James Coyle

Surprising super rule affects inheritance

Here are some surprising things that you may not know about your super. Most surprising to many is that your Will doesn’t automatically determine who gets your super. The trustee of the fund often makes this decision.

A recent newspaper report highlighted the instance of an inheritance that failed to land in the desired spot. The dad who was ill had confirmed his desire for his children to equally share his assets after he passed away. But owing to disputed instructions, the beneficiary was a ‘sometimes here, sometimes there’ girlfriend who had never really been his partner.

This story reminded us of the very strict rules attached to super when it comes to your estate planning. They can be a bit of a minefield. So today we are sharing some very top level explanations about super and beneficiaries. And reminding everyone that you need to check your own situation, update it if and when necessary, and be absolutely clear that you have done all that is required to ensure that your wishes will be followed.

Running short in retirement? Five step plan to make ends meet

by James Coyle | Retirement Spending

Quite a few members have recently contacted us with the same problem. Put simply, they are concerned that they are running short of money far too often and that they urgently need a re-set. Some members have chosen to proceed to an advice appointment. Others have just wanted to know the types of options they might have so they can think about them for a while.

There’s no right or wrong way to approach this challenge and every individual in retirement is different, with different circumstances, needs, wants and attitudes towards money. For this reason we are sharing a five-step plan to manage retirement income and ensure you get a good night’s sleep, every night. These steps will allow you to break down what may appear to be a very big problem, into a series of smaller steps so you can consider every aspect of your money management and how to best approach it. The first three steps address some useful ways to maintain a balanced budget; the last two look at the bigger picture of how your savings and investments might be structured.

Rethinking the tax you pay on your retirement income

by James Coyle | Retirement Income

Your tax return is an invaluable summary of your current financial situation.

Not only can you review how much money you have earned, and how much tax you have paid, but you can also plan ahead for financial year 2023-2024 to ensure you are not paying tax unnecessarily. Here’s the main three ways your retirement savings are taxed.