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One of the age-old questions asked by those facing retirement is “how much money do I need to ensure that I can live the retirement I have always dreamed of”?
Unfortunately, the answer is not so clear-cut and will depend on a number of factors, including:
- What sort of lifestyle would you like to have?
- Will you be eligible to receive an age pension from the government?
- How long does the money need to last?
- What is your appetite for risk when it comes to investing?
- Do you wish to leave money for the next generation?
The Association of Superannuation Funds of Australia (ASFA) conducts regular research into the costs of living in retirement. They publish budgets for a “comfortable” and a “modest” retirement lifestyle each quarter.
For the June 2014 quarter, the annual costs of living are:
|
Modest lifestyle |
Comfortable lifestyle |
Single |
$23,363 |
$42,433 |
Couple |
$33,664 |
$58,128 |
A modest lifestyle does not require a significant level of additional savings, as the full rate of age pension will almost cover the costs of living. In fact, the ASFA suggests that to fund a modest lifestyle in retirement, assuming all debts have been eliminated, a single person will require savings of around $50,000 while a couple will need to have a lump sum available of around $35,000.
However, if you are more attracted to a comfortable lifestyle in retirement, you will need a lump sum of approximately $430,000 if you are a single person, and $510,000 if you are a couple. Retirees with lump sums approaching these amounts will not be eligible for the full age pension but the estimated lump sums assume access to at least a part age pension.
For those with a more ambitious retirement lifestyle in mind, the budget increases. And as savings increase to fund the desired lifestyle, access to the age pension reduces to a point where the amount of capital required will disqualify you from receiving any age pension.
If your retirement lifestyle budget is such that the age pension is out of reach, you are part of an exclusive group. You are a “self-funded” retiree.
If you are in your early to mid-60s and aspire to being a self-funded retiree, you will need savings of around 15 to 17 times your first year’s retirement income, in order to generate an indexed income stream for life. Putting this in perspective, if you would like an income of $100,000 in your first year of retirement and would like to maintain this on an indexed basis to keep pace with inflation, you will need a lump sum of between $1,500,000 and $1,700,000.
Managing income in retirement is a challenge for many people. Getting the right advice, early enough, is one of the keys to ensuring that you are best placed to realise your retirement dream.
Source | Peter Kelly, Manager – Technical Advice
Centrepoint Alliance
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One of the age-old questions asked by those facing retirement is “how much money do I need to ensure that I can live the retirement I have always dreamed of”?
Unfortunately, the answer is not so clear-cut and will depend on a number of factors, including:
The Association of Superannuation Funds of Australia (ASFA) conducts regular research into the costs of living in retirement. They publish budgets for a “comfortable” and a “modest” retirement lifestyle each quarter.
For the June 2014 quarter, the annual costs of living are:
A modest lifestyle does not require a significant level of additional savings, as the full rate of age pension will almost cover the costs of living. In fact, the ASFA suggests that to fund a modest lifestyle in retirement, assuming all debts have been eliminated, a single person will require savings of around $50,000 while a couple will need to have a lump sum available of around $35,000.
However, if you are more attracted to a comfortable lifestyle in retirement, you will need a lump sum of approximately $430,000 if you are a single person, and $510,000 if you are a couple. Retirees with lump sums approaching these amounts will not be eligible for the full age pension but the estimated lump sums assume access to at least a part age pension.
For those with a more ambitious retirement lifestyle in mind, the budget increases. And as savings increase to fund the desired lifestyle, access to the age pension reduces to a point where the amount of capital required will disqualify you from receiving any age pension.
If your retirement lifestyle budget is such that the age pension is out of reach, you are part of an exclusive group. You are a “self-funded” retiree.
If you are in your early to mid-60s and aspire to being a self-funded retiree, you will need savings of around 15 to 17 times your first year’s retirement income, in order to generate an indexed income stream for life. Putting this in perspective, if you would like an income of $100,000 in your first year of retirement and would like to maintain this on an indexed basis to keep pace with inflation, you will need a lump sum of between $1,500,000 and $1,700,000.
Managing income in retirement is a challenge for many people. Getting the right advice, early enough, is one of the keys to ensuring that you are best placed to realise your retirement dream.
Source | Peter Kelly, Manager – Technical Advice
Centrepoint Alliance
What is Retirement?
/in Financial Advice General Info /by Fil-BattistiAll the definitions of “retirement” would indicate that it is a time in life when you have grown too old to continue to work. In other words, as the farmer would often say, “you are put out to pasture” because you may have outlived your usefulness.
