I am looking to retire in approximately two years. I am with a large super fund in a defined benefits scheme. I have started discussion with them but, they will only give superannuation advice, not full real life advice as we own an investment property and some shares.
I now find I will need to get taxation advice and financial advice. Should I try to find someone who can do everything, or pay for three different advisors?
It’s worth paying to get the right advice from the right people.Credit: Simon Letch
Your podiatrist and your dentist both work in the medical field and probably have some cross-over in their knowledge. But I certainly wouldn’t be asking my podiatrist to take care of a filling for me!
Tax advice and financial planning advice are two distinct specialities, and whilst tax advisors know a bit about super, and financial planners know some elements of the tax regime, neither is an expert in the others’ field. Each profession has its own specific areas of knowledge, and the tools (software) used are very different. You would obtain these services from two different people.
There are some firms that offer both services under the one roof, which might offer you some convenience, but you will still be paying for two distinct services.
Your financial planner will be able to handle advice on the defined benefit scheme that you are in, so three different advisors should be unnecessary.
We are a family that moved to Sydney in 2016, our children are now 10 & 12. I am 54 years old earning $160k per year, my wife $40k, with about $100k in super. We have two properties we’ve bought in the last three years that we rent out. With the recent spike in interest rates they are now only just positively geared. We pay $950 a week in rent. Can you suggest a strategy for us that will allow us to support our children as much as possible while giving us a reasonable chance of a tolerable retirement?
Thanks for your question. I would want to know your long-term retirement plans. Most people would like to own the roof over their head in retirement. The “rentvest” strategy that you are undertaking is sometimes used as a way to live closer to work during your income producing years, with the intention of then moving somewhere cheaper in retirement when the rental properties can in some ways solve your housing need.
Do I really need to pay for two different financial advisors?
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24.02.2024
I am looking to retire in approximately two years. I am with a large super fund in a defined benefits scheme. I have started discussion with them but, they will only give superannuation advice, not full real life advice as we own an investment property and some shares.
I now find I will need to get taxation advice and financial advice. Should I try to find someone who can do everything, or pay for three different advisors?
It’s worth paying to get the right advice from the right people.Credit: Simon Letch
Your podiatrist and your dentist both work in the........
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