vs X ASSOUTHERNADVISORY your money your future Christmas 2022 Newsletter From the entre team here at Southern Advisory we would Ske to wish you and your Southern Advise whole famaly a Menry Christmas ans a great Now Year aad Suite 108, 804-818 The Kingsway Carngbah NSW 2229, ‘We would tke to exoress our sincere thanks for being our loyal custome, and playing P02 8524 6711 eee E infogsouthemadhison.com.au {yur ole in the suscess of our company. We will alvaystreasize you twst nour products and management, Our team s grateful for your ‘Wwe southernacvsory.corn. au nership. Happy Chuistmas and have a grat time with your loved ones (Our office wil be closed forthe Christmas period ftom 22nd December 2022 and reopening on 8th January 2023, Allthe best From all the staf at Southern Advgory. Considerations for different retirement living options When thinking about your retirement, financial and non-financial considerations will ll play a part, and thinking ahead ‘could create more certainty. Below we explore some of the things you may want to think about, whether you're deciding {or yourself or helping a loved one weigh up the pros and cons. Are you thinking about downsizing your home, relacating or both? or many Austra’, rtemen’ may be an idea eve to donnslee posi neato Scmeuhere raw. or boll, whl roo up it extra money. thor vay, thee le 8 varity of tinge to consider, Financial considerations. What ao tio property ard onal prions ikon the area youre ook al and aro thoy affordabi. = How does the general cat of ng stack up when t comes to grocers, eat ou transport ana heath What cut-o-pocket expenses might you be lockng at, suchas removal ops, samo dury t yout plaeing on purchasing ahome ir Aust, and tings a comnocting ard connecting tities, = Conse whetne the menay trom your oferta property sale coula act the results Stincora an ate teste for ary Aga Pension itements you may be eg‘. = youre 60 or evar anc igbie, you may ‘want to mace a owns conraan ino "upar Tha is where alae” using can aU! up 10 $800,000 int ther supe or up %9 $600.00, Ber couple) using money om tho sale of tir man residence, noting varous lbs app Non-financial considerations fw far the property youre looking as inated rom family a Wands, and whether you know anyone the pace youve thnk St moving. What local amenities are arty such as sioormivées, estaurans, anspor and hospitals, = Whethor the aoa i big on community vents an thre are rcteaion acne near tee pats, orties, er eaure cere) lan club associations you may wart fn iko Leagues or Rotary = What the weather i ke throughout the year ard whether i's ging fe sult you = How the job market stacks up n case ‘you decise to soo back a the workforce, = What te crim rat se, Iryoure not oo sue about some of these things, that's oxy However yeu are tinking abou moving oan aoa tat yuo nc. farsar with right be wort alin where youre tanking abou meng ta, by vaing re hoighocurhood a few tos, or aven tng 3 ‘Shor boa androning hare for 8 nia Are you thinking about making modifications to your existing property? Rater han moving, you ny be king fsbo. making modeatonee your ecsthg feme fo rave fore acesstl wal You might read yer tue years For nsfane, You may be conan rang hans {ramps weering doorays,staling trergoncy alarm, Manton syste x ov Sctng sensor igh, This cout asa day tho flan need move roan axles Weg fay coo he ack ar th good new ess someting yous hoo, tere may Detgorerment sass hp you corr the cons, Formorentoraton ou can oer heck ost he goverment’ My Aged Care robe rca 800 P00 822 Are you thinking about moving into a retirement village? Iryoure looking to donsiz or edce your respenalites jour home might gent bg to manage, you may be consioerng moving in arotremnt lage. o care fr thomsoves, Peiementvlages hav fret ving options fn ofr arange of ewe, sor and swoon Cheasng an ndopendentIvng care or an sss vg arrangement Independent ning centres sypcaly have rina’ asestance in day to-day ing But Plenty of mecoa! andvacretona fang, Suon as community hal, Boning roan, Toraties snd pack Assist ving contros general ater more support with neuse respensiites and mantanance, such ae haveseaening loaning c” preparing meas Payment models for retirement vilages. “There sre many eiforen payment models vin comes to rtvement Vagos, ‘epending an whather san rcdependont ving or assed ving conve. However some typieal costs you may come across nce an eriry contibuton, an ent fe are ongoing harges o cover things ike mainenance and ‘goneralserces prise by the age How dierent vilages change can vary Satiicanty, anc sero stots may be Sbjct to titfrent payment made or spec loves, which could aso change outro. 