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The deadline is looming. If you haven’t yet reviewed your superannuation strategy there’s still time… just. By 30 June you will need to have made changes to your super to ensure you’re not caught short.
Whether you’re the trustee of a SMSF or a member of one of the big superannuation funds there are several things to consider:
Age |
Percentage of account balance |
Under 65 |
4% |
65 – 74 |
5% |
75 – 79 |
6% |
80 – 84 |
7% |
85 – 89 |
9% |
90 – 94 |
11% |
Over 95 |
14% |
This makes a TTR pension strategy less attractive and members should consider commuting (stopping) their pension and rolling the amount back into their SMSF accumulation account.
Be mindful that the minimum pension must be paid from a TTR pension prior to its being commuted back to the accumulation phase.
What’s the next step?
The “To Do” list for SMSF trustees and mainstream superannuation fund members is a long one. Don’t leave your planning to the last minute as you might not get it all done in time.
At Hewison Private Wealth our financial advisers have been spending the past few months reviewing all our SMSF clients. We will have completed most, if not all, by the week’s end. If you are unsure about your SMSF position, or what action to take, I recommend you call your financial adviser.
Hewison Private Wealth are independent financial planners and a boutique wealth management firm. Our financial advisers specialise in financial planning, investment advice and self managed super funds (SMSF). If you’re interested in speaking to one of our financial advisers please contact us on 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.au
The information provided above is general information only. It does not consider your needs, financial situation or objectives. You should seek specialised advice from a qualified financial adviser.
Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.