Here are a few questions that you may have been asking yourself, that Pennywise Investments can help you answer.

• Where should I invest my money?
Should you leave it in super or start an income stream? Take the annuity or pension? How good are Retirement savings accounts?

• Do I pay tax in retirement?
It depends on how the money went into your super, how you take money out and how old you are. We look at ways to minimise the tax impact.

• How much can I withdraw from super?
What are the minimums and maximums you need to be aware of?

• Make your money last.
Do you have the right asset mix? Have you structured your finances to maximise government benefits? Do you have any outstanding debt?


Pennywise Investments can help you:
• By obtaining the best retirement strategy for you with a selection of investment options.
• Choose the best retirement super fund for you.
• Consolidate your super.

The Australian Government Age Pension is designed to be a safety net for people who cannot fully provide for themselves financially in retirement. However, for the majority of people, the Age Pension is considerably less money than they are used to living on and would like to receive during their retirement years.



From the experts:
When determining your eligibility to receive the Age Pension, Centrelink applies two forms of assessment the 'income test' and 'asset test'. Centrelink uses whichever test provides the lowest rate of pension payments. Understanding how the tests apply can be complex.


What you need to know
There are many different strategies available to organise your finances in retirement in order to qualify for a part or full Age Pension. Quite often, people who don't think they qualify find that they can claim a part or full Age Pension after receiving professional financial advice.

Even if you don't qualify for the Age Pension there are also other benefits available such as the Commonwealth Seniors Health Card (CSHC). The CSHC provides a range of benefits, such as discounts on public transport and pharmaceuticals to self-funded retirees who do not qualify for the Age Pension but meet other eligibility criteria.

Determining whether you are eligible for benefits can be a difficult and time consuming process so make sure you have access to expert help.


Pennywise Investments can help you:
• Evaluate whether you are eligible for benefits.

Wills
A will sets out how you want your estate to be managed and distributed after your death. Without a will, management of your estate can be costly, time consuming and distributed according to state based legislation. It’s important to have a valid will and to review it regularly to make sure it is still in line with your intentions.


Enduring Power of Attorney
If you were to become incapable of handling your affairs, control of your assets could revert to a person appointed by a court. It would be more useful if you had an enduring power of attorney set up now so that if you cannot manage your affairs, someone you trust and have chosen to act for you, can make the important decisions affecting you and your affairs.


Guardianship
A guardian can make decisions regarding where you live and your medical care if you lose the capacity to make your own decisions. Medical care decisions are aided by you completing an Advance Health Directive – this document contains treatment decisions made by yourself in respect to your future health treatment.


What happens to my super and insurance when I die?
The death benefit is usually paid to your nominated beneficiaries. The superannuation balance is transferred into the Cash option on notification of your death. The balance will be paid depending on who you have nominated as beneficiaries.


Who can be my beneficiary?
If you are insuring through your superannuation, you need to understand the difference between binding and non-binding beneficiaries and issues to be aware of. If you have insurance outside of superannuation, you can nominate anyone to be a beneficiary.


Pennywise Investments can help you:
• Prepare Enduring Powers of Attorney.
• Preparation in partners with our preferred legal practitioner of wills.
• Electronically store all estate information.