7 6 whys important ead he ino pint an consider speaking to algal professional Before signing antning ‘Are you thinking about the potential of living in an aged care home? By considering you options aged cae eavier rather han late, you may be abe fo prove Sourse, or a ved ane, win goat fxcity [bn freedom own the ace The ther thng worth ting’ that moving mic an aged care ‘acisy mah nct bs the only opto, wh the ‘government proving varous services thal aula hp you to sty at heme for ongo Help at home ity gereraly ale to manage, but rozjir assistance with aly asks ko Shooping. cooang, Pome maintenance, personal care, ravol ana soil sc oul suppor you, so you may cornu io Ine independent i your own nome ‘Short-term care Shortie care serices provide sunpert fr fet pared oe, There are tee yes ot Shor term care svaiable, euding = Shorter restorative care, which proves a range of erces fo Me pever 97 Sow sown tiicuties wih comeing every 954s ‘serleoavalabe wh you recover, and which (62) 5e provided in your um Ramo ar avon Seting for 121018 weeks. spite caro, hich proves support or you ‘and your pear carer winen your are Nos ‘her dls To ator oo thoye aay ‘Aged care homes ‘nage cae felt for nursing home) Is typleay where you lena fukseruice resiaenea and rece ongoing vs ana Suppor whe youve thre. Those ret ine same aerasrementvilages cr other Independent ng conte, wricn prowae ‘oles bu nat necessary the same lvl of Suppor ancl are that you may neod lle in lie you tin thee the bast opban for you or your loved ono, t's a gacd deat rosearch and ‘ret several rosdonces ford the oh Eligibility for etforent services To be oigile or various government ago care serlens, you must moot cova orera ‘and pass an sesosamon! process. Ths can bo ‘ryansod trou tho goverment’ My Ages ‘Gare waste or by caling 1800 200 472. {Aso keg in min, that the costs of dierent ‘gc! care services vary and vill depend onthe aro yoUt elie for the prouéor you choose ‘and your francilstuston | ies Gee Commarea Here Suse Popanireba How catch-up concessional contributions work IFyou've had interrupted income, or just haven't been in a position to put as much into super as you'd like, catch-up concessional contributions may provide an opportunity to top Up at a more convenient time. You wot abvays be in postion to put rroney ro your supe You might be taking ime of ork to stu oF ere for core, or you mgt have ober facial ammaments youre prirtsng such a3 saying the mor aaa, ovwever, should the te arse when you ‘Sen, ang want to conrbut mere to your retrement savings, you may be ekgibie to rake calen up concessional conroutons, This s where, i youre or rocelve concessional super conibtons tata less than tne ann concessional contributes sory $27,500), you could accrue amounts fo up to fv years What are concessional contributions? ‘concessional contbutons(ynich count toward youreancessonalcortbuttons cag) Compulsory SG contributions, which aro ‘he before fax contbutons your empoyer is requires to mave ini your super fund Lunde the super guaran, youre sale. ~ Volunary salary sacifce contributions, virich ae atonal contrtons you ean get your employer to make ino your super fund aut of your befoeax income, Iryou choose, ~ Volunary taxcdeduetibie conbutons, hich are conutions you can make {s02h as when you transfor fonds om jane account ino your super that ‘hen clam a tax deduct nesional cantons get special for most peeple moans fess tax on your super ‘doo any income What are the rules around catch-up concessional contributions? To be oigble to make catchsp concessional Contrioutons the folowng must apeiy. acting ‘hat catch-up concessional corbin can bbe mace ontop ofthe annual concessional contioutons cap |$27500) ~ Your total super balance needs tobe than $500,000 on $0 June of the proious finan year Note, your cal spor balance is brosly the sur ofa your super accounts including pensions. You can ony carry forward ura concessional conroution cap amounts trom 1 duly 2018, United cap amauns can ony be cared forward for ve yoars uri toy exe. ‘The below scenario shows what Bob could carry forward over one year ‘fom concent sper Cortbons cap ad tis iancalyear $m900 Unused conessorleontinuons trateouklbecameaormn up $1700 \Whatshs means i, any tre over the ext five ears, Bob could corr up ‘othe annual concessional contbutons e890" §77500 + tho unisod cap ‘aout of $17,500, which would mean ob could contribu upto $45,000, in concessional cannbutons one ‘inane year, {hi oll euper balance is fess than $500,000 en 30 June of he previous nancial yar tin thie soanari, Bob also cand forward unused cap smaunis from the “01 years folowing, he would aso be aol to conta ary sdclitonal used amounts on tp ofthat, noting his ota ‘super balance would ree to st be uncer $500,000 on 30.ine ofthe previous financial year te do so How could catch-up concessional contributions benefit me? {you've spent ime cut of he workforce ‘raven had the money 0 conrbute a8 much a8 you's ket, te rules may ave Sou he ably to make larger ane or Serktona, concessional connibriors than youd oharwise be able to make, ad at & be that’s more convenion’ fr you i youre approaching retrement and ae ioking at ways o pete maxrise your retrement savings whie mnensing tax thaugh te system, etch contavtions could ako gin yu some flex, How do super bri forward rules differ? ft youro under age 75 atthe start of tho tax your, yourmignt aso be abe to make up 0 tee years worth c*ner-concessonal Super conrbutons ina singe Income year, ‘youre eigble, This means you may be ab to putin up to ttvse tines the on-conoessional annual {58pof $170,000, which moans you may be 20e to top up your super by $380,000. vin te same firancil yar. Noa, nono What other things should you know ~ Ifyou exceed concessional and non ‘concessional une continuo caps, ‘adlional tax anc penaiies may aop\. The valu of your investment in super can go up and down, so before making