Our approach to financial planning is always purposeful and with specific goals in mind. And the ultimate goal is that of Financial Freedom.
Very simply, we consider that you have achieved Financial Freedom when you are in a financial position to work because you want to work, not because you have to work.
We will help you determine your own elements of Financial Freedom and design, through our “reverse engineering” process, a personalised plan that is aimed to help you achieve Financial Freedom at the age that you desire.
Therefore, to this end, at GCA Financial we help our clients with what many refer to as retirement planning. Brisbane residents, as well as those who live wider afield can benefit from our in-depth finance planning knowledge. We help put a great tailored strategy in place to help each individual create their own Financial Freedom.
Super Tax Efficiency
Of course, one of the biggest parts of retirement planning is using your superannuation as a vehicle. In Australia, this is the most tax effective strategy that we have. As things stand at present, most people pay 15% contributions tax when putting funds into their super and are later able to withdraw these monies tax free. (note: if you earn more than $250,000 per annum, a higher rate of contributions tax applies).
For some, topping up your superannuation is often great tax minimisation strategy. This enables you to reduce your taxable income whilst building up the balance in your superannuation fund, where it is subject to compound growth. You also benefit by building up money in your superannuation fund where it is subject to compound growth.
Ideally, it is best to retire using your own funds as a retirement income. With constant changes to pension rules, most people recognise that they cannot rely on the pension in the future. Especially as this is subject always the subject of the whim of the government of the day, and of the state of the nation’s finances.
The purpose of your superannuation fund, is to create a capital amount that can later be used to generate an income, that ideally will keep abreast of inflation for the remainder of your life. Our goal is also to assist you in leaving a legacy for your children and grandchildren.
This is all part of the process of The Journey to Financial Freedom, which we will work with you in achieving.
Nothing Stays the Same
Superannuation is an incredibly complex structure, with the rules changing frequently. This understandably creates confusion over what you can or can’t do within the superannuation environment, with relation to the strategies available to you, the types of contributions you can make, and the tax treatment of those contributions. Should you get this wrong, there are often large penalties that could apply.
It is therefore vital to understand the complexity of your own situation to ensure that you can maximise your superannuation over time.
At GCA Financial, we stay abreast of these changes in Superannuation so that we can ensure you can maximise your Superannuation earnings as far of your journey to Financial Freedom. An essential part of our process is not only getting the strategy in place, but reviewing it continuously.
It is important to note that we are not a “transactional” business. Our relationship with you as a client, is an ongoing, hopefully long-lasting one, in which regular reviews play an essential role.