We definitely do not want to think of ourselves as outgrowing our usefulness or growing too old to work. We still want to make a difference and enjoy ourselves during this time.
The meaning of retirement needs to change. In fact, we need to look for a new word which best describe that time in our life where we decide how much and what work we do want to do and how much play we want to indulge in.
Retirement should not been seen as a time when you pack up your old working life and “withdraw from life into seclusion” (which is exactly what retirement meant originally to the French in the 1500s). Now is the time to become active in your life and be in control of the choices about how you wish to live throughout your retirement phase.
Let’s call it “Renaissance”, no not the beginning of a great 14th century revival of art and literature, but a renewal of life, vigor and interest – a new beginning. Yes, it may sound a little “over the top”, but for most people who have worked in excess of 40 years it should be viewed as an opportunity to refresh your life and begin a new and exciting stage.
But to ensure you take full advantage of your “Renaissance”, you have to take control early to ensure that you are ready not only financially, but also physically and mentally. Don’t leave it to late take stock of your finances, consider your lifestyle and get a health checkup with us or the opportunity for your “Renaissance” might just pass you by.
Source | Mark Teale, Manager – Technical Advice
Centrepoint Alliance
Getting your Personal Finances under Control
/in Financial Advice General Info /by Fil-Battisti“Annual income £20, annual expenditure £19/19/6; result happiness
Annual income £20, annual expenditure £20/0/6; result misery”
Charles Dickens – David Copperfield
Australians are typically very good at spending money. Give me $1.00 and I will spend $1.10, thanks to easy access to credit (often in the form of a credit card).
But there comes a time when the need to exercise some personal financial constraint becomes necessary. This may arise as a result of the loss of a job, reduction in income, starting a family, or getting a mortgage and educating children. For some, the need to get our personal finances under control is simply because we have let our debt get out of control.
Being out of control of our personal finances can often lead to depression, fear, anger and more often that not, we just might not be a nice person to be around.
However, there is hope. We can get off the debt ridden treadmill and get our financial lives in order. The difficult question is HOW?
An old lesson
Back in 1926, American publisher George S. Glasson published the first in a series of articles on achieving financial prosperity. These articles culminated in publication of his famous book, ’The Richest Man in Babylon’. The book is still readily available today both in print and electronic format. It is easy to read and is still as relevant today as it was when it was first published in the early 20th Century.
The seven key messages:
Pay yourself first – set aside part of every dollar you earn. Ideally you should look to save 10% of everything you earn. This money is not being saved to buy a new car, have a holiday, or even buy a house. It is being put away for the long term and will be used to provide an income when we are no longer able to work. For some, making additional contributions to superannuation may be an ideal way of saving the extra 10%. If you can’t afford to save 10%, then start by saving some small part of your income and gradually increase it. Ideally we should be aiming to live off 90% or less of our income. This may take a little time to achieve.
Manage expenses – we all have expenses that need to be met in order to live, including food, housing, clothing and transport. But many of us spend unnecessarily on “other stuff”. This is what we call discretionary spending and it often consumes most, if not all, of our surplus income. Start by setting a budget of known fixed costs, and then allow for some discretionary spending. Look back over past bills and identify your fixed expenses. Bills for fixed expenses often arrive at irregular intervals. A phone bill might arrive once each month or once each quarter, but you might be paid weekly or fortnightly. Expenses should be totaled for a full year, and then divided by the number of pay days to work out how much needs to be set aside out of each pay to cover bills as they arise.
Grow your wealth – now that you have started saving a part of every dollar you earn, you should look to having it grow in value. The investment earnings achieved should be added to your growing pool of savings.
Protect your capital – in order to protect our savings from loss, care must be exercised to ensure the security of our principal. Before investing, understand the associated risks and, if the risk is unacceptable, look for a more suitable alternative. Take advice from a suitably qualified expert. There are many good investment savings plans that allow small amounts to be saved on a regular basis while providing access to a wide range of investment options including fixed income, shares, property and overseas investments.
Invest in your home – owning your own home provides security for you and your family and home ownership is the aspiration of most Australians. Home ownership also delivers favourable tax concessions in that any gain we achieve on the sale of our home is generally exempt from tax. It therefore makes sense to maintain and improve our home, within reason and without overcapitalising, to ensure we maximise the price we can achieve when we eventually sell.
Protect yourself and your assets – we all understand how important it is to insure our possessions, be it our home and its contents, our car and the like. But how many of have adequate insurance on our life and our ability to earn? We should seek the advice of a qualified professional adviser to ensure that we are adequately insured against events that might rob us of our life, or our ability to earn. Yes, you can insure your future income.
