For the majority of Australians, superannuation is the second largest asset after the family home. Superannuation is a necessity to fund a quality retirement and it also offers a powerful wealth creation opportunity for people on higher tax rates.
Australia has an ageing population and this will change how people fund their accommodation, care, living expenses and lifestyle in the future. This trend may also challenge the availability of Government resources to support older people financially.
The average Australian lives well into their 80s and couples require at least $56,000 per year to live on. Do you have a plan that adequately provides for your future?
Lantern Advisory delivers leading edge advice to clients who are often too busy to research the myriad of complex superannuation options. We work with each individual to make informed decisions and regularly update them with their superannuation progress.
Our services give you tailored strategies to grow your superannuation and achieve your retirement goals:
- Salary packaging
- Cash flow and contributions planning
- Earnings from investment
- Investment risk management
- Tax effective strategies
- Self Managed Super Funds
A couple recently retired with not quite enough superannuation to meet their living costs or to provide an income for the whole of their life expectancy. They approached us and we reviewed their spending patterns and introduced a little more risk into their superannuation investments to bridge the “gap”. This resulted in $105,000 added to their income and considerable peace of mind.
Note – if you require $60,000 pa in retirement you will need at least ~$530,000 in today’s dollars (includes the age pension benefit) to achieve what is considered a “comfortable” retirement lifestyle. If you require $40,000 pa in retirement you will need ~$335,000 in today’s dollars (includes the age pension) to achieve what is considered a “satisfactory” retirement lifestyle. We would encourage all clients to aim for higher investment goals in the event that the age pension is not available at the time of retirement.
We know greater than 60% of Australians use their superannuation to repay debts at the point of retirement. This is not the purpose of superannuation and a sensible financial plan can reduce debts and maintain a balance to support a fulfilling and satisfactory retirement.
“We engaged James Cavanough to provide us with a strong plan for our retirement. He has a confident, pleasant personality which enables straight forward, honest, reliable and informative discussions to take place. Any financial ideas we might engage for discussion are always handled in detail with mutual respect. We are happy with the progress of our superannuation fund.” Graham and Pamela, Brisbane.
“Lantern Advisory has provided us with a strong plan in preparation for our retirement. As a result we have decided to establish a Self Managed Super Fund for the purposes of securing and supporting our retirement future.” Norman and Narelle, Brisbane.