Retirement back on the agenda for trustees

Retirement is back on the agenda for many Australians over the age of 55 according to SMSF adviser, Crowe Horwath.

The group is having more discussions with clients about retirement strategies than since the Global Financial Crisis (GFC), with clients aged over 55 ready to engage with advisers, plan and seek advice on retirement strategies.

This is markedly different to the last five years where most conversations had been focused on capital preservation, according to Susie Salmon, Head of Superannuation & SMSF for Crowe Horwath.

“The last few years have been difficult for SMSF trustees, concentrating on rebuilding the capital base of their funds,” she said. “This focus on re-accumulating funds lost during the GFC has led to many trustees not having the time to properly plan their portfolios for retirement.”

Crowe Horwath has just completed a series of events throughout Australia with further events scheduled for February 2014. Titled Savvy Super Strategies, over 8,000 clients were invited nationally to discuss the importance of planning for retirement.

“The events aimed to arm clients with the knowledge to ensure they have the most effective solutions in place for retirement including tax planning, balancing member funds and estate planning,” Salmon said.

“The strategies discussed ranged from consolidating superannuation accounts to more complex strategies around reducing the taxable component of retirement income streams. It is encouraging to see the high levels of engagement of clients attending, especially those looking to retire in the next five years.”

Crowe Horwath advises trustees need to constantly review their retirement positions, no matter how young or old to track against future goals, even after they have retired.

It has a series of events planned in 2014 looking at a range of topics including Gen X/Gen Y, Property Structures, Tax Planning, Federal Government Budget Review, Pension Planning & Estate Planning all aimed at educating clients on aspects of their superannuation they need to consider.