Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 19 February 2021. This week’s topic: What is retirement? Sure there’s a legal definition but there’s also a real life definition too.

In recent weeks Luke has looked at growing your super and taking income from that super when you retire through an account-based pension. This week Luke explores what retirement actually is and offers his top tips for those approaching their life after work or life with reduced working hours.  

Key highlights include:

• What does retirement really mean?
• The real life definition: Do you have the resources to live the life you want and without working?
• What Covid has taught us: most people struggle to sit at home and do nothing – the same can be said for retirement
• What Covid has taught us: you can work remotely from home
• The legal definition: You reach a certain age and you can access your superannuation – it’s called the Commonwealth Preservation Age
• Your Commonwealth Preservation age is between 55 and 60, depending on the year you were born – click to see the table
• From 60-65, if you meet a condition a release, eg give up work, you can access super
• From 65 onwards, you’ve reached your maximum preservation, and can access your super without having to give up work 
• If you’re under the age of 65, but have retired, you can still put money into super
• Luke shares his top tips for those approaching retirement
• A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Do you need advice around your retirement plan?  

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Retirement planning can be complicated, but the good news is you can make an appointment to speak with Luke about your superannuation and retirement strategy – including the account-based pension.

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast.  We look forward to your company again.

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 29 January 2021. This week’s topic: Transition to retirement pension – what is it and how does it work? 

In recent weeks Luke has looked at how to boost your retirement savings before you retire from work. This week Luke explores a pathway to retirement, called the ‘transition to retirement’ pension. While many people who are exploring their retirement options might have heard of this, few really understand how it can work effectively for them, until they seek advice. 

Key highlights include:

• When it comes to retirement – most people would like to retire sooner.
• What does retirement mean to you? For Luke it means being able to afford to spend your time as you’d like to. 
• The modern idea of retirement is not all or nothing, now many retirees are happy to work part time. So with this in mind, if you reduce your work hours, you can top up your earnings with a payment from your super, through a transition to retirement pension. 
• How much of an income can you take as a pension payment from your super? What is the minimum or maximum you can take? There are rules around how much you can have, so it’s important to plan your transition to retirement to make sure it financially works for you.
• Transition to retirement might also be available for people who find themselves with reduced hours, through no fault of their own and through an event like Covid. 
• Can income from a transition to retirement pension be tax free? It depends on your age and a few other things! 
• A transition to retirement pension can also be used to pay down debt or receive a tax deduction by putting money back into your super or your spouses super. So it can be more than just an income strategy, depending on your situation. 
• If you haven’t made super contributions, you can use the catch up legislation to boost your super before you fully retire, using potentially tax free money from your transition to retirement pension, while you work reduced hours. 
• Luke’s top tips using the transition to retirement pension strategy and strategies you might consider. It’s also an opportunity for people who have defined benefit super fund and a spouse who doesn’t. 
• A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Do you need advice on the transition to retirement pension pathway?  

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Retirement planning can be complicated, but the good news is you can make an appointment to speak with Luke about your superannuation and retirement strategy – including the transition to retirement pathway.

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast.  We look forward to your company again.

Luke Smith joins 2CC Talking Canberra 1206AM. The Money Show aired on Friday 13 November 2020 and the topic: What is downsizing legislation and how can it help your super savings for your retirement?

Financial Planner Luke Smith takes a deep dive into downsizing legislation and looks at the retirement opportunities it provides people. It can be complicated, so seek advice if you need to. Luke and Leon start the show talking about ‘old fashioned common sense’. Sadly it’s not so common these days! 

Key highlights include:

• What is downsizing legislation? 
• How old do you need to be to take advantage of it? 
• Did you know you can use the downsizing legislation, even if you’re not working?
• An account-based pension allows you manage tax and gives you access money
• What are the restrictions or limits on downsizing legislation? 
• How long have I got to get the money into the super once the sale has happened?
• What other pieces of paperwork do I need to be aware of and complete? 
• Does this impact Centrelink entitlements? 
• Luke’s key take-outs for using the downsizing strategy
• A free appointment offer to talk about your own financial planning issues. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies. 

