Amanda Hardy Lai

Amanda has worked in the financial services industry since 1998 and has been providing financial advice since 2006. Her career has been driven by a commitment to ensuring the highest standards of financial advice and client care.
Passing the baton: Retirement, legacy, and the Bank of Mum and Dad

Passing the baton: Retirement, legacy, and the Bank of Mum and Dad

Navigating the complexities of retirement planning and intergenerational wealth transfer is increasingly important  for Australian families. As the ‘Bank of Mum and Dad’ (BoMaD) plays a more prominent role in assisting younger generations, understanding the implications for both retirees and their heirs becomes essential.

Intergenerational wealth transition

Australia is on the cusp of its largest wealth transfer in history, with an estimated $3.5 trillion expected to pass from Baby Boomers to younger generations over the next two decades (Productivity Commission, 2021). However, studies suggest that without proper planning, a significant portion of this wealth may be lost by the second generation, and even more by the third. Implementing clear succession plans and fostering open family discussions about wealth management can help preserve and effectively transfer assets.

Managing superannuation for retirement and legacy

Superannuation is primarily designed to provide income in retirement, but it can also play a role in estate planning. Retirees can use strategies such as Account-Based Pensions to generate a steady income while managing their remaining super for future beneficiaries. Staying informed about legislative changes and considering strategies such as  Binding Death Benefit Nominations (BDBNs) can help ensure assets are distributed according to one’s wishes.

The good guide to updating Centrelink

The good guide to updating Centrelink

There’s a lot of confusion about what Centrelink knows, what it updates automatically, and what you need to report yourself. Many people assume Centrelink has direct access to their tax records, bank accounts, and superannuation balances—but the reality is quite different.

The following guide breaks down what Centrelink does and doesn’t track and when you need to step in to update your details.

Insurance in super: Delayed claims and what this means for you

Insurance in super: Delayed claims and what this means for you

Are you one of the many superannuation members who have insurance cover attached to their accounts without even realising it. But recent regulatory action highlights serious concerns about delays in processing claims, with thousands of members and their families affected. So if you do have insurance in your super, now is the time to:

check what you’re covered for, 

understand when that cover might end, and 

ensure your loved ones won’t face unnecessary hurdles if they need to make a claim.

As you approach or enter retirement, you may find that your superannuation insurance – life, total and permanent disability (TPD), and income protection – no longer fits your needs. If you’re no longer working, the need for these types of cover can diminish – and continuing to pay premiums might be draining valuable retirement savings.