Dan asked us to do a talk to a group of probably older & maybe more cynical males than ourselves.
‘But you can’t sell’
‘Would we even bother or try to such a group’.
Give us some ‘parameters’ on what we can & not say as we only know of such groups as our Dad attended them.
As this is to be in March 16 then we have time to plan the ‘lesson’.
What immediately comes to mind is the Big Lie & the white lie.
1. We have to agree with a certain Phil Kearns who with some luck a certain Sean will reciprocate.
I.e. SMSF are NOT what you need.
Even after 31 years in this we don’t have one.
Why not?
We don’t want the responsibilities as super trustees as the rules & regulations change almost daily.
How can we keep up either when we are working or retire?
We don’t have the investment expertise to over a time particularly & maybe only & especially in the down times to match or compete with those who live & breathe it 24/7.
If we don’t comply then there is now a schedule of fees that the crows @ ASIC or ATO want to charge your retirement fund as now they too are on a user pay system & they need to fund it from your super.
Yes you were asked by your accountant to set it up but why did he ask & what is he again. A book-keeper & he just needs another account to charge ever 6 minutes.
If it was your adviser then why did he ask & the same arguments apply.
Can you do that from your aged care ‘cell’?
Ultimately the buck stops with you & after you your wife or kids.
They can do that.
Yeah right.
Jeanine advised us yesterday that they have a technical department on winding them up & yes we do know why & understand why.
2. Jeanine also asked what about grandparents & yes there will be many grandparents in the room.
As a very recent minister commented at his swearing in, it’s the very 1st grandchild that is the most important.
How do we look after them now, as there are limits on gifting , or later.
What happens if as there are many blended families & the consequences on that.
We understand that leaving someone out of a will or even a nominal amount means it could be challenged.
Yes a testamentary trust is the ideal option but as there are measurable costs & an Appointors & trustees then that is more applicable for sizable sums.
Yes there is another solution the insurance bond from the past.
It has owners, beneficiaries & Life insured which provides options for distribution.
Or maybe an old whole of life & we have 2 that can go outside the will. [these old guys may have one]
3. The Public Trustee was also mentioned as 8.5% was the charge that Jeanine had to pay for her late mother in law.
Yes there is a schedule of fees there on the site as easy in often means pain out.
4 We have this in a recent case that we are doing. The client wanted to consolidate his 2 supers & as he has 4 children he needs a serious whack of life & other covers.
His first transfer of super went according to the rules of transfer with 3 days but the other union cooperative fund is not cooperating even when all the requirements are satisfied
What pain & time will be taken if there is a claim With this reluctant & unhelpful fund?
This picture from the Australian 21/10/15 says it all .
4. This group will want or shall we say need to have some awareness of aged care options & Challenges.
As we have very good & only 10 years older mate in a dementia ward then this is a confronting issue.
It will come down to do we sell the house?
One option for many who are cashflow poor & asset rich is reverse mortgages but then the magic of compound interest compounds against you.
Of course as you would expect aged care rules & aged pension rules have a different set of rules & it is a matter of both family wishes & numbers.
It usually happens around Christmas time when the family realises that again you are too hard & let’s find a spot for you
Good luck.
5. We very recently read that a scary 1 in 10 of the elderly are financially abused . We certainly weren’t aware of that.
IMHO for us it would be give us some medical marijuana & let us be happy.
Yes we have seen a bottle of whisky in other rooms & no doubt that along with a cocktail tray of prescription drugs which may be injected might leave them just a little happy but certainly not as healthy.
6. Of course retiring & living overseas is another option that could be considered. There is more than a million Aussies overseas & many are retired.
We still recall a meal & meals for 4 in Changmai for $20 dollars at a very good restaurant.
Medical services are certainly cheaper & many are trained over here or in UK.
Property is certainly 1 fraction of prices here although as anywhere there are conditions.
7. Which leads us to our holistic theme of our is that health & wealth go together.
We do write
In fact we recently heard that 1 in 6 medical diagnosis in Australia as wrong. Globally it is 1 in 4.
It has been documented that in Australia the average retired couple spends $142.30p.w. on health costs.
That’s $7,400p.a. or any extra $147,992 you need in your super.
Don’t you need it more that the medical system?
In the US this couple will spend $220,000 on health costs.
Are they any healthier?
Would you prefer to spend this money on your travels?
Dan as you ‘do enjoy reading this’ then here above are some cynical thoughts for your group & please advise if these fit within your parameters.
Which one would you prefer us to expand on?
We could think of more as this is a very general talk as the facts are in your tablet & none of it will be personal.
7 . Yes to answer the 2nd most boring question
It is what you believe we are worth.
As others do then if you care for our care then why not our 5 minute financial health checkup
Or contact us on 07 3848 1088 or email or visit our website.
We believe that we can generate significant financial certainty for you throughout our relationship & importantly add substantial value to ensuring you achieve all that is important & valuable to you as you have articulated to us.
If we were to sit down in three years time & looked back what do we need to do today
so that you are financially & personally better off & happier.
John McAuliffe