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Do you need advice around the downsizing opportunity? 

Luke Smith at Envision Financial can help you set up a financial planning strategy to help you achieve your investment and retirement goals. We’re very pleased to let you know that we’ve returned to the office for appointments given Covid-19. 

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday from 4.30pm. Listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM. The Money Show aired on Friday 4 September 2020 and the topic: How much do you need to retire?  

Financial Planner Luke Smith joins 2CC to explore the issues around determining what you actually need in retirement as well as what the Government considers. Be sure to seek advice if you need help with your own retirement planning. They start the show however off topic – someone in Canberra just won $1 million in Wednesday’s lotto. Congratulations to them. If you need advice we’re here to help!

Key highlights include:

• So have you thought about how much you need to retire?
• Everyone’s situation is different – don’t worry about what others do, look at your own needs
• The danger young people face – What you don’t understand, doesn’t scare you
• ASFA say that $61,909 is a comfortable retirement income for a couple and $40,380 is a modest retirement income for a couple
• An example of a self funded retirement and Centrelink retirement with some assets
• Should you spend the kids inheritance?
• What might a normal person’s expenses look like in retirement – that is, how much do you need?
• Can you access Centrelink or use Franking Credits?
• Are there things you should do before you get to retirement?
• Luke’s top tips and take-a-ways for people working towards a happy retirement
• How long does it take to transition to retirement from a financial perspective?
• An offer for a free appointment to talk about your own retirement planning goals and objectives. Everyone has different goals and personal financial planning advice can help you achieve them more effectively. 

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Would you like help to work out how much you’ll need?

Luke Smith at Envision Financial can help you set and work towards your own financial goals including the planning to get you to the retirement you’d like. We’re very pleased to let you know that we’ve returned to the office for appointments given Covid-19. Make an appointment to catch up with Luke face to face, over the phone or via video appointment. 

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own financial, work and retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM. The Money Show aired on Friday 28 August 2020 and the topic: Can you go back to work after you retired?

Financial Planner Luke Smith joins 2CC to explore the issues around returning to work and the key issues you should think about. Luke shares his knowledge and experience around helping clients make the decision to return to work after their retirement. Be sure to seek advice if you need help.

Key highlights include:

• Covid has given many an insight into what retirement might be like the reality of retirement might not be that great
• There traditional stigma around going back to work after retirement has changed
• There are benefits in going back to work both financially and non-financially – it’s not all about money
• Going back to work doesn’t have to be full time – part-time work often makes more sense and provides the extra income you need!
• What are the options and strategies you might consider when making the decision to return to work – eg structures, tax and super
• Don’t forget about the value of time, it’s not all about money
• The benefits of tax free pensions, but you’ll still need a super fund if you’re working as an employee
• Luke’s top tips and take-a-ways for people thinking about going back to work
• An offer for a free appointment to talk about your own retirement planning or back to work goals and objectives. Everyone has different goals and personal financial planning advice can help you achieve them more effectively. 

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Would you like help with your own retirement or back to work plans?

Luke Smith at Envision Financial can help you set and work towards your own financial goals and help you better manage your retirement. We’re very pleased to let you know that we’ve returned to the office for appointments. Make an appointment to catch up with Luke face to face, over the phone or via video appointment. 

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own financial, work and retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM. The Money Show aired on Friday 21 August 2020 and the topic: Can you retire from work? 

Financial Planner Luke Smith joins 2CC to explore the issues around making the decision to retire from work and the key issues you should think about. In this episode Luke shares his experience and insight around helping people achieve their life after work goals. And remember, seek advice if you need help.

