Total and Permanent Disablement (TPD) approvals are granted when someone has experienced a life changing health event or injury. Naturally, they come with concerns about future financial security and clients are often quite distressed. If you have had a superannuation TPD claim recently approved, we recommend you seek financial planning advice before you make a withdrawal. TPD payouts allow for some unique and technical financial strategies.
Investing in your family is always a good thing however research consistently shows that women are more likely to take time out of paid work to care for children. This leads to a short fall when it comes to retirement savings. The latest research from ASFA shows a 25% difference, with the median balance for those aged 60 to 64 at $211, 996 for men and $158, 806 for women.
Financial setbacks hurt. They are not uncommon and happen for many reasons. If this has happened to you or someone you know it is important to know that you can rebuild. 15 years ago, a new client appeared on our doorstep seeking advice on how to get back on his feet. We love this story as it is a pin up case study on the benefit of a financial planner and a disciplined client working together.
In recent years, the Australian government has implemented significant tax reforms aimed at providing cost of living relief to taxpayers. Most notable are the stage 3 tax cuts, which come into effect on 1 July 2024. These changes will amend personal income tax rates and thresholds, offering tax relief for all income earners.
This provides a timely juncture to review your financial plan. Get in touch with your adviser about the best solution for your individual circumstances to ensure you maximise potential benefits of these tax savings.
