Maybe you find yourself facing financial demands from both your own young family and older family? You're not alone.
Welcome to the life of the Sandwiched Generation.
Your superannuation is your forced savings for your retirement, so it’s important to understand these two key features:
Thankfully, an annual assessment run by the ASFA can help you start your thinking about what you want to achieve in your retirement.
Then we can help you get there.
If you plan on leaving your superannuation to your now adult kids when you pass away, there's a strong possibility your super death benefit payout will be hit with tax.
Simply put, you can nominate in writing who you want to receive any future payout with a Beneficiary Nomination or Binding Death Nomination (depending upon what you choose).
To really understand this real-life story, to need to understand two simple legal facts about self-managed super funds:
Sounds simple enough, right?
But then to make matters worse comes retrospective investment property land tax (thankyou OSR), slow debtors, perhaps a sickness or accident forcing time off work, supporting frail aged parents with declining health or maybe a family law court financial settlement after a relationship change. Financial life is complicated.
I realised it was time to begin to explain where money comes from, after all, it's up to the adults in the lives of children to model helpful behaviours as our children begin their journey of understanding money.
"No, not that talk... the other big talk."
After 17 years working as a financial adviser, you get to see patterns in people's actions and, more importantly, their questions.
The number one question I get asked by parents of all ages is,
‘How can I help my kids get ahead in life?’