Key highlights include:

• Covid has impacted many, and it will affect retirement plans
• A good place to start is answering a this important question: What does retirement mean to you?
• How Luke defines ‘retirement’
• How will you fill your time and what will it cost?
• Why working isn’t a bad thing – even a couple of days a week
• What’s the impact of working on retirement on tax and Centrelink?
• Retirement planning also involves lifestyle decisions and discussions with your partner
• What are some the key issues you should consider in retirement planning? 
• Why is your investment timeframe for retirement important?
• Luke’s top retirement planning tips and take-a-ways
• An offer for a free appointment to talk about your own retirement planning goals and objectives. Everyone has different goals and personal financial planning advice can help you achieve them more effectively. 

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Would you like help with your own retirement plans?

Luke Smith at Envision Financial can help you set and work towards your own financial goals and help you better manage your retiremnet planning. We’re very pleased to let you know that we’ve returned to the office for appointments. Make an appointment to catch up with Luke face to face, over the phone or via video appointment. 

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own financial and retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM. The Money Show aired on Friday 14 August 2020 and the topic: Adding to your superannuation.

Financial Planner Luke Smith joins 2CC to explore the issues around making contributions to your own super. We all know whay superannuation is, but are you actually setting yourself up for the retirement that you want? In this episode Luke shares his experience and insight around how adding to your super can help you achieve your goals. And remember, seek advice if you need help.

Key highlights include:

• When should I start adding to my super?
• Funding contributions, ways to do it successfully
• What to do with a payrise?
• The more you earn the more you spend – do you know where your income goes?
• Super contribution strategies – Super splitting, catch-up concessional contributions, new job, change of salary, returning to the workforce
• What happens when the mortgage is paid off?
• What are the benefits of adding to your super early – compounding, tax benefits, taking advantage of current legislation – that can change
• Actions for PSS members – government super, check yout accrued benefit multiple
• The benefits of compounding interest
• Strategies to help you add to your super
• An offer for a free appointment to talk about your own financial planning goals and objectives. Everyone has different goals and personal financial planning advice can help you achieve them more effectively. You’re also invited to join The Budget Program starting in October. 

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Would you like to explore strategies around adding to super?

Are you making the most of your super while you’re still working? Envision Financial can help you set and work towards your own financial goals and help you better manage your financial well-being. We’re very pleased to let you know that we’ve returned to the office for appointments. Make an appointment to catch up with Luke face to face, over the phone or via video appointment. 

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own superannuation and retiremnet goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm for the 101th show. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 7 August 2020 and the topic: Super splitting strategy.

Financial Planner Luke Smith joins 2CC to explore a very beneficial but highly under-utilised financial planning strategy called super splitting. We all know whay superannuation is, but why would you split your super with your spouse? In this episode Luke shares his thoughts around how the super splitting works and how it might help you achieve your goals. And remember, seek advice before you start!

Key highlights include:

• What is super splitting?
• An example of how it can work, where one spouse is older than the other
• How much can you super split with your spouse?
• Why would you do it? It may help the younger spouse retire sooner!
• You only get to do this once each year – it’s not something you can do for previous years
• How and when should super splitting be done?
• What are the benefits of this strategy in your retirement planning?
• How does it work with carried forward concessional super contributions?
• How can it impact the transfer balance cap or help you avoid it?
• There are a number of goals this strategy can help you achieve – with examples!
• Check your fund to see if they offer super splitting.
• An offer for a free appointment to talk about your own financial planning goals and objectives. Everyone has different goals and personal financial planning advice can help you achieve them more effectively.

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Would you like to explore if the super splitting strategy is right for you?

Are there some personal, lifestyle or retirement goals you’d like to achieve? Envision Financial can help you set and work towards your own financial goals and help you better manage your financial well-being. We’re very pleased to let you know that we’ve returned to the office for appointments. Make an appointment to catch up with Luke face to face, over the phone or via video appointment. 

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own life goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm for the 101th show. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 12 June 2020 and the topic: Starting a pension before 30 June. 

In today’s topic Financial Planner Luke Smith joins Leon to explore the topic of turning your super into a retirement income stream (pension) before June 30 as well as some of the advantages this may bring.  Leon and Luke however start the show talking about why it’s good speak with someone who knows what they are doing – professional advice provides more certainty. It’s important to make the most of your retirement planning options. 