Invest in yourself – one way of building wealth is to increase our capacity to earn. To achieve this is to be willing, irrespective of our age, to increase our knowledge and skills through continuing education and training. Many people expect their employer to provide additional training. However we should take personal responsibility for increasing our knowledge and experience by investing our time and money in undertaking suitable training that enhances our opportunity to increase our earnings over time.
Taking control of our financial future takes time and discipline. It will involve making some hard decisions but if we make a plan and stick to it, over time it will become a habit and will deliver financial security and prosperity.
For many people, having a coach or a guide to whom we are accountable will keep us on track and provide the impetus to keep going, even when times are tough. A financial planner can fulfil this role so if you need any help with making a plan for your future, contact us today and we can .
Source: Peter Kelly, Centrepoint Alliance
Aged Care – Too many questions and not enough time
/in Estate Planning /by Fil-BattistiFrom 1 July 2014, a person entering an aged care facility has 28 days to decide how they are going to pay the Refundable Accommodation Deposit (RAD) – do they pay the total amount or pay part of the RAD as a Daily Accommodation Payment (DAP)?
You may be asking, if I pay the full RAD won’t this increase my Means Tested Care Fee (MTCF)? The short answer, yes it will, but it will also increase your age pension, if you qualify for any part of the age pension.
Do I sell my home and invest the proceeds to ensure that I am able to cover all my costs? Am I better off investing most of the proceeds from the sale of my house and only paying part of the RAD and then a DAP? If I don’t sell my home and decide to rent what will the effect be on my aged care fees and my age pension? If I don’t sell my home and don’t rent it how will this affect my age pension and my aged care fees?
Case study
Shirley is a widow in her mid-80s, owns her $450,000 home. She has a number of term deposits worth a total of $100,000 and is in receipt of a full age pension.
Shirley never believed she may need to enter aged care, she was healthy and lived an active and full life, but unfortunately after a fall that is exactly the prospect she faced – an aged care residence with a RAD of $300,000. She must now come up with answers to all the questions that we have asked to ensure that she makes the best decision.
1. She could keep the home and not rent it, for the purposes of calculating her MTCF it would have a capped value of $154,179 and it would be exempt from the assets test for age pension calculation for a period of two years.
Shirley could pay a $50,000 RAD and the balance owed could be paid as DAP. Her means tested care fee would be low in this case $2.90 per day, however as the balance owing on the RAD is $250,000 which is subject to an interest rate of 6.69% her DAP would be $45.94 per day. Total fees would be the basic fee, MTCF and the DAP – $95.34.
Shirley would be far better off to rent her house and her aged care fees would remain the same. The additional income she does receive from the rent does not affect her aged care fees or her age pension as she is paying a DAP and the cash flow issues would be resolved.
2. Two matters stand out in Shirley’s case she is an age pension and the RAD is not assessable for the purposes of her pension, if she only pays a part of the RAD any monies which she retains and invests depending on the amount could reduce her pension entitlement.
Secondly, any money she happened to invest would have to return better than 6.69% which is the interest rate applicable to any outstanding RAD.
In the current environment, a one year term deposit is not even returning 4% and the possible increase in her age pension could amount to a further 1.7%.
Aged care is a very complex issue and requires the assistance of an expert if you are to make all the right decisions for either yourself or a loved one – contact us today so we can help you further.
Source: Mark Teale, Centrepoint Alliance
New Deeming rules for Allocated Pensions from 1 January 2015
/in Financial Advice General Info /by Fil-BattistiFrom 1 January 2015, any new account-based pensions will be subject to deeming which may result in a reduction in the Centrelink Age Pension.
Currently, only the pension payment which exceeds the account-based pension’s Centrelink deductible (or non-assessable) amount is assessable under the income test.
However, it is all about to change for all account-based pensions commenced on or after 1 January 2015.
Deeming financial investments
Most Centrelink pensions are currently subject to an income and assets test, with the amount received from Centrelink being the lowest entitlement under the two tests.
From 1 January 2015, new account-based pensions will be treated the same way as other financial assets such as cash, shares and managed funds under the social security legislation, which means they will be subject to deeming rules for both Centrelink and DVA income test purposes
They will be deemed to earn a specified rate of return regardless of the actual returns generated. The current deeming rates for pensioners are (see Figure 1):
The impact of deeming directly relates to the applicable deeming rates. The higher the deeming rates the greater the impact. The deeming rates change at the Government’s discretion and reflect the economic environment.
