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Masterclass 4: Financial Planning for Retirement and Beyond

Masterclass 4: Financial Planning for Retirement and Beyond

This class, Hosted by Kerryn Tutt from CatholicCare Sydney and presented by experts Tina Tran, Financial Adviser Australian Catholic Super and Sharon Bullen, Branch Manager NSW Trustee & Guardian provided tips and information to help you map out your financial needs in retirement and what you need to prepare for financially and legally in regards to Wills and estate planning.

The recording is available below along with additional resources and answers to the questions asked during this webinar.


Masterclass recording

Masterclass feedback

Please take a moment to provide your feedback – it’s very useful for our team in preparing for future events like this.

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Questions from the webinar

Due to time, we weren't able to answer these questions during the webinar. See below for advice from our guest speakers, Tina Tran and Sharon Bullen.

Is there a table showing start age and assets/funds needed for life expectancy?
The ASFA retirement standard benchmarks the minimum cost of a modest or comfortable living requirement for singles and couples aged 67 to age 92.

Using these benchmarks, the requirement for a couple to achieve a comfortable retirement is $640,000, for a single person $545,0000. This assumes the capital would be fully drawn and expenses are also being met by a part age pension. This is the figure in today’s dollars using inflation 2.75% and investment earnings rate of 6% . 2109 ASFA Retirement: Standard Summary (superannuation.asn.au)

When we provide advice, we tailor the calculations to our client’s personal circumstances and are able to map the level of spending against the available resources to see how the wealth position is tracking over the retirement life. This roadmap is useful to ensure that the spending is within adequacy and could also give an indication of potential estate values for further estate planning.

The fund also has a projection calculator which could be useful - Projection calculator | Australian Catholic Superannuation

Why should people choose Catholic Super over other providers?
Australian Catholic Super is a profit-to-member fund. We are the fund of choice for people working in the Catholic sector, including education, aged care, healthcare and welfare. While we are an industry fund, we are open to anyone eligible for superannuation. A fund you can trust | Australian Catholic Superannuation

Australian Catholic Superannuation difference:

  • Low fees – rated excellent by SuperRatings
  • Personalised customer service
  • 12 different investment products to give you more flexibility
  • Access to independent financial services.

Our customer service and financial planning teams are focused on providing you with personalised, impactful and efficient life-long financial services. More than just your superannuation and retirement accounts, we can provide you with insights and assistance for your financial plans, insurance needs and age care advice.

We offer several online tools to review your financial situation. Learn about the benefits of salary sacrifice to build your retirement savings, what types of investments are right for your risk profile and how much you’ll have at retirement using our calculators: http://catholicsuper.com.au/calculators

Our Awards and ratings:
Catholic Super Awards

What is the limit on additional payments to my super?
There are several limits ( contribution caps) that need to be taken into account when making contributions to superannuation.

  • Concessional cap – carry forward may be available
  • Non-concessional cap – bring forward rule may be available
  • Downsizer cap
  • Transfer balance cap

Download our Super Contributions Factsheet

Our limited advice service can provide personal superannuation contributions advice for members without cost.

Who oversees the public trustee and how often is it checked?
NSW Trustee and Guardian is a government department that operates as an independent agency for the NSW government. It is a part of the Stronger Communities cluster.

There are several oversight agencies that NSWTG is accountable to, including:

  • NSW Ombudsman
  • NSW Civil and Administrative Tribunal
  • Auditor-General and the Audit Office of NSW
  • The Supreme Court of NSW
  • Independent Commission Against Corruption
  • Parliament of NSW

In addition, NSWTG is supported by:

  • an independent Investment Advisory Committee
  • an independent Audit & Risk Committee


Can anyone write up a will and have two witnesses sign it or in front of a JP. and the same with the power of attorney and enduring guarding?
The witnesses to you Will must be an independent witness who isn’t related to the testator and has no personal interest in the Will. They must be over 18 years of age and of sound mind and be present at signing and able to visually confirm that you’ve signed the Will.

NSW Trustee & Guardian staff will only witness Power of Attorney documents when the document has been prepared by NSW Trustee and Guardian. NSW Trustee & Guardian staff are unable to witness documents that have been prepared elsewhere.

NSW Trustee & Guardian branches have staff qualified to act as witnesses, ensuring that using NSW Trustee & Guardian’s Power of Attorney service is simple and professional.

The Power of Attorney document must be witnessed by the following:

  • Solicitor or barrister.
  • Registrar of a NSW Local Court.
  • Licensed Conveyancer who has completed an approved course under the Powers of Attorney Act,
  • Legal practitioner qualified in a country other than Australia;

The witness cannot be the Enduring Guardian or substitute Enduring Guardian. The witness must be an Australian Legal practitioner/Registrar of the NSW Local Court/overseas registered foreign lawyer or approved employee of NSW Trustee and Guardian. Only these persons can witness the execution of this appointment. Each Enduring Guardian must sign their acceptance on the appointment for it be effective.

What is the cost of the NSW Trustee and Guardian acting as Executor?
Our Wills and Power of attorney services are free for those on a full Centrelink age pension. For more info, please visit tag.nsw.gov.au/fees

Further information

For further information regarding this presentation, please contact:

Australian Catholic Super

NSW Trustee & Guardian
Sharon shared some client stories in her presentation today: Andrew's story | Rosa's Story

Trustee & Guardian FAQs

Request an appointment
We take in-person and video appointments across our nine locations. You can request for an appointment by calling 1300 10 20 30 or via our website: tag.nsw.gov.au/wills/make-will


Video conference appointments 
We continue to offer video conference appointments during this lockdown period. Please read this article for more info on how it works and what you need to do for the appointment tag.nsw.gov.au/news/wills-estate-planning-during-lockdown

Fees
Our Wills and Power of attorney services are free for those on a full Centrelink age pension. For more info, please visit tag.nsw.gov.au/fees

Wills
A Will allows you to decide who will inherit your estate and look after your children. If you haven’t made a Will, or haven’t updated it in the last 3-5 years, we’re here to help. Please contact us on 1300 10 20 30 or visit tag.nsw.gov.au/wills/make-will

Power of attorney
Appointing an enduring power of attorney allows a person or organisation to manage your legal and financial decisions for you when you’re unable to. More information is available on tag.nsw.gov.au/wills/make-power-attorney

Enduring Guardianship
A guardian is someone who can make healthcare, lifestyle and medical decisions for you when you’re unable to. More information is available on tag.nsw.gov.au/guardianship

Executor
An executor is who you appoint to carry out the wishes in your Will. NSW Trustee & Guardian can be appointed as your impartial and independent executor with over 100 years of experience. More information is available on tag.nsw.gov.au/wills/choose-us-your-executor

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Ageing Well collaborators

CatholicCare_Ageing Well CollaboratorCatholic Healthcare_Ageing Well CollaboratorGrief Care_Ageing Well logoAustralian Catholic Superannuation Retirement Fund_Ageing Well CollaboratorNSW Trustee & Gaurdian_Ageing Well Collaborator