Key highlights include:

• What is the difference between the accumulation phase and the pension phase of super?
• Is there are minimum amount of money you must take out of a pension each year?
• At pension phase, is everything inside your fund is tax free?
• How do you start a pension? 
• How often can pension payments be made?
• Why would you start a pension before June 30?
  • Make a contribution from your pension to make a personal tax deductible contribution back to super
  • Build super in a spouses name, avoid the transfer balance cap
  • Paying off debts 
  • Do a rennovation
  • Transition to retirement – access super money while you’re still working (it’s not tax free though) 
• What is the taxable lifetime limit?
• Why wouldn’t you start a pension before June 30?
• An offer for a free appointment to talk about your own retirement planning needs and goals. Everyone has different goals and personal financial planning advice can help you make the right decision for your needs and situation. 

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Would you like help with your pension and retirement plans?

June 30 is a great time to review your financial goals and make some new goals for the coming financial year – even retirement goals! We’re very pleased to let you know that we’ve returned to the office for appointments. Make an appointment to catch up with Luke face to face, over the phone or via video appointment. 

Envision 2CC offer:  Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your financial and retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 22 May 2020 and the topic: Tax deduction planning and the end of financial year.

In today’s topic Financial Planner Luke Smith joins Leon to explore the opportunities around planning for the end of financial year. They start the show though with a drum roll, after 8 weeks Luke joins Leon back in the studio. Australia has done better than others to manage Covid-19 and let’s hope the good results continue as we slowly emerge back to pre-covid life.

Key highlights include:

• Working from home during Covid-19? There’s a tax deduction there.
• Personal deductible contributions to boost your super and save tax. Don’t forget about the $25,000 limit and the carry forward credits that you might not have used from last year!
• Pre-paying interest on an investment loan where the interest is tax deductible
• Claiming income protection premiums, where the insurance is held in your name
• Self employed opportunites – The 150k Instant Asset Write Off, this includes second hand good purchases too!
• Pre-retirement strategies – using pension payments to fund personal deductible contributions to boost your super and save tax!
• How do you make the most of your options?
• The 30th June in 2020 falls on a Tuesday, but don’t leave it to the last minute to plan – start now.
• An offer for a free appointment to talk about your own financial planning needs.

Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Are you ready to take advantage of your financial options?

Make an appointment to catch up with Luke over the phone or via video conference. Appointments at the office will return once the Covid-19 has passed, shortly we hope!

Envision 2CC offer:  Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your investment, personal insurance or retirement matters. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 24 April 2020 and the topic: Retirement planning and Covid 19.

In today’s topic Financial Planner Luke Smith joins Leon to explore the issues around retirement planning during the unusual times we find ourselves in. Is it still possible to retire with everything that’s going on right now? Luke begins the conversation by reminding us that this too shall pass.

Key highlights include:

• Think about your income requirements over the next 12-18 months
• Keeping a percentage of your portfolio in accessible cash
• The impact of retirement – it’s a change, even without covid 19 being around
• You still can retire now, if you’re ready to
• Think about your own current situation and needs
• Is it full time retirement or will you still be working part time?
• Are there other things you can do and look at to keep more control?
• The key things to remember when thinking about retirement during Covid 19
• An offer to have a chat and seek financial advice about your own retirement planning

Listen to the Podcast right now

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

Would you like some advice around your own retirement plans?

Make an appointment to catch up with Luke over the phone or via video conference. Appointments at the office will return once the Covid-19 has passed.

Envision 2CC offer:  Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your super and financial matters. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 8 November 2019.

As we approach the end of a year or financial year, the calendar prompts many people to think about their own retirement plans. In this podcast, Luke explores how to turn your superannuation into a retirement income stream and explores some of the important issues to consider before you decide to leave your job.

