Wade Britnell from Kite Financial Services is thanked by Rotarian Max for his informative presentation to the club
Wade Britnell started his own business, Kite Financial Services, three years ago and is
based in Point Cook. Wade came and spoke to the club tonight about the type of services his business provides and to generally educate us about planning for retirement.
It must be noted that all information Wade presented and anything written in this article is for general information only.
Wade explained that the first thing he does with his clients is to fevelop an indeividualised plan to support the client’s financial objectives. Financially planning is done for three main reasons:
• Financial growth
• Protecting assets and income; and
• Preparation for retirement.
Kite Financial Services provides ongoing support and monitoring of your financial plan so that it can be adapted as needed, as changes occur or your goals change.
One of the main questions asked by clients is how much do I need to retire?
Considering the average retirement age is 67 years and average life expectancy is 92 years, resources you have need to cover you for at least 25 years.
• For a single person to have an average income of $43,000 per year, you will need $66K to retire.
• For a couple to have an average income of $59,160 per year, they will need $770K to retire.
Changes to the aged pension that are coming into effect over the next year were also explained and how these will impact on superannuation and retirement savings. Wade explained the impact on the assets testing but also did say that Aged Pensions are also income tested so this also needs to be taken into account when planning.
Wade went on to discuss superannuation and how it can affect your retirement planning and the most effective ways on investing in your super now both pre and post tax methods.
Wade explained that at retirement you have three options with your superannuation:
• Leave super where it is
• Cash out your super
• Convert your super into a pension and receive regular payments.
Wade went onto explain the difference between Annuities and Reversionary Pensions.
Some options people are taking at retirement to utilise their assets and to allow for more effective use with the aged pension being impacted are:
• Gifting up to $10,000 in a year of $30,000 over a five-year period.
• Purchasing Funeral Bonds
• Renovating their home
Wade explained that each financial plan obviously has to be customised to the goals and needs of the individual client, as everybody’s situation is different.
Wade is happy to chat to any member interested. Your initial appointment is free.
Kite Financial Services
Phone 0418 181 231