
a mosting likely to a partner that will certainly be in unwanted of that. that it by method is going to be taking care of the member ' s best financial interest is is that it will certainly generate scale. It will certainly give higher advantages to participants. Um with the economic situations of scale maybe decreasing costs. We'' ve currently in minimized prices in the in the previous few months and also we will certainly be minimizing indirect investment costs quickly. Certainly if you ' ve got any questions in regards to the fund I ' d ask you to reach out to your dedicated regional supervisor as well as they can supply you additionally info in concerns to this efficiency test. I ' d likewise motivate you to go and also have an appearance at that extremely comparison device and do a contrast on the fund.
And look at that and take a look at that 3 year performance figure'. I suppose the other choices that we do give is is that we can look at the upcoming webinars Now we do a quarterly investment webinar and also I would certainly imagine the one would certainly be coming up in the following month. Um as well as these are all detailed on our site. So just like you ' ve registered for tonight ' s webinar. There are absolutely a lot of webinars that you can do. You can look at to sign up to acquire some more information. I intend the other point is is that if you wish to get some additional information as I pointed out, there ' s the web link for the for there yet there ' s additionally the study form.We ' ve got any kind of inquiries. Um we can we can certainly offer you a phone call. I expect the people that have actually inquired inquiries, I ' m going to ask your neighborhood regional manager to reach out to ensure that every one of your inquiries have been addressed tonite. Um I posture the other thing that I tell individuals to consider is the
site. Bit small in font style size. I ' m happy I ' ve got my glasses on check out these. I mean the member website is an excellent area where you can have a look at your account. You can do a number of items there. You can make a payment. Clearly you can see your account balance like this person has.You can change your investment choices. The actually fantastic point is is that in the center there you ' ve got managed my insurance coverages. As Tom points out. Retirement Preparation Webinar tonight. If you wan na just have appearance at your insurance coverage plans. You can even get a quote for boosting them. Certainly I would motivate you to do that.
Um you can also choose but it ' s a non-binding beneficiary. That is certainly available. The'other item is is that in the top right hand photo of the slides it ' s got a retired life estimate. So if you ' re desiring to look at how your account is tracking in the direction of retirement that is definitely a a good tool that you can utilise.It ' s a preparation device that we ' ve provided based on your account balance as at today. Based upon your payments over the last one year. And we can do some planning as to where your account or our company believe your account will most likely to in accordance with your chosen threat profile. Currently there ' s a bit of terminology there. Threat account.
I would likewise advise that if'you do not recognize what type of an investor you are we likewise have a terrific device on our web site called the risk profile calculator that it can give you with some guidance as to your chosen financial investment items. So certainly the participant website and also the internet site exists ' s a great deal of resources there. Um I would certainly recommend that you have a look at that. Um and I have to admit and also I ' ve only recently downloaded it is the app.Um the app is back.Um and also I must admit you recognize you'' re shaking your head there Tom yet can I nodging? Responding. I had a customer actually asked me the other day. When when is the app back? And also I simply discovered that it'' s just come back on in the last couple of weeks I believe. It has come back in the last few weeks so you can download download that from the Application Shop. and as well as go into your account much like you would your member portal. So realistically if you'' re bring your phone anywhere if you actually needed to know I would encourage as well as state possibly you shouldn'' t.Um however if you truly wished to know if you'' re out and regarding you can click on the app and it does some fantastic points. I'' d certainly encourage you to have an appearance at that. I suppose if you'' ve obtained any kind of further details from tonight as I'' ve mentioned there'' s the study Um'there ' s the that will be sent to you. You can certainly ask any type of questions there as well as we ' ll set up for somebody to offer you a telephone call. Tom I intend the one question I have for you before we go. Um there'' s a number of inquiries there as well as we'might park those and obtain cuz we ' re running out of time really swiftly. Retirement preparation is all extremely complicated. Um I suppose there are a number of various choices. You recognize you could be one year out 2 years out. I expect the inquiry I constantly hear is when should I consult? Is it right in the nick of time, an all year? Five is that? The the initial point is is never as well late.So, commonly people believe, well, it'' s also late. I I won ' t trouble. Never ever also late. Even if it'' s just a year out. Um 6 months out. There'' s things that we can do however undoubtedly, the earlier, the better. as well as never ever any person'' s had anybody state oh, I shouldn ' t have actually come. They constantly say I must have come earlier. Clearly, the earlier, the better that you intend that that you'' ve obtained a plan in area yet I would all always state as well, it'' s never ever also late. Don'' t be delayed. Um if you believe it'' s also late cuz it it'' s not. Love Thanks, Tom. Look in the rate of interests of people, I would envision that if they'' re had a glass of white wine over the hr as well as a fifty percent, that'' s maybe checked out 1 or 2 Dinner is calling us right here in Brisbane or Sunshine Coast for you. Um so, thank you Tom for your discussion tonight. It'' s been beneficial. I'' d likewise like to give thanks to Justin Colley, our coworker in Sydney office, remains in the history assisting us out.So, thanks Justin for your time. Um I note that it'' s 830 for you. I would think of that it'' ll be getting to the factor of getting the book as well as hitting the going to bed quickly. Required to be brilliant and also early for the next working day. Um I wear'' t additionally like to thanks all for attending tonight'' s session. Thanks extremely much. It was significantly valued. Um if you'' ve obtained any type of concerns you ' ve certainly obtained our numbers there. The one300 number and the local regional supervisor will definitely enter contact with you if you'' ve got any additional concerns. Once again thank you significantly for going to. Um as well as have a great night. Thanks. Many thanks Paul. Thanks for your time.
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