Key highlights include:

• When it comes to life after work, there’s no such thing as a dumb question.
• What’s the difference between a transition to retirement pension an account-based pension?
• Will you continue to work part-time or will you retire fully and cease employment?
• How often can you draw pension payments from either your transition to retirement or account based pension?
• An account based pension are very tax effective – but have you thought about your tax position with other assets?
• Also think about the relationship between partners to maximise your tax-free limits under the transfer balance cap.
• Why is seeking retirement advice before you leave work important?
• An offer to trail our knowledge centre which is full of information, videos and calculators at no cost. Checkout our online calculators too.

Listen to the Podcast right now

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

Do you need advice on your retirement plans?

If would like to talk about setting some financial strategies to achieve your goals, including your retirement goals and planning, make an appointment to meet Luke at Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation. Envision Financial can also work with your estate planning solicitor or refer you to one if you don’t have one.

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and  financial goals.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 25 October 2019.

Superannuation for most people forms the basis of retirement. But have you heard about the splitting your super strategy? It’s one of the most under utilised strategies. In this episode Luke talks about how super splitting can help you achieve your retirement goals more effectively and may help you retire early!

Key highlights include:

• What is the super splitting strategy or ‘Marry well’ strategy?
• How does it allow the younger spouse to retire sooner and not wait until they reach retirement age?
• Using an example, how does it work in practice?
• Are there any restrictions to this strategy?
• What may happen in the event of a relationship breakdown?
• How can the carry forward legislation be used with a super splitting strategy this year?
• What are the things you should consider before super splitting?
• An offer to trail our knowledge centre which is full of information and videos at no cost. Checkout our online calculators too.

Listen to the Podcast right now

Also available on Apple Podcasts 

Do you need help with your super planning?

If would like to talk about your financial situation and setting some strategies, including super splitting, make an appointment to meet Luke at Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation. Envision Financial can also work with your estate planning solicitor or refer you to one if you don’t have one.

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and  financial goals.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined Richard Perno on Radio Station 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 15 March 2019.

Luke and Richard caught up on the topic of retirement planning. It’s something our attention to turns to as we get older and it’s important to plan. Planning helps you achieve more certain outcomes once you stop work and turn your super into an income stream. Richard and Luke start the conversation with a look at the outcomes of The Royal Commission and why some outcomes may reduce competition for advice providers and push people back to the banks. Is that what we really want? No options other than a bank?

Topics covered include:

• Risks around retirement including: Market volatility, retirement timing, risk & asset allocation, structures,  legislation changes, inflation and adult children.
• The benefits of starting sooner – with more time on your side you have more options!
• Setting realistic expectations about retirement – what sort of retirement do you want with the resources you have?
• The importance of understanding your risk profile and asset allocation. A 1-2% return on your term deposits might not be enough to fund your retirement income you need.
• How income protection insurance can protect adult children and your retirement savings.
• Why considering the costs of your retirement investments is also important.
• An offer to trail the Envision Knowledge Centre at no cost. Click here to take up our free offer.

Listen to the Podcast right now

Also available on: 

Are you ready to start your retirement planning? Can you afford to retire from  work? We’re here to help.

If you need financial advice about your retirement options, make an appointment to meet Luke at Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and  financial goals.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Luke Smith joined Richard Perno on Radio Station 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 26 October 2018.

Luke and Richard continued the conversation about retirement planning and specifically about what happens if you made the decision to retire, but then decide you want to go back to work. It might be part time or full time work. Is it possible? What are the implications?

Topics covered include:

• The reasons to return to work after retirement.
• Will you be an employee, or a contractor – are there differences?
• If you’ve turned your super into a pension, you’ll need a new super account to receive contributions. 
• Why it’s important to think about tax and returning to work, there are issues to consider.
• It’s not necessarily about returning to your old job, it could be a new role and a part time role or working from home
• And can you retire again when you’re ready?
• Seek returning to work advice and retirement planning advice so you make the most of your options. It pays to understand your options before you make a decision. 

Listen to the Podcast right now:

Do you need retirement planning advice?

If you need financial advice, make an appointment to meet Luke at Envision Financial Services on 02 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.

