What Should You Do With Your Super Before You Die?
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- Опубліковано 28 чер 2024
- In this video you will learn what you can do with your superannuation before you die to make sure it goes to the right people and so that super death benefits tax is minimised.
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► How Much Super Do You Need to Retire At 60: bit.ly/3dzy1E1
⏱ Timestamps
00:00 - What Should You Do With Your Super Before You Die?
01:07 - Get Professional Estate Planning Advice
01:45 - Death Benefits Tax
02:34 - Withdraw Super Before You Die
03:05 - Withdrawal & Recontribution Strategy
03:44 - Superannuation Death Benefit Nomination
04:38 - Types of Death Benefit Nominations
06:28 - Reversionary Pensions
07:32 - Insurances Within Super
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What Should You Do With Your Super Before You Die? (Strategies & Tips)
There are a number of easy steps you can take right now to safeguard your super from ending up in the wrong hands or paying too much tax.
Superannuation can only be paid to certain people and is often not dealt with in your Will. Putting in place a death benefit nomination or reversionary income stream can provide the trustee of your super with a directive as to who you would like your super to be paid to in the event of your death. All of this is quite an easy process and usually doesn’t cost anything.
In this video, I’m going to explain the things you can do right now to make sure your super gets paid to your preferred beneficiaries. I’ll also share a few tips on how death benefits tax can be reduced or completely eliminated, so that your loved ones end up with more of your balance.
#SuperGuy #ChrisStrano #Superannuation #RetirementPlanning
DISCLAIMER: The SuperGuy website and SuperGuy UA-cam channel contains general advice only. It is not personal advice as it does not take your specific needs or circumstances into consideration. Therefore, you should look at your own financial position, objectives and requirements and seek personal financial advice before making any financial decisions.
General advice is provided by Toro Wealth Pty Ltd trading as SuperGuy Retirement Experts as an Authorised Representative of Core Value FA Pty Ltd (AFSL 480387).
Before acting on any information, you should seek professional advice and verify our interpretation/s before relying on the content or calculators within this website or on the videos, while also considering its appropriateness in relation to your personal situation.
Thanks 👍
No problem!
Very useful info... some things in here I didn't understand.. I do have a Binding Death Benefit Benefactor..only because someone said I should ! Not cause I understood it..
Glad it was useful! Thank you for taking the time to comment.
Thank you for the detailed info. My understanding is that if the Legal Rep is nominated then the 2% Medicare is not applicable.
Hi Anh, correct, only persons are required to pay Medicare Levy.
Another great video. If you have a large balance (eg. 1.8m) in Pension mode, I assume that before doing a "recontribution strategy" that you should commute your Pension back to Accumulation before withdrawing and recontributing in order to not hit your Transfer Balance Cap?
Yes, or maybe even just commuting the portion that you will be withdrawing and recontributing.
@@SuperGuyAu thanks for the quick reply - It would seem that withdrawing and recontributing, with a large balance (over a $1m) that you will never get to having the entire balance be tax free over 9 or 10 years, given the proportioning rules on withdrawal (taxable v tax free). Would having 2 seperate super pension accounts (one for just fo receiving tax free contributions) be a viable strategy?
@@ozecho-um5ec This is a relatively common strategy.
Even the Monty Python team couldn't come up with the absurd complexity of the Australian tax & superannuation laws. Listening to this material is worthy of a skit. "take your money out & put it in again to avoid death benefit tax" - You really cant make this stuff up!
Sadly, it is so complicated, and ensures that a huge chunk of estates, for most people, are going to solicitors and the ATO.
I'm doing an Estate now, and I have to go down so many rabbit holes to get all of the facts and rules regarding Superannuation.