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Just got made redundant, feeling happy but need a financial planner, I think.

Discussion in 'Other Asset Classes' started by Emoi, 8th Jun, 2016.

  1. Emoi

    Emoi Well-Known Member

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    I recently turned 50 and was informed a few days ago that I have a few job options, one would be finishing up my job in the new financial year with a better than expected redundancy package and as the PPOR is paid off bar a few thousand to keep the loan open, a couple of IP's are paid off and there is no other debt apart from IP's by my rough calculations its possible if we sell a few properties and pay out the loans and a few others from the CG and keep living the simple but satisfying lifestyle we have fine tuned over the last 20 years that we can preserve most of the funds until super kicks in and I wont need to look for another job.

    Of course I will need to get those ideas fine tuned or shown some better ideas and as part of the package there is an amount of dollars provided (my spend they reimburse) for financial advise before I make the final decision on whether to take the package or not.
    I have never seen a financial planner in the past because I have a family member who is a financial advisor and his personal financial situation given his profession and age has left me somewhat nonplussed as to their actual abilities.

    Saying that, I do need to get several scenarios run or shown something new I haven't thought off and the tax side of things needs to be finessed so I can see where we'll actually be (real numbers) each week.

    So can anyone suggest someone in the SEQ area that is worth seeing, preferably with Govt. Super knowledge?

    Thanks in advance.
     
  2. MsAli

    MsAli Well-Known Member Premium Member

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  3. Marg4000

    Marg4000 Well-Known Member

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    Make sure you get correct paperwork and also an accountant to do the tax return for the financial year of the redundancy. If a genuine redundancy and with correct wording you get considerable tax concessions.

    If with the Qld Government then QSuper have subsidised financial planners.
    Marg
     
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  4. Mooze

    Mooze Well-Known Member

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    Was about to suggest Qsuper. Fed should have an equivalent.
     
  5. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    I would find a person who can give combined licensed financial and tax advice BUT then seek a independent financial planner to advise and implement the plan. Also not a firm that sells or suggests property. When you do this the first planner will write a plan that isnt based on fees and flogging product. They will give the strategies etc knowing all they get is a fee for a plan you have probably discussed and agreed in principle seems safe.

    Unfortunately too many "financial advisers"" is SEQ have been rogue and given the major bank failures to address this what hope do you have ? Check and triple check referrals. If anyone suggests borrowing get up and walk away. (or run)

    One of the safeguards you seem to have is a defined benefit fund which they cant access !
     
  6. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    The tax issues will be very simple as the payout reflects tax withheld already.
     
  7. Emoi

    Emoi Well-Known Member

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    Had a look, Rolf is a broker by the looks.
    Not wanting to borrow any money thanks.
     
  8. Emoi

    Emoi Well-Known Member

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    Thanks Marge and Mooze, they do and thats who I will be seeing initially but for some reason I thought a private firm may have more smarts than the Govt.
    I may well be wrong, the private guys seem to have given plenty of bad advice.
     
  9. Emoi

    Emoi Well-Known Member

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    Thanks and yes, I totally agree with everything you said.
    Now just need that recommendation.
     
  10. Emoi

    Emoi Well-Known Member

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    Wow, no recommendations apart from trusting the Govt. appointed planner?
    That makes me feel rather uneasy.
     
  11. Hodor

    Hodor Well-Known Member

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    Only limited people are licensed to advise you what to do with your money, such as a govt planner. Given you asked about people with expertise in government super that recommendation makes the most sense IMO.

    If you wanted to do your own thing there are lots of posts all over property chat about the pros and cons of different asset classes etc. You have to decide which most closely match your goals.

    I wouldn't trust any planner blindly and the two I have spoken with have either just gone through a tick and flick sheet which really did not help. The other said I was crazy to leverage up on property and that I should sell off then work on paying off a PPoR before investing.

    Government and super are things I know little about, I only read this out of interest to learn something myself.

    Sounds like you have done well so far, good luck with the next step, hope you get some good advice or ideas
     
  12. ErYan

    ErYan Well-Known Member

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    You have plenty of time, learn yourself. In particular read the threads on lics and ETFs. These are sit and forget strategies which I favour. If you do find an advisor understand exactly how they get paid. I believe there is a conflict of interest advising someone to buy something from which they then profit from.

