Retirement and Estate Planning
Retirement planning is the
accumulation of wealth to provide
income and financial security
in retirement. Estate planning
focuses on wealth preservation
and wealth transfer.
How can we help?
With a dedicated technical
research team Morgans' advisers
are kept up to date with legislation
If you are planning your
retirement, just reducing your
working hours, or thinking about
an estate plan, we can help.
Good retirement planning is
both tax efficient and investment
effective. It's never too early to start planning for retirement. It is important to ensure your retirement income is structured to suit your needs and objectives.
Income in retirement
The three main sources of income in retirement are:
- Superannuation – pension income stream and/or lump sum withdrawals
- Non-superannuation assets – returns from shares, property, cash and fixed interest
- Centrelink – age pension benefits
We can help you to structure your
retirement income stream to best
meet your financial needs.
Estate planning aims to preserve
your family’s wealth by distributing
it to nominated beneficiaries
in the most effective way.
requires a consideration of each
beneficiary’s personal and financial
circumstances to determine
the best means of providing
an inheritance without unfairly
affecting the beneficiary’s
The first step is ensuring you
have a current and valid will.
In addition to a will, you should
also think about:
- Powers of Attorney
- Medical directives
- Testamentary trusts
- Business succession planning
- Nomination of superannuation
Superannuation does not come
under the direction of your will.
Without sufficient planning, the
trustee of your superannuation
fund has discretion as to the
treatment of any death benefits
from your super.
A binding death
nomination can ensure your
wishes are fulfilled in the
payment of benefits to your
Implications for SMSFs
With respect to self managed
superannuation funds, trustees
and members effectively have
ultimate control in the distribution
of death benefits within your
It is important you prepare
a strategy for the payment of
benefits to members' chosen
beneficiaries and incorporate the
facilities to implement this strategy
in your trust deed. It will also be
necessary to make preparations
for the wind-up of the fund in the
event of the deaths of all trustees
Find out more
If you are planning your retirement, just reducing your working hours, or thinking about an estate plan, we can help. Contact a Morgans Traralgon adviser to discuss your needs.