Need advice for self funded retirees WITHOUT super

[telstrareg]

My grandparents have around $800K banked and fund their retirement from the interest. They receive no pension and pay tax on the interest through the PAYG system with no concessions of any kind that I’m aware of. They no longer work and are too old (youngest is 75) to get any benefit from super (from the way it was explained to me).

If anyone could give me a couple of pointers on how they could minimise tax, which I could follow up on, I would be grateful. I have heard of something called an ‘allocated pension’, but I don’t know if this is completely separate from super, or if it’s something they could benefit from. Thanks.

 

[rowes]

Hi, my inlaws are in a similar boat but they have seen a good financial advisor who seems to know his stuff and they have tailored a package to suit their lifestyle and what they plan to do over the coming years. I would recomend finding someone who specialises in this feild as there are so many options and things to take into consideration. A good advisor usally wouldnt be that cheap but it would cost them alot more in the long run if they dont have the best advice.

 

[Bomba]

an allocated pension would be the way to go, but an allocated pension must be purchased with super money.

 

[flinders]

My grandparents have around $800K banked and fund their retirement from the interest. They receive no pension and pay tax on the interest through the PAYG system with no concessions of any kind that I’m aware of. They no longer work and are too old (youngest is 75) to get any benefit from super (from the way it was explained to me).

If anyone could give me a couple of pointers on how they could minimise tax, which I could follow up on, I would be grateful. I have heard of something called an ‘allocated pension’, but I don’t know if this is completely separate from super, or if it’s something they could benefit from. Thanks.

The best advice for them(with assistance from you) is to either chat to friends or make a couple appointments with financial advisers.this way they can choose who they fill most comfortable with in discussing the financial needs.I think they can have up to 1mill and still get some benefits.

 

[telstrareg]

Thanks for the replies

I don't know how to identify a 'good' financial adviser as opposed to 'bad' one. Grandparents bank with Westpac, might their financial services dept. be a place to start? Unless someone wants to recommend one of these 'good' financial advisors. Thanks.

 

[happytrader]

My grandparents have around $800K banked and fund their retirement from the interest. They receive no pension and pay tax on the interest through the PAYG system with no concessions of any kind that I’m aware of. They no longer work and are too old (youngest is 75) to get any benefit from super (from the way it was explained to me).

If anyone could give me a couple of pointers on how they could minimise tax, which I could follow up on, I would be grateful. I have heard of something called an ‘allocated pension’, but I don’t know if this is completely separate from super, or if it’s something they could benefit from. Thanks.

Hi Telstragreg

Your grandparents have until the 30 of June to contribute up to $1 million into superannuation. This will result in a completely taxfree income thereafter.
Get them to see a financial advisor whether its with their banking institution or whatever to check it out asap. The reality is we are encouraging and assisting people to live a very long time so they might as well live in the style to which they have become accustomed without money worries and restrictions.

cheers
Happytrader

 

[happytrader]

Hi Telstragreg

Your grandparents have until the 30 of June to contribute up to $1 million into superannuation. This will result in a completely taxfree income thereafter.
Get them to see a financial advisor whether its with their banking institution or whatever to check it out asap. The reality is we are encouraging and assisting people to live a very long time so they might as well live in the style to which they have become accustomed without money worries and restrictions.

Sorry Telstragreg

Completely stuffed up this post. Please disregard the super information.
Apologies.

Cheers
Happytrader

 

[telstrareg]

Sorry Telstragreg

Completely stuffed up this post. Please disregard the super information.
Apologies.

Cheers
Happytrader

heh, I was looking into the same thing. Damn shame. The super laws are certainly not geared toward helping anyone in their situation.

 

[grumpee boi]

sent you a PM.

Adam