    Good luck. This is not financial advice.
     
  13. Emoi

    Emoi Well-Known Member

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    The buzz of celebratory drinks had finally wore off so time for an update.
    On Friday, the Govt. financial planner said everything we are doing,have in place and plan to do is fine seeing as at this stage in life we are risk averse.
    The reason for the celebratory drinks was that he then informed us that as I was made redundant and its a genuine case, with the super scheme I am on I am able to access my super right now pegged to CPI.
    This was all news to me, but he pointed to the words in black and white.
    The numbers that will pay is more than we need to live. The redundancy package, rent etc is cream on top.
    I can't wipe the smile from my face and haven't seen my wife this relaxed in a long time :)
     
  14. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Congrats @Emoi an early retirement handed to you at 50 and to be in a comfortable position too to enjoy it. I reckon that's the ideal situation for anybody. I'm a tad jealous if I do say so myself. :)
     
  15. Emoi

    Emoi Well-Known Member

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    Next part of the plan came together last week.
    My wife and have had boats and lived on boats before in our younger days but to have something that would be self sufficient and comfortable enough to live on away from marinas and shore power was probably a bit past our reach until now.
    We have been watching boat prices tumble since the GFC hit, some truly remarkable buys have been popping up but always a bit more than we were prepared to spend and then this one that we had admired for several years fell into our lap.
    [​IMG]
    Ex working trawler fully rebuilt at great expense and relaunched in 2006 and has done about 200 hours since, owner was desperate and needed her gone and we were on the spot with cash and what I thought was an insulting offer which was accepted with no negotiation.
    Never in our wildest dreams did we think we could actually own her for the price we paid.
    I had a friend who happens to be a shipwright from the same yard that built her originally go over her and apart from some cosmetic issues and a few other relatively minor things she is fine.
    Shes been out of the water getting work done to her for a week now and the travel lift is booked for next Friday to put her back in.
     
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  16. Marg4000

    Marg4000 Well-Known Member

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    How exciting.
    Well done!!
    Marg
     
  17. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    The recommendation to Rolf would have been for him to refer you to a reputable planner that has a history with him and his clients. I work with a few planners in this regard.

    We are usually a well connected lot and one of the added benefits of dealing with an MB is accessing their networks.
     
  18. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Is there enough money in your Super to start using it now? Or did he mean access a lump sum as a one off hardship type ruling and then at retirement age access the pension?
    I know this is a few weeks ago but I am just curious.
    Mainly around the decision process of selling a few and living off current assets until retirement age vs accessing Super early

    Congrats on the boat. You are going to have a great lifestyle whilst you are certainly young enough to enjoy it.
     
  19. Emoi

    Emoi Well-Known Member

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    Because I was made redundant I could take either a lump sum or weekly pay packet starting the week after I finished for the rest of my life and if I die, my partners life. That should end up being a lot more than the lump sum.
    While that in itself is not as much as I was getting paid for working, that with rents from PPOR and some paid off IP's it is.

    Thanks. My mate who is the shipwright is on his 3rd ex trawler now , each one bigger than the last and is living aboard with his wife and kids and has been for about 15 years.
    Every year they have the big adventure about 350 miles out off of Mackay around Porpoise Cay so hopefully we'll tag along on the next one.
    In the meantime we'll get to know her around Moreton Bay for a while and make sure everything is in order.
     
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  20. WattleIdo

    WattleIdo renovating Premium Member

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    @Emoi sounds fantastic. I was just made redundant and am 50 too. After reading this I rang my super corp and they said that I can't do anything like what you've mentioned here until I'm 60. If I needed a lump sum to cover bills or mortgage I would have to get a letter from Dept of Human Services on Compassionate Grounds stating how much I need and it would be taxed at 22%.
    Otherwise, if I'm on Centrlink benefits I can access a small amount (can't be on C'link now).
    I can't tap into an income stream until I'm 60.
    So can I ask which superannuation scheme you're with?