Q&A

Superannuation

What is a pension?

A pension is the income stream that comes from your superannuation once you meet the conditions of release. Your pension, or annuity, is a series of periodic payments.

How do I know if I have enough money to retire?

The best way to know if you have enough money to retire is to start planning your financial future now. Our capital adequacy test (cash flow modelling) shows you how long your capital will last based on your income needs during retirement. We factor in life expectancy, CPI and all the things you want to enjoy like holidays, cars and other lifestyle expenses. Then, Fig Tree Digital Platinum Strategies Copywriting 17 using our in-depth knowledge and expertise, we recommend strategies for you to grow and protect your wealth and achieve your retirement goals.

Is a self-managed superannuation fund right for me?

A self-managed superannuation fund (SMSF) isn’t right for every situation. However, if you want to take a hands-on approach to a well-planned financial future, a SMSF could be for you. A SMSF gives you more control over your investment choices, but it comes with significant trustee obligations and requirements. Before you set up a SMSF, speak to our SMSF Specialist Advisors™ for advice based on your unique situation and goals.

Can I buy a property via a self-managed superannuation fund?

Yes. However, you must comply with a series of complex rules, which vary depending on the property. Before you commit, speak to our SMSF Specialist Advisors™ for help navigating the rules and understanding how they apply to your situation.

Insurance Solutions

I have insurance inside my superannuation. Is this comprehensive cover?

In some cases, have insurance within superannuation may not take your individual circumstances into account, which could leave you open to having a claim denied. Depending on your insurance type, you may also face complexities around accessing your payout if you haven’t met your superannuation’s conditions of release.

Our advisors can help you understand if your superannuation insurance is adequately protecting your wealth. You may be better off with another type of insurance that gives you cover based on your specific circumstances.

Speak to our specialist insurance advisors to find out if your cover meets your current and future risk management needs.

What type of insurance cover do you advise on?

We provide advice on personal insurances designed to protect your income and assets in
the event of sickness, accident or death. The types of insurances we advise on include:

  • Life insurance
  • Total and permanent disablement cover
  • Trauma insurance
  • Income protection
  • Business insurance
  • Key person cover

Speak to our specialist insurance advisors for a strategic approach to your insurance cover.

Financial planning and wealth accumulation

What is a wealth accumulator?

A wealth accumulator is generally someone in the middle stages of their professional life,
usually aged in their late 20s to 50s. Wealth accumulators are ambitious and have the drive
to succeed professionally and financially. Wealth accumulators need sound financial advice
to maximise and protect their finances into the future.

What life stages do wealth accumulators face?

Wealth accumulators often have fluctuating incomes and increasing expenses due to life
events such as:

  • Getting married
  • Buying a house and taking out a mortgage
  • Raising a family
  • Paying for children’s education
  • Lifestyle needs

With sound financial advice, wealth accumulators can build investments and financial strategies to maximise the potential of their earnings and secure their financial future.

I have equity in my home. Now what?

If the value of your home has increased, you may be able to access your equity to build an asset outside of your home. By commencing a debt recycling strategy, you can pay down your non-deductable ‘bad debt’ and transition it to deductable ‘good debt’ on this asset. Speak to our expert advisors to find out how you can turn your equity into a second income through a carefully planned strategy.

What is the Transition to Retirement Pension?

The Transition to Retirement Pension allows eligible people to draw from their superannuation benefits as they approach retirement. It means you can maintain your lifestyle standards as you reduce your working hours or salary sacrifice some of your income to super.

I have multiple financial obligations. How do I manage my finances to achieve different outcomes?

The time horizon of investment and your ability to absorb market volatility is a key principle of investing. The longer your money is invested, the easier it is to ride out market movements. If you’re investing for private school fees, you might start your investment in a higher growth portfolio and reduce as you get closer to needing the funds. You may blend a portfolio that provides short-term security and long-term growth. Using cash flow modelling, we can map your short, medium and long-term goals to determine the best investment strategies to help you meet them.

I have good cash flow, but I don’t understand where all my money is going.

Using our market-leading cash flow modelling system, we will give you a clear understanding of where your money is going. By analysing your spending habits, we can forecast an accurate budget that allows you to meet your financial objectives. With real-time data, you gain valuable insights into how your spending impacts your future financial goals.

 

Disclaimer
The information on this website pertains to Australian Residents only. Platinum Strategies Pty Ltd is a Corporate Authorised Representative of Millennium Financial Services Pty Ltd ABN 61 094 529 987 Australian Financial Services Licences – Licence Number 244252 – 7/50 Borthwick Avenue, Murarrie Qld 4172. The information (including taxation) is general in nature and may not be relevant to your individual circumstances. You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice. You should obtain and consider a Product Disclosure Statement (PDS) before making any decision to acquire a product.