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How long will my retirement savings last?

By Jon Kalkman on behalf of Firstlinks April 2021 The Retirement Income Review (RIR) noted that many retirees leave large bequests and they would have enjoyed a higher standard of living in retirement if only they had spent some of their capital, not just the income from their investments. Planning cash flow in retirement is…

What indexation means to inheritance—super death benefits and the Transfer Balance Cap

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth April 2021 We have a superannuation system designed to limit how much can go into it and ensure that money in it must ultimately come out. It prevents the creation of ‘family dynasties’ with super—something cleverly stamped out in 2017 with the introduction of two measures.…

CCs Cap Indexation

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth March 2021 The good news keeps coming for super. From 1 July this year, you may be able to boost your superannuation savings and have more for retirement because the contribution caps are going up. A month ago, we learnt that the general transfer balance cap…

TBC Indexation

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth February 2021 From 1 July this year, the general transfer balance cap (TBC)—the limit on the amount that can be transferred into superannuation’s tax-free retirement phase—will be indexed to $1.7 million (up from $1.6 million). The general TBC is indexed to the consumer price index (CPI)…

New Year

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth January 2021 The festive break is an ideal time to kick back with family and friends. It’s also a good time to take stock of where you’re at financially and to plan for the new year. When it comes to the constantly changing superannuation environment, the…

How to give retirees the confidence to spend

By Andrew Boal, on behalf of Firstlinks December 2020 Australia has one of the best retirement systems in the world for accumulating savings. Yet, like many other countries, we continue to struggle with how to design an efficient retirement spending system. To some extent, this can be attributed to the absence of a clear purpose as to…

Pension Drawdown

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth December 2020 Anyone who has an account-based pension knows they must take a minimum payment each year. Of course, those requiring more income can take it, however, there are people who do not need this payment because they have other sources of income to live on,…

11 key findings on retirement dreams during the pandemic

By Matt Rady, on behalf of Firstlinks November 2020 COVID-19 is taking a harsh toll on the economic wellbeing of many retirees with research showing it has shaken their confidence in the quality of their retirement and how long their money will last. Notwithstanding the recovery in many share prices over recent months, returns on cash and…

Accessing Super

By Colin Lewis, Head of Technical Services, Fitzpatricks Private Wealth November 2020 Superannuation is the most tax effective savings vehicle you can invest in. It is head and shoulders above the next best investment structure, like a discretionary family trust and/or investment bond. In the pre-retirement accumulation phase, earnings and capital gains are taxed at a…

Every SMSF trustee should have an Enduring Power of Attorney

  By Karen Dezdjek on behalf of Firstlinks October 2020 If you’re an SMSF trustee, there are several vital things to consider when it comes to your estate and succession planning. COVID-19 shows need to prepare Your will enables assets to be distributed in accordance with your wishes when you die, and a binding death…

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