Are tax bills and bad investment returns eroding your retirement savings?

It's true we are living longer.  And more than ever, you should be thinking and planning for retirement well in advance. However, this longer lead time means the journey can be fraught with investment decisions and tax liabilities that may not be properly considered.  Even if your retirement fund weathers these set-backs, what is the long-range forecast on the outcome and the damage such erosion might be doing? Will you have enough money to retire comfortably or is the tax man benefiting from your savings regime?

To ensure tax bills don't erode your retirement nest egg it is worth obtaining professional advice to effectively structure your retirement plan.

A case in point, we were recently approached by a couple who were self-funded retirees wondering if they had received the best possible advice from their current adviser, so sought a second opinion to gain our specialist input into their affairs.

The result of our 'second opinion' led to the creation of a strategy devised by Collins Hume to ensure they minimised tax payable on their income, whilst maximising their retirement funds. Added to this, we were able to ensure the tax payable by their children and estate when they passed was minimal and that their assets were adequately protected if anything unforeseen was to happen.

Peter Fowler said, "Whilst reviewing and addressing the issues they had initially raised, we identified a further tax saving available to them by restructuring their assets to guarantee a tax saving of over $200,000 over the next five years, with additional potential savings to their estate of over $500,000. Needless to say they were very happy with our advice."

Talk with Peter Fowler, Collins Hume's accredited SMSF Specialist Advisor, for a second opinion on your retirement plans by phoning 02 6686 3000 or email Peter at peter.fowler@collinshume.com.au.  Peter is a Collins Hume Partner and SMSF Specialist Advisor accredited by the Self-Managed Super Fund Professionals' Association of Australia.