fexa contiouton, (ncerstang, ana a ary pote ks re government sets genera les around win you can accoss your super, which typical wont be ul you rach 1 preservation age juhich wil be Beton 55 and 60, depending on when ace eure you rte th, Give us aca tay if you'd ike to discuss how to effectively fop up your superarmuatirWhat you should know about creating your will and estate plan It you want to protect your family land assets, i's worth documenting ‘what you'd like to happen if you can't make your own decisions later in life or if you pass away. ityouve got poco your Ho who you love and assets youd ike o be cstrbues in a certa way, you might be ata pein where youre thong an estate plan would probaly sake good sense What is an estate plan? {So estae plan moles crating up ail bat {80 much moet eles formating how ‘You want tobe looked ater frees and financial youre unable to make your own dcions erin, a wel as doeurenting how you want our aset fo be protectes whe Yue alve ané dstbed ater you pass aay How does an estate plan help? You can make your wishes known (One of the benefs of asl estat plan i you car tormalso you wishes in wring. Ts can helo someone chalenges what you said you wares ater you pass away, rf you're unable to speak for yours ‘You could minimise disagreements Uniorunatey, disputes con hapoen when assole neod Io be sarod aang poacle wen no clear guidelines have been set, ‘Being prepared wis an estate plan cous go long way in preventing such cisagyoemeonts shoul fary merbers need to die assets arong themselves or make ater hard decisions on your bch. You may improve tax consequences for your elrs ‘ste detbuton of aces inclcing Your incor) ean camo wh fren ax ‘blgatons, 2 good esate pn could mineise ‘nyt the your hers may nea tp. i they deco to eel eorathing they've Inhorted. forinstance, they may noe to ay capital gans ax depending on what ‘ype ot assatit Considerations when creating an estate plan Do you want your wilto be legally binding? ‘A soicitor or estate planning lawyer can help you draw opal that egal Being anc ‘overs what you'd ike to nappen wh your ‘asses, chicken ff you nave ay) ana nel when you pass away Iesimportan tis document is kept upto ‘ate and thal any changes to your stualon (mariage, divorce, separation or cthera’se) are accounted or, 8 hose wha matter most are taken cae of Wie it’s ls posse to haw up you own wi (hor ao varus kts avalabie oir, hose may nt be adequas in comix stations, whichis why engaging an estate panning pro‘ossiona, even you thnk your station s reatiey simi, wil generally be wort. ep in min, i your wil is doomed iva, your estate wil be ceistedl according to the ain yur state, whch may ot algn wlth your wisres, and clams cou bo made by unnterie rciies. \Who are your nominated super and insurance beneficiaries? ‘Yu might assume that how andin what Proportions you wars your super tebe CSstrouted can be inched in your wil, but this vt necessary th ease, ‘You noes to nominate your benesarios with yur super fand an youl ao want to rake sre youre acraes how ang eran nominations are vai‘ Ifyou dont make a nomination. he super fone Inistee coule use nar escretion fo determine who your super maney goes to Meanie, you have insurance outside of super, yout also want to make sie you've lito your vonecires on your insurance polcy and thal those benefciares ae also opt up to dat, \Wit you appoint an enduring power of attorney to make decisions i you can't? “ace may come atime when your unas to ‘make legal ot franca decis.ons en your own because of acvanced age or mecca issues. Granting power of attorney means you asson scmaone to make thede dectons on your Deal enous a uation ike arise. For ths reason i's important 0 choose ‘someone you tus, a hey a9 responsble for looking attr your bark accounts, ongoing bls, and avenseling you house if you need to rote inio a eae fay Its azo wort nating hat you may be able to apocin a dierent type power of ators depancing on wat Lasks you ko ths person to cary out on your behalt For ‘xamele, you may want your son cr daughter to mako general Westy decisons for you, le you appoint a franca akiser to make financial decors Have you chosen an executor to help carry ‘out your wishes when you'e gone? General, an executors the person loaly In charge of managing ana dstreting your estate, acorsing 0 the tm sot cut n your wi th th assistance ofa solr When you nominate an executor your Wi Jani your scr anould alo have a copy of It mportan tae your famiy kr, to void sputes ater you pass away ‘The executor shuld aio havea good Lunderstanaing 6 thor cos and whore your Will and cher important cocumonts ae kp "Yu ray 130 wan et your fry know mere this ivormaton s store. ‘The executor wil typcaly be responsible ‘or things ik making nora! arrangements ‘ensurg you debs ae paid anc bank accounts esos, and colectng ary ie mstrance ‘They lo usually need 0 appy tothe court fora grant af probate, which esa step ‘ats roquied betore your estate can be lstibutea A grant of probate cerns that your wis ai. Estate planing can be a complex orocess nc ‘hare could be legal arc tx irlcaionsiyeu dont 0 things up correctly ana vnderslans the foe pt. For thas reasons, i's important to speak o legal pro‘essional and us btore making ‘ary decsions and sgring an any soa nes.