Retirement Planning

Retiring on your own terms is not always easy to achieve, however it is evident that those who plan for retirement are more likely to do so. Results also show that obtaining professional help during the pre-retirement years further improves the probability of attaining your retirement objectives.

The earlier you start implementing a plan the better the outcomes. During one’s working life there is always an income to make ends meet when raising children, paying off a mortgage, and myriad other lifestyle costs.

Retirement planning is about the lifestyle you will have after you stop work and receiving employment income. Planning focuses on issues such as how much superannuation is enough, taking a super pension, claiming the Age Pension, making superannuation contributions while receiving a pension from a super fund, estate planning and looking after your family.

Planning properly is becoming even more important now we are expected to live longer. This greater need means that professional help has never been more important as well.

Superannuation

Superannuation is mandatory but taking an early and active interest in it is critical to ensuring the benefits it can offer are maximised by the time you retire. Many will have a superannuation scheme through employment but increasing numbers are starting their own Self Managed Super Fund (SMSF).

However, for many, simply relying on employer contributions may not be enough and you may need to look at strategies such as additional contributions or salary sacrifice. Older Australians will need to focus even more on their superannuation strategies because most came to this form of saving later in life.

It is always best to start saving and planning for your retirement as early as you can.

Self Managed Super Funds

Self-Managed Superannuation Funds (SMSFs) offer a good strategy option for many individuals, families and small business owners to build tax effective wealth and to protect assets over time. SMSFs are becoming popular for those who are ready to take control of their own super investments as they give you ultimate control and flexibility to manage your retirement benefits.

It must be noted though, that you will have increased responsibilities as a trustee of the fund. As a SMSF Trustee you need to keep up to date with all required regulations and keep up with the fast paced financial markets.

Tracks Financial Services can work with you to understand your personal financial situation and decide whether a SMSF structure is appropriate for you. We will also make sure your assets are invested in the most effective way to maximise your retirement benefits.

Should you wish to consider establishing a SMSF then we can help with:

• Establishing your fund
• Annual Compliance Services
• Portfolio Administration Services
• Pension advice
• Superannuation Advisory Services

Investment Strategies

Investing your hard earned savings can be complex to manage and benefit from. There are many issues such as levels of risk, market timing, asset classes, and your own goals, objectives and preferences that need to be considered. Even getting started is difficult but this is where we have the time and expertise to help you.

Even after initial investments are made there are important issues that need to be addressed such as monitoring, buy/sell decisions, tax considerations, and when to take a loss or profit. In addition, there is a huge amount of investment information and spruiking that can easily lead you in the wrong direction with unwanted consequences.

Market volatility simply makes the situation harder and can often lead investors into emotive and rushed decisions.

Having a proper investment plan is very important and the sooner you implement it the sooner you can grow your wealth. We can help you develop a financial plan and provide advice that will help overcome the issues raised above.

Life Insurance

Insurance isn’t just a cost, though it often feels like it. You buy peace-of-mind that should a serious issue effect you then the consequences won’t unduly affect your family. Insurance provides you with the ability to manage the financial and emotional impact of some of the more drastic surprises, whether personally or in your small business.

Insurance can’t replace a loved one but it can help reduce the financial burden by providing the capital to ensure your family has choices.

A yes to any of the following questions means you have a need for insurance coverage. However, many Australians are underinsured and the consequences can be very serious for families should there be a death or serious injury.

1. Do you have a mortgage?
2. Do you have school fees?
3. Do you have any personal loans?
4. Do you have any credit card debt?
5. Do you have dependents?
6. Would your financial position be affected if you were to suffer from an illness or injury?
7. Do you want to have enough capital to look after your dependents if you were unable to care for them for an extended period of time or perhaps indefinitely?

We understand that it can be difficult determining the type and level of cover you might need, let alone choosing an insurer. We can assist by helping you determine your needs and recommend an insurer that is right for you.

Aged Care

Aged care is an increasingly complex area for us all to navigate but we have little choice. Issues such as changing legislation, taxation issues, bonds, care facilities, general planning, types of assisted living, Centrelink, and estate planning need to be considered. And all this at a time in life when managing such matters can become increasingly daunting and difficult.

We specialise in managing all matters to do with aged care and can help in the following ways:

• Preparation of your age pension application and review forms.
• Attending your pension application reviews on your behalf.
• Identification of opportunities that may assist with increasing and maximising your pension.
• Aged Care Assessment Team (ACAT) - We arrange for and attend all ACAT assessments and assist with documentation prior to your admission into your selected "Assisted Living Aged Care Facility".
• Assisting with the set up of automatic bill payment services
• Connecting you with care assessment teams and home support services
• Participating at family meetings to help ease the stress of challenging conversations during difficult times for your family
• Working with your accountant and lawyer to ensure the needs of your parents are well supported.

Estate Planning

Your estate is made up of everything you own. This includes your home, property, furniture, car, personal possessions, business, investments, superannuation and bank accounts.

Having an estate plan is extremely important. Having a will is just the first step in your estate plan. It is critical to consider what outcomes you would like for your estate and to ensure a plan is in place to achieve those outcomes, both including and beyond the terms of your will.

Tracks Financial Services would welcome the opportunity to discuss how we can help ensure your estate is organised to ensure your plans are implemented as you wish.

Centrelink Advice

Social Security assistance is provided by various Australian Government Departments including Centrelink and the Department of Veteran Affairs. At Tracks Financial Services, we understand that Centrelink plays an important role for individuals and families when it comes to planning. Payments such as the Age Pension and Disability Support Pension provide long-term financial support whilst Newstart Allowance and Sickness Allowance provide assistance for a shorter period of time. Other payments such as Family Tax Benefit, Parts A & B assist with the cost of raising children.

As well as the payment of benefits you may be entitled to access certain fringe benefits. For example, if you are of Age Pension age and/or are receiving the Age Pension you may be entitled to concession cards such as Pensioner Concession Card, Commonwealth Seniors Health Card or the State Seniors Card which offer concessions, benefits and discounts. The Department of Veteran’s Affairs also provides similar benefits.

Our Centrelink advisory services provide you with strategies and advice to ensure you:

• Maximise Centrelink benefits, such as the Aged Pension
• Gain entitlement for the Commonwealth Seniors Health Card
• Gain entitlement for the Low Income Health Care Card
• Family entitlement planning, incorporating Family Tax Benefits, Paid Parental Leave, and/or the Baby Bonus

Old Legal Disclaimer

Information provided on this website is general in nature and does not constitute financial advice.

Tracks Financial Services will endeavour to update the website as needed. However, information can change without notice and Tracks Financial Services does not guarantee the accuracy of information on the website, including information provided by third parties, at any particular time.

Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision. Before making any decisions, we recommend you consult a financial planner or take into account your particular investment objectives, financials situation and individual needs.

Tracks Financial Services does not give any warranty as to the accuracy, reliability or completeness statute cannot be excluded, Akambo Pty Ltd t/a Accountants Private Advice, its employees and Authorised Representatives do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person.