There is someone in my life that I care about a lot.
He has worked hard his entire life and put everything into providing a great life for their family.
Often at the expense of himself.
He is getting to that age in which it is time to retire as he has some health issues developing and just doesn’t have the energy he used to.
However, now, in his late 60’s, he can’t retire.
It’s not an option.
Through poor planning and never putting anything into super, he is not in a position to.
In these golden years, when he would love to spend more time with his Grandkids and play golf with his friends, he is still slogging it out in business.
And hating it…
Wouldn’t you?
Having to slog it out in business to maintain your lifestyle after 40+ years in business not because you want to but because you have to.
Anyhow,
Not too long ago, I asked him.
“why didn’t you put money into superannuation or other retirement investments?”
A topic he hates talking about because of his situation.
He replied
“I never thought I would need it, and I didn’t understand the massive tax benefits.”
“If I could go back in time, I would plan for my retirement very differently.”
As he spoke, he looked me dead in the eyes, and it hit me hard.
I knew as he said it, he was telling me not to make the same mistake.
Like many before him, he thought his business would have provided a better result for him in retirement, and so he never built a plan B.
That conversation hit me heavily and has had an impact on my own retirement planning.
Anyhow,
This week on the podcast, we have Ray, our resident financial advisor, on to talk about superannuation.
I wanted to bring Ray on the show to break down how super works and its many advantages and disadvantages.
I suspect many business owners don’t understand its power, and that’s why they choose to ignore it.
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:
00:00 Welcome to Business and Investing
1:56 Who is Ray Regmi
2:15 What is Superannuation?
3:51 How can we think about Super in a better way?
8:12 Downsides of superannuation contributions
10:54 Why is superannuation contribution a tax structure?
12:04 Increasing your assets and retirement income using Super
17:49 Good tax strategies in superannuation
19:26 Super as a phenomenal opportunity to business owners
21:52 How insurance can be in your super?
24:27 The difference between a self-managed fund and a general super fund
30:43 How to leverage your self-managed super funds (SMSF)?
31:27 What are the types of self-managed super funds (SMSF) that are more suited to business owners?
34:25 What to consider when choosing a super fund?
37:46 Is it easy to change the type of your super fund?
39:40 Why you should not invest all your assets in a super fund?
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
RESOURCE LINKS:
- Business and Investing website: https://businessandinvesting.com/
About the Guest:
Ray Regmi is the Senior Financial Adviser and Principle of Ryker Capital (AFSL: 243313). They offer services to Australian business owners who are looking to reach financial independence and create true wealth.
With a team of degree-qualified professionals who have a collective of decades of experience, they can provide you with expertise in wealth creation, self-managed super funds, risk insurance, retirement planning and more.
To connect with Ray and the Ryker Capital Team, head over to: https://businessandinvesting.com/partners/ryker-capital/
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