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Gambling, Speculating & Investing
Read more: Gambling, Speculating & InvestingI said, “So, Walter, errr, script’s pretty good, huh?” And he said, “The script sucks, kid. I owe my bookie $2 million.” And that was Kevin Pollack’s introduction to Walter Matthau on the set of Grumpy Old Men. It was said Matthau lost $50 million gambling over his lifetime. Matthau’s gambling addiction was so legendary, the odds he’d given each NFL team of winning the Superbowl that season were printed on the back of the program at his memorial service. Were Walter Matthau alive today, you’d wonder whether he’d still be dedicating his time gambling on horses and sports teams given the current obsession…
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End of Financial Year Reminder 2020/21
Read more: End of Financial Year Reminder 2020/21Salary Sacrificing a Bonus Awarded a bonus at work? Depending on circumstances, it may be worth salary sacrificing the bonus into superannuation. This can increase retirement savings & lower taxable income. The benefit depends on the difference between the 15% tax on super contributions and your marginal tax rate. Also be aware of the concessional contributions cap of $25k (increasing to $27.5k on July 1). Lump Sum Contributions & Carry Forward Cap If you haven’t used your concessional contribution limit of $25k and have money available to contribute, this is the opportunity. Further, if you have a larger sum of…
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Refundable Accommodation Deposit (RAD) Simplified in 4 Points
Read more: Refundable Accommodation Deposit (RAD) Simplified in 4 PointsOne of the first things you come across when moving into residential care is the need to pay for your room. With quoted prices of up to $2 million, the numbers may send families into panic. However, they can be less frightening if you understand how these fees work and what choices you have. So, what are the four (4) key points that you need to know? The money will be refunded Let’s start with the name of the fee – refundable accommodation deposit (RAD). This might help you breathe a sigh of relief, because the name is descriptive and…
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Decision Making Using a Power of Attorney
Read more: Decision Making Using a Power of AttorneyThe time may come when you need to make financial decisions on behalf of a parent as the Enduring Power of Attorney (EPoA). Is this an honour or a burden? It can be both, so the person taking on the role needs to understand both the legal obligations as well as family responsibilities. Making decisions using an EPoA A power of attorney is given the authority to make decisions and authorise transactions in relation to property and financial affairs. If it is an enduring power, this authority remains effective even after the donor has lost mental capacity – most important…
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Solving the RAD Jigsaw
Read more: Solving the RAD JigsawA challenge for us all is to find somewhere affordable to live. When our health declines and we move into the frailty period of retirement, this challenge continues but our focus and choices shift from independent living to supported living in residential aged care. Like any accommodation decision, you will usually need to pay for a room in residential care. The most expensive room is around $2 million with the average across Australia just over $400,000. But if the thought of paying $400,000 or $500,000 or $800,000 or more for a room in residential aged care scares you, you may…
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