Welcome to the May issue of Financial Insights and Updates.
With the Federal Budget over, it is time to review your finances before the end of the financial year.
Some tips to consider before the EOFY include:
- Check your deductions (donations, Income Protection insurance premiums, work from home)
- Consider voluntary superannuation contributions
- Work out investment property’s income and expenses.
This month we have a feature chart ‘The Power of Compound Interest‘ which shows how investing $100 each month with a 10% annual return can generate exponential results. Our header article ‘Who expects to get richer in 2024?‘ examines the percentage of high net worth individuals (HNWI) who expect their wealth to increase in 2024, categorized by generation and gender.
Other interesting articles this month include ‘The Mandie case’ which looks at a recent Federal court decision that demonstrates what happens in the event that there is no binding death benefit nomination on your super/pension account, and ‘Connecting an adviser with your children’ which looks at how parents and advisers can work together to manage intergenerational wealth transfers.
As always, feel free to forward any articles to friends and/or family that you feel may benefit from the information.
In signing off, please remember that we are always available to answer any questions or queries you may have and to come speak with us before making any major investment decisions.
Warm regards,
The Wealth Connexion Team
Feature Chart:
Who Expects to Get Richer in 2024?
The jury is still out on how the global economy is expected to perform in 2024, but as seen during the pandemic, economic turmoil sometimes provides opportunities for the wealthy.
We visualize the percentage of high net worth individual (HNWI) respondents who expect their wealth to increase in 2024, categorized by generation and gender, from the Knight Frank Next Gen Survey, accessible in their latest wealth report.
Life in retirement keeps getting more expensive
The latest rise in the Age Pension rate still falls short of what many people may need to have a modest lifestyle in retirement.
The Mandie Case: The Importance of a Binding Death Benefit Nomination
Binding death benefit nominations provide certainty for people establishing their superannuation and estate plans. They help ensure that upon the member’s death, any super benefits are paid according to the member’s wishes, and are not left to the trustee’s discretion.
Connecting an Adviser with Your Children
How parents and advisers can work together to manage intergenerational wealth transfers.
Supercharge your Super before the clock strikes EOFY!
EOFY can have a tendency of creeping up on you… The calendar ticks over to 1 June, suddenly, your inbox is bombarded with EOFY sales, and you’re left thinking‘ Where has this year gone, it feels like Christmas was only yesterday!’.
Then you remember the superannuation tasks you’ve been putting off.
If this sounds familiar, then keep reading for our top ten tips to making the most of your superannuation before EOFY.
What Would Happen If You Couldn’t Work?
If you were paid the average annual wage of $101,816.00, you could potentially earn over $12,299,349 over a 40-year working life. You would use this money for daily living, for holidays, to accumulate assets like a house and car and to save for your retirement. Being injured or taken ill, for only a short period, could severely affect or even cancel some of these plans.
