Financial Insights & Updates - July 2021

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Welcome to the July edition of Financial Insights and Updates.

This month we continue the four-part monthly video series on the future of retirement presented by the ABC’s Alan Kohler.
 
Compulsory super was introduced 30 years ago, turning us into a nation of savers - collectively investing $3 trillion. But is the superannuation system still looking after all Australians as well as it was intended? The video explores the impact of Covid-19 on the superannuation system where more than 3 million people withdrew over $36.4 billion from their super during the pandemic. It also looks at the disparity in superannuation balances between men and women. The video finishes off with a discussion of the Age Pension and its adequacy.
 
The Quarterly Economic update has also been included this month.
 
“Take the Risk Management Test” to see if you should look at reviewing your insurance covers. We can assist you with any questions you may have about your insurances.
 
Other articles this month worth paying attention to include “How an increase to super may result in a pay cut” and “What is your aged care funding strategy?”.  Both are fairly short but thought-provoking articles.
 
In signing off, please remember that we are always available to answer any questions or queries you may have.

Warm regards,

The Team at Savanna Pride

Feature Video: The Future of Retirement with Alan Kohler:
Part Two 7.30

(Please click on the image below to watch the video)

Quarterly economic update April – June 2021

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With unemployment rates decreasing, housing prices rising and the share market performing strongly, the last quarter has been very positive for the economy and investors alike. In this article, we summarise the key standouts from the April to June 2021 quarter... Read More

How an increase to super may result in a pay cut

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The super guarantee (SG) is the minimum percentage of ordinary earnings that employers must contribute to superannuation for their eligible employees.
After years being stuck at 9.5% the SG rate is on the move again. It increased from 9.5% to 10% on 1 July 2021... Read More

Supporting your kids, without sacrificing your own retirement

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With careful planning, you can give a helping hand to your adult children financially, while still enjoying a comfortable retirement.
 
In the past, wealth was often passed on through an inheritance. But with our longer lifespans, and the higher cost of living (especially housing), the desire to help our kids while we’re alive and well is increasing... Read More

What is your aged care funding strategy?

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We’re an ageing population; the media keeps reminding us, as does the government, but are we prepared for what this means? As a society? As individuals? One thing’s for sure – it’s something we cannot ignore.
 
According to the Australian Bureau of Statistics, in 2019 around 4.1 million Australians were aged 65 and over... Read More

Take the risk management test

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Everyone faces some level of financial risk but most people hope that catastrophe will strike someone else. Sadly ‘someone else’ may be you. This is why it is critical to review your insurances regularly and ensure they still meet your needs. Would you be able to cope with the risk of inadequate cover? Have you got too much cover? If circumstances have changed, have you adjusted your insurance?.. Read More

When was the last time you paid cash for something?

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Prior to COVID, we were steadily moving towards a cashless world. Post 2020, even the most resilient of us has made the leap to tap-and-go payments sooner than we expected.
 
From the morning coffee to filling up the petrol tank, we wave that plastic with little thought to the impact on our account balances... Read More

You can borrow within your SMSF… but is it a good idea?

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Investing in property seems part of every Australian’s DNA. No matter where you buy, prices appear to be on a permanent skyward march with none of the unnerving fluctuations seen in other investments, such as the share market.
 
Ask anyone over the age of fifty what their best ever investment was, and inevitably they will answer, buying their own home. Their biggest regret? Not buying the house next door at the same time... Read More

 
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