Envision 2CC offer.  Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and  financial goals.

Luke Smith joined Richard Perno on Radio Station 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 19 October 2018.

Luke and Richard continued the conversation about retirement planning and specifically about the process about making the decision to retire and if you can return to work once you have made the decision to pull up stumps.

Topics covered include:

• How do you know when the time to retire is right?
• Why isn’t retirement just a financial decision?
• Why are you going to retire?
• Can you return to work after you retire or part-time work? 
• What are some pitfalls that people making around leaving work?
• Seek planning for retirement advice so you make the most of your options. It pays to start sooner than later. With more time on your side you have more options.

Listen to the Podcast right now

When do you want to switch on your retirement?

If you need financial advice, make an appointment to meet Luke at Envision Financial Services on 02 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.

Envision 2CC offer.  Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and  financial goals.

Luke Smith joined Richard Perno on Radio Station 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 12 October 2018.

Luke and Richard continued the conversation about retirement planning and specifically about a financial planning strategy called transition to retirement.

Topics covered include:

• What is a transition to retirement strategy?
• What kind of people is a transition to retirement useful for? It’s a great strategy for employers too!
• When is a good time to transition?
• How do you transition to retirement?
• Can Government superannuation holders transition?
• Seek planning for retirement advice so you make the most of your options. It pays to start sooner than later. With more time on your side you have more options.

Listen to the Podcast right now

When do you want to switch on your retirement?

If you need financial advice, make an appointment to meet Luke at Envision Financial Services on 02 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.

Envision 2CC offer.  Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and  financial goals.

Luke Smith joined Richard Perno on Radio Station 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 5 October 2018.

Luke and Richard continued the conversation about retirement planning and how to you can turn super into a retirement income.

Topics covered include:

• What is the different between the accumulation phase and the pension phase?
• Steps to think about when your planning your retirement before you leave the workforce, including: What income you need? How you can generate it? When you need it? 
• What is an account based pension?
• How much income can you take? Can you take a lump sum?
• How does an account based pension work and how much income can I take from it?
• Can you splurge in retirement on a holiday or new car?
• What happens can I add money to my account based pension if I receive an inheritance?
• Seek planning for retirement advice so you make the most of your options. It pays to start sooner than later. With more time on your side you have more options.

Listen to the Podcast right now

When do you want to switch on your retirement?

If you need financial advice, make an appointment to meet Luke at Envision Financial Services on 02 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.

Envision 2CC offer.  Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and  financial goals.

Luke Smith joined Richard Perno on Radio Station 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 28 September 2018.

Luke and Richard talk about retirement planning and some of the issues you need to thinking about before you decide to retire.

Topics covered include:

• What is retirement?
• How old do you need to be to retire?
• Can you return to the workforce after you retire?
• There are special rules around Government and Military super and retirement schemes worth considering if you’re thinking about retirement planning.
• What are the common pitfalls around retirement planning?
• Seek planning for retirement advice so you make the most of your options. It pays to start sooner than later. With more time on your side you have more options.

Listen to the Podcast right now

When do you want to switch off the alarm clock and start your retirement?

If you need financial advice, make an appointment to meet Luke at Envision Financial Services on 02 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.

Envision 2CC offer.  Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and  financial goals.

Luke Smith joined Richard Perno on Radio Station 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 10 August 2018.

Luke and Richard talk about how to turn your super into an income stream with an account based pension.

Topics covered include:

• What an account based pension is? (formerly called an allocated pension)
• How old you have to be to retire and what retirement actually means
• The benefits of account based pensions – like tax free earnings and no capital gains tax
• Be aware of the rules around retirement, and
• Seek advice before you retire so you make the most of your options – it pays to plan.

Listen to the Podcast right now

If you need advice, contact Luke on 02 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.

Envision 2CC offer – Your first appointment is at our cost, so make an appointment to confidentially discuss your financial situation and retirement goals.

Luke Smith joined Richard Perno on Radio Station 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 27 July 2018.

