Super Update for 2018 FINANCIAL WELLNESS Personal & Business - PowerPoint PPT Presentation

Super Update for 2018

FINANCIAL WELLNESS Personal & Business Insurance Superannuation Wills & Personal & Estate Planning Self-Managed Super Funds Home & Investment Property Retirement Planning Mortgage Solutions Strategies Wealth Creation, Education Plans Equity Lending for & Personal Investment Portfolios Share Portfolios

SUPER SOLUTIONS Life Expectancy The Government introduces the concept of the old Age Pension for the 1 st time in 1900 = 51 years of age

SUPER SOLUTIONS There are now 3.3m retired Australians, of which Life Expectancy 2.4m currently rely on the Age Pension as their Male = 80 years of age primary source of income. Female = 85 years of age

WHY SHOULD WE PLAN FOR THE FUTURE ? Life Expectancy Year Male Female 2016 80.4 84.6 Source: Australian Bureau of Statistics, October 2017 Pension – Maximum Basic Rate Single Couple Per year $21,481 $32,385 Comfortable Lifestyle Sources: Australian Government Department of Human Services, Single Couple Mar 2018 ASFA Retirement Standards, Per year $44,011 $60,457 September Quarter 2017

HOW DO WE SUPPORT YOU? Approaching retirement - providing the most appropriate tailored Assist you as an options for you. employee to make Providing informed choices for a Ensure your company comprehensive successful financial default super fund is financial advice. future. competitive and right for you. Employee Employee Employee

SUPER ‘HEALTH CHECK’ . Ensure that your super is on track:  Make sure you open your annual statement or monitor your super ‘online’  Understand the fees you are paying  Do you have more than one super fund? Consider consolidating your super!  Insurance – know how much cover you have and be aware of how much it is costing you  Have you nominated a beneficiary?  Understand where your money is invested  Review your contributions – will you reach your retirement goals?  Form a plan for your financial future

super-advice.com.au/Westgold

IOOF COMPANY PLAN. IOOF company plan: IOOF company plan:   Fees Insurance design for Office employees Member fee $78 pa Life & Total Permanent Disability cover Admin fee 0.25% of your acc balance Sum insured formula = MySuper Investment fee 0.50% of your acc balance 15% x base salary x years to age 70 Salary Continuance Design Insures 75% of your base income Accident & illness 30 day waiting period 2 year benefit period Online investment changes 300+ investment options ASX Top 300 available MySuper default option IOOF Balanced Investor Trust 1 year 3 year as at 30 June 2018 9.90 % 7.81 %

ASGARD - PREVIOUS COMPANY PLAN. Asgard company plan: Asgard company plan:   Fees Insurance design for Office employees Member fee Waived Life & Total Permanent Disability cover 0.20% of you’re a/c balance Admin fee Sum insured formula = MySuper Investment fee 0.50% of you’re a/c balance 15% x base salary x years to age 70 Salary Continuance Design ICR: 0.15 – 0.27% deducted prior to returns being Insures 75% of your base income declared. Accident & illness 30 day waiting period 2 year benefit period Online investment changes 300+ investment options ASX Top 200 available 1 year 3 year 1940’s 1940’s 3.59% 3.13% Asgard MySuper age based default options 1950’s 1950’s 4.53% 3.57% as at 30 June 2018 1960’s 1960’s 7.56% 5.31% 1970’s 1970’s 10.79% 7.02% 1980’s 1980’s 10.78% 6.98% 1990’s 1990’s 10.72% 6.94%

Let us help you take control of your super. If you have any lost super or super spread across multiple accounts, you may consider consolidating it into one single account. This makes it easier to keep track of how your super is growing and could save you paying multiple fees.

Find and consolidate your super on your mobile… Step 1. Register for a MyGov Account Step 2. Link to the ATO

Find and consolidate your super on your mobile… You can view your super accounts Consolidate at the click of a button

WAYS TO BOOST YOUR SUPER . 2. After-tax contributions 1. Pre-tax contributions Make Personal super contributions directly from your bank account. Salary Personal Investment earnings within super taxed at 15% Sacrifice Deducted (from your bank account) Non-Concessional Contributions Cap is $100,000 pa or $300,000 over a three-year period depending on total Superannuation balance. Up to $25,000 per annum (this includes your 9.5% SG contributions) 3. Spouse super contribution tax 4. Government co-contribution offset If you’re a middle to low income earner, adding to your superannuation from after-tax money If your spouse’ assessable annual income is could see you entitled to a government co- less than $40,000, you can potentially make contribution worth up to $500. super contributions on their behalf and claim a tax offset.

CONTRIBUTION EXAMPLE .  Michelle, 45 years old  $80,000 salary Source: AMP Salary Sacrifice calculator amp.com.au https://www.ioof.com.au/financial- advice/tools-and- resources/calculators

THE POWER OF REGULAR INVESTING . Sarah (age 21)  Has $5,000 to invest  She invests the $5,000 in a managed fund at assumed rate of 5%  Sarah adds $1,000 each year until age 65 which means $44,000 George (age 30)  Invests $5,000 into the same managed fund as Sarah  He adds $1,000 each year until the age of 65 which means $34,000 moneysmart.gov.au

FIRST HOME SUPER SAVER SCHEME . Commenced 1 July 2017, the Scheme will give individuals the ability to boost savings for their first home. First home buyers can contribute up to $15,000 per year ($30,000 in total) to their super with pre tax (concessional) or after tax (non-concessional) contributions. https://www3.colonialfirststate.com.au/pers onal/guidance/intelligent-investing/how- you-can-use-super-to-buy-your-first- home.html

YOUR SUPER TEAM .

DISCLAIMER . The information and any advice in this presentation does not take into account your personal objectives, financial situation or needs and so you should consider it’s appropriateness having regard to these factors before acting on it. When considering whether to acquire a financial product, before making any decision, you should obtain the relevant product disclosure statement. Any outlooks or projections in this presentation rely on assumptions as stated, however actual results may differ materially from these projections. Past performance is not a reliable indicator of future performance. This presentation may contain material provided by third parties and is given in good faith and has been derived from sources believed to be reliable but has not been independently verified. To the maximum extent permitted by law: no guarantee, representation or warranty is given that the information or advice in this presentation is complete, accurate, up-to-date or fit for any purpose. AFSL: 283 049 ABN: 99 111 384 519

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