Using account-based pensions to improve Centrelink Age pension entitlements
In nearly all cases, someone of at least Age pension age can commence an account-based pension and draw a pension payment equal to or lower than the Centrelink deductible amount (i.e., no assessable income under the income test).
From 1 January 2015, Account-based pensions will be categorised into:
i. Commenced pre-1 January 2015 and held by a pensioner, allowee or low-income health care card-holder immediately before this time
ii. Commenced from 1 January 2015 or those held by someone not a pensioner, allowee or low-income health care card-holder immediately before this time.
Pre 1 January 2015 accounts
These Account-based pensions will continue to have the current income test treatment apply if the recipient was receiving an eligible income support payment immediately before that day, and since that day, the person has been continuously receiving an income support payment.
This also applies to those Account-based pensions that later revert to a reversionary beneficiary on the death of the original owner, provided the reversionary beneficiary is receiving an eligible income support at the time of reversion.
Traditional annuities (such as lifetime or long term annuities) and market-linked income streams are excluded from the new rules.
Post 1 January 2015 accounts
The income test assessment will no longer relate to the gross annual nominated payment and Centrelink deductible amount. The account-based pension is deemed under the income test.
Deeming may disadvantage pensioners where the deemed income is more than the gross annual nominated payment in excess of the Centrelink deductible amount.
Who will be impacted by the proposed changes?
The extent of the impact of these changes depends on the Age pensioner’s circumstances. In some cases the application of the assets test will restrict the impact of these changes.
For those with a significant reduction in Age pension under the income test compared to the assets test, the changes may have a considerable impact. This may include those receiving:
i. A defined benefit pension from a Government super scheme
ii. An asset test-exempt or partially asset test-exempt income stream
iii. Employment or self-employment income
iv. A foreign pension
v. A disability pension from the Department of Veterans’ Affairs.
Comparing homeowners and non-homeowners
The impact of the proposed changes differentiates between homeowners and non-homeowners.
Take a single Age pensioner with $20,000 in personal use assets, $200,000 in an account-based pension and drawing a pension payment less than the Centrelink deductible amount.
Compare the Age pension entitlement under the current and new income test assessment for account-based pensions (see Figure 2).
For the homeowner, the Age pension entitlements are currently $767.15. With the new deeming rules, the Age pension entitlement would be $743.65. The homeowner doesn’t incur the full impact of deeming. The Age pension entitlement would be reduced by $23.50 per fortnight ($611 pa).
For the non-homeowner, the Age Pension entitlements are currently $808.40. With the new deeming rules, the Age pension entitlement would be $743.65. The Age pension entitlement would be reduced by $64.75 per fortnight ($1,683.50 pa).
This represents an Age pension reduction of approximately 3% for a homeowner and 8% for a non-homeowner.
What if deeming rates increase?
When and by how much deeming rates change, is at the Government’s discretion. Historically, the current deeming rates of 2.5% and 4% are quite low.
Deeming rates were as high as 4% and 6% at 16 November 2008, and the average deeming rates between 1 July 2000 and 30 June 2009 were approximately 3% and 5%.
Interestingly, deeming rates were as low as 2% and 3% immediately before 20 March 2010, at which time there was a jump to 3% and 4.5%, a considerable increase.
Any increase in deeming rates could have an adverse effect on Age pensioners with an account-based pension commenced on or after 1 January 2015.
Increasing deeming rates will lower the allowable level of deemed assets before Age pension entitlements are reduced under the income test.
Assuming no other assessable income, Figure 3 shows the current level of deemed investments a single or couple can have before their Age pension is reduced under the income test, and the impact of rising deeming rates.
Summary
Currently, pensioners have the ability to take a superannuation income stream with no or little income assessed by Centrelink.
Under the new rules to deem new income streams from 1 January 2015, an amount of income is deemed. The income test ceases to use the gross annual nominated payment and Centrelink deductible amount.
Undoubtedly, there will be Age pensioners disadvantaged – highlighted by the fact that as at 31 December 2012, 28 per cent of pensioners or 69 per cent of part-pensioners are income tested.
Over time, more Age pensioners could be impacted with increasing minimum pension payments according to age, and an inability to commute and recommence a new account-based pension to reset the deductible amount.
From 1 January 2015, any advice relating to an account-based pension must distinguish between those commenced prior or after this date.
To preserve the current income test treatment of an account based-pension, you may consider aggregating super benefits into a single account-based pension prior to 1 January 2015.
The change may present an opportunity for those drawing considerably large account-based pension payments in excess of their Centrelink deductible amount.