The topic was Superannuation contributions and the issues covered include:

• The correct amount of super you should receive
• The difference between concessional and non-concessional contributions in super
• The opportunities provided by non-concessional contributions – tax free retirement income payments and tax free estate planning
• The reasons why it’s important to consider the rules around super, including understanding your transfer balance cap.

Listen to the Podcast right now

If you need advice, contact Luke on 02 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.

Envision 2CC offer – Your first appointment is at our cost, so make an appointment to confidentially discuss your financial situation and retirement goals.

If you missed the discussion click here to listen to the podcast now.

Luke and Richard talk about the PSS Super in detail. The PSS is closed to new members but there are good opportunities for holders of this fund if they know how to make the best use of it.

The acronym of the week is TBC – Transfer Balance Cap. It’s new superannuation legislation that came into effect on 1 July 2017 and effects all super account holders including PSS members (both working and retired). The transfer balance cap is a limit on how much of your super you can transfer from your accumulation super account(s) to tax-free ‘retirement phase’ account(s) to receive your pension income. No one likes paying more tax than they need to so it’s important to investigate your options.

Find out more by listening to the podcast now.

Contact Luke on 02 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will be back on 2CC Friday 16 March – 2CC 1206AM, at 4.30pm.

Envision 2CC offer – Your first appointment is at our cost, so make an appointment to confidentially discuss your financial situation and retirement goals.

If you missed the discussion click here to listen to the podcast now.

Luke and Chris talk about transition to retirement changes,  the benefits of pensions from superannuation funds in retirement (including tax free earnings). The acronym of the week was EPS.  Envision is also offering a free financial health check for new clients – simply hit the contact us form and ask for your free online financial health check coupon. You’ll be able to go online and answer some questions. A report will be delivered to you at no cost. We can then meet to talk about your opportunities.

Luke and Chris will be back on air together on Friday 19 January – 2CC 1206AM, at 4.30pm. Of course, if you’d like financial advice, call us on 02 6260 4749 or use our  contact us form.

Your first appointment is at our cost, so make an appointment to confidentially discuss your financial situation and retirement goals.

We wish everyone in our community a very Happy New Year!

• An account-based pension,
• A defined benefit pension,
• Investments outside of superannuation,
• Part-time employment,
• Centrelink age pension entitlements,
• Home equity release, or
• Downsizing the family home.

So what is an account-based pension?

A superfund where your employer or yourself can put in money and your money is invested to get a return is called an accumulation fund. At retirement, you can turn your accumulation fund into an account-based pension to receive an income stream.

What are the typical features of an account-based pension?

• You can choose the amount of income you receive each year, within a range set by law.
• You can invest your money in the same kinds of assets that you’ve held in your super fund.
• Your account-based pension income can usually paid month, quarterly, half-yearly or yearly. You get to choose.
• You are allowed to take a lump sum withdrawal, known as a commutation, from your account-based pension, should you need some extra cash.
• Your account-based pension will continue to pay you until the money runs out.
• You get to make a choice about what happens to your account-based pension if you pass away.

What are the typical advantages of an account-based pension?

There are a number of benefits to having an account-based pension in retirement. These might include:

• In addition to your account-based pension, you may be able to access Centrelink age pension entitlements. Asset and income tests apply.
• You won’t pay tax on pension payments once you turn 60 years of age.
• Your investment earnings on an account-based pension are tax-free provided you have $1.6 million or less in your account at the time of starting the account-based pension. If you have more than $1.6 million then penalties may apply.
• You decide (within a range) what pension payments you want to receive and if you want to take a lump sum.
• You can choose how your money is invested, just like you did with your accumulation superfund.
• Surplus franking credits are returned to the fund to bolster returns and to help fund pension payments.
• You decide what happens to your account-based pension should you pass away. You might elect to have it paid in full to your beneficiaries or spouse. You can also nominate a spouse or dependent person to receive your ongoing pension payments. This is called a reversionary pension.

What are the typical disadvantages of an account-based pension?

