Frequently asked questions.
It is more important than ever that you are aware the impact that global market volatility is having on you and your wealth. We are experts in risk analysis and assessment, providing advice on how market movements may affect you, and how we can minimise downside potential and place you in the best position to maximise gains from market recovery.
COVID-19 has had a substantial impact on global markets, and this will likely have affected your investments. While market fluctuations are outside our control, our role as financial planners is to assist, educate and advise to reduce the potential negative impact during these challenging times.
McIver Financial Proprietary Limited is a 100% Australian owned, fully regulated, and registered financial planning business. McIver Financial Pty Ltd (ABN 72 645 202 786) is a Corporate Authorised representative of Reedy Capital (ABN) and operate under Australian Financial Services Licence number 495539.
That means that we work in one the most heavily-regulated and enforced industries in Australia, so you know you’re working with fastidious professionals.
Our business model was developed because we found too many Australians did not “have time” to look at their retirement plans, overlooking a pretty significant part of their retirement plan.
As a nation with one of the lowest rates of financial advice, our mission is to assist Aussies any way we can.
It is a very important time to know how your superannuation and other investments are performance, especially given the impact of COVID-19.
How are you going to maximise your wealth during the post-COVID recovery phase?
We all need to work and we are all busy.
Our job is to help Australians build wealth, and the easiest way to do this is over the phone. We found that everyday Aussies don’t have the time to find a financial adviser to help them with their wealth creation. So, we decided to make it quicker and easier by doing everything over the phone.
Of course, if you would prefer a face-to-face consultation, come by our office for a chat!
Superannuation was created to help people save for their retirement, however you may be able to access under special circumstances. For instance if you have been in an accident and have lost income and become permanently disabled. Or special hardship circumstances. However, everyone’s case is different so speak with one of the advice team and we can point you in the right direction.
GENERAL QUESTIONS
ASFA estimates that the lump sum needed at retirement to support a comfortable lifestyle is $640,000 for a couple and $545,000 for a single person. Contact us to find out if you’re on target for your retirement.
Can I get my superannuation when I leave Australia? According to the ATO, you can legally withdraw all your super contributions by filing a Departing Australia Superannuation Payment (DASP) form. However, you are not eligible to file for DASP if you are an Australian citizen or holding a permanent resident visa.
Can I access super early to pay off debts? Yes, but it’s important to understand that early super payments made under the severe financial hardship provision can only be used to pay your reasonable living expenses.
Assets Test
A single homeowner can have up to $585,750 of assessable assets and receive a part pension – for a single non-homeowner the lower threshold is $800,250. For a couple the higher threshold to $880,500 for a homeowner and $1,095,000 for a non-homeowner.
A super income stream is when you withdraw your money as small regular payments over a long period of time. If you’re aged 60 or over, this income is usually tax-free. If you’re under 60, you may pay tax on your super income stream. See retirement income tax.