Labor’s franking credits policy, How much super will you need?, SMSFs and insurance, Death benefits
Welcome to the October 2018 edition of the SuperGuide Premium newsletter. Highlights include:
- LABOR’S FRANKING CREDITS POLICY: Jim Bonham illustrates how the ALP’s policy will significantly reduce the income for not just SMSFs, but also low and middle income direct shareholders.
- HOW MUCH SUPER WILL YOU NEED? In a series of articles we examine the fundamental questions – when should you retire, how much will you be spending in retirement, and (therefore) how much super will you need? We also crunch the numbers on whether $1m is enough to retire on, and how much super you need to retire on $100,000 per year.
- SMSFS AND INSURANCE: All SMSFs need to consider insurance as part of their investment strategy. We present the rules, the benefits and some frequently asked questions.
- LIFE INSURANCE: Thanks to SuperRatings we can announce the 20 funds with the lowest fees for life / TPD insurance, and the 20 funds with the lowest fees for Income Protection insurance.
- DEATH BENEFITS: Death and taxes are a fact of life, and tax cannot be avoided even by dying. We cover the super death benefit rules in detail and present tax strategies you may wish to consider.
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Estimating how long you might live is a key part of planning your retirement, as you need an idea of how many years you may need a source of retirement income.
Your beneficiaries could end up paying more tax than necessary when they receive your superannuation death benefit if you don’t learn the rules that apply.
WILL YOUR MONEY LAST AS LONG AS YOU? (UPDATED FIGURES)
If retirement beckons, it’s time to work out how much income you think you will need to fund your desired retirement lifestyle. Here’s what you need to consider.
Don’t be rattled by pundits saying you need $1 million to retire. The amount you need will depend on your personal circumstances, not some magic number.
It’s a common question and the short answer is that age is only one of many considerations when you are weighing up when to retire.
SuperGuide’s Super to income reckoner can help you quickly and simply understand approximately how much retirement income your super savings might be able to generate, and the impact made by what returns you achieve and the length of your retirement.
As the cost of living rises, life and TPD insurance premiums inside super have bucked the trend with little or no movement in 2023.
Income protection premiums continued to increase at a significantly higher rate than death and TPD premiums in 2023, but the cost of cover varies widely.
Let’s be frank, at a time of historically low interest rates it’s no wonder SMSF investors have been flocking to franked dividends from shares.
Withdrawing and recontributing money into your super can be a valuable way to improve your estate plan and equalise the super position of you and your spouse.
Penalties for SMSF breaches rose on 1 January 2023 so it’s now more important than ever to make sure your SMSF is doing the right thing.
Holding death cover through your super fund can be a costeffective way to protect your family and financial dependents and to help pay off your debts if you die.
There are pros and cons to weigh up before you purchase insurance through your SMSF, so it’s important to understand the rules.