There are a couple of drawbacks to having an account-based pension in retirement. These can include:

• Your investments, just like in your accumulation superfund are not guaranteed and will fluctuate as investment markets move. Performance will be affected by the investment options you choose.
• There is no guarantee that your account-based pension will last as long as you do. You may outlive your pension payments. This is one reason why it is important to have a plan.
• You must draw an annual pension payment equal to the legislated minimum each year. This will require you to review the assets held to meet liquidity requirements throughout the year.
• The asset value and associated income are generally assessable for Centrelink purposes. Some grandfathering provisions may apply depending on when your income stream was commenced.
• Generally, once a pension income stream is commenced you cannot add to its capital value.

How do you determine if an account-based pension is appropriate for you?

Seeking advice can help you understand your retirement goals, assess your retirement income options and put a plan in place to deliver you with a retirement income stream.

Financial planning advice can help you work out:

• If you and when you can afford to retire.
• How much income you can receive.
• How an account-based pension might work for your retirement.
• How Centrelink age pension can fit with an account-based pension.
• Which investment options are appropriate for you.
• Estimate the length of the pension, given certain scenarios.
• Help you put in place estate planning matters around an account-based pension.
• Take into account the recent legislative changes that impact the tax efficiency of pension structures.

To make an appointment to speak with Luke, please call Envision Financial Services on 02 6260 4749 or contact us here.

Many Australian’s like Michael and Jenny (husband and wife) have used their superannuation to save for their retirement and they’re looking forward to the day when they permanently retire. They want to spend more time with the grandkids and take that European holiday.

Michael however has a superannuation balance over $1.6 million. This means he will be impacted by the transfer balance cap.

What does the transfer balance cap mean?

New rules around super (starting July 2017) mean that Michael can transfer $1.6 million into a retirement pension to enjoy the benefit of a 0% tax on the investment earnings.

That’s great news.

But what’s not great news is that there are penalties if you exceed the $1.6 million and Michael will need to make a decision about what to do, given his super balance is more than this. This also applies to Michael’s older sister Pamela who retired before 1 July 2017. She also had more than $1.6 million in super after selling her business and turned her super into a pension.

Michael and Pamela both can:

• Keep some of the money in super. In Pamela’s case she can move some of her balance out of her pension and move it back to an accumulation account within super and pay up to 15% on the earnings within the fund.
• Take a lump sum withdrawal to keep the transfer balance cap of $1.6 million without paying the penalty.
• Or pay the excess transfer balance cap, which is the penalty for going over the $1.6 million cap.

I have a defined benefit account – does the transfer balance cap apply?

In the above example, both Michael and Pamela had accumulation accounts, but some workers like government employees, executives and defence force personnel have defined benefit accounts which pay them an income stream at retirement.

The transfer balance cap of $1.6 million applies to defined benefit accounts. It is worked about by multiplying the annual payment you receive by 16. If that amount is more than $1.6 million, you’re going to have the same issue as Michael and Pamela in the example above.

Lifetime annuities and certain life expectancy market linked pensions are also affected. It’s also important to consider estate planning issues too.

So what should Michael and Pamela do?

We’d say to Michael and Pamela, the same thing we’d say to you. Call Envision Financial Services and make an appointment to meet with Luke Smith our Financial Planner.

With the correct structures and investments in place there are strategies available that could allow Michael and Pamela to ensure that the accumulation account created as a result of the transfer balance cap remains tax free.

When you’re considering retirement, it is really important to understand all of your options. What might work for one person may not work for another as everyone’s financial situation is different. It’s also important to think about your retirement goals too. What do you want to do with your life after work?

Luke Smith works with many retirees to help them understand the transfer balance cap issues within their own retirement plan. The first appointment is typically at our cost. Envision Financial Services telephone number is 6260 4749.

General Advice (Tax) Warning

The information within is general advice only, prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to products mentioned before making any decisions. Any tax advice provided within is general advice only and you should consult with a tax professional before any decisions are made.