Tips and Other News Archives - Jennings Financial Services

Superannuation Insights: 5 Lessons Learned

An article from The Conversation by Susan Thorp provides valuable insights and advice related to superannuation, benefiting our clients by helping them make informed decisions about their finances. After a lifetime studying superannuation, here are 5 things I wish I knew earlier. Published: January 29, 2024 6.03am AEDT Susan Thorp Professor of Finance, University of Sydney Amassing the wealth needed to support retirement by regular saving is a monumental test of personal planning and discipline. Fortunately for most Australian workers, the superannuation system can help. Superannuation uses the carrot of tax incentives, and the sticks of compulsion and limited access, to make us save for retirement. There are benefits to paying timely attention to your super early in your working life to get the most from this publicly mandated form of financial self-discipline. I've been researching and thinking about superannuation for most of my career. Here's what I wish I knew at the beginning of my working life. 1. [...]

By Paula Saruda|2024-05-09T17:13:24+10:00May 9th, 2024|Tips and Other News|0 Comments

Federal Budget 2022

Federal Budget 2022 - Summary This year’s Federal Budget covers a range of measures aiming to reduce the pressure from increased costs of living and help people into homes. Note: These changes are proposals only and may or may not be made law. Summary Personal taxation – Cost of living tax offset: The Low and Middle Income Tax Offset (LMITO) will increase, providing an additional $420 to reduce tax payable for eligible taxpayers in the 2021/22 financial year. This offset is non-refundable and available to those earning up to $126,000 per annum. Further, LMITO was not extended, meaning it will not apply for the 2022/23 or later financial years. – Halving of fuel excise: For six months from 12:01am 30 March 2022, the excise on fuel and petroleum-based products will be halved. Whilst not a direct tax, the expectation is this should result in lower fuel prices during this period. Half the current excise on fuel and diesel will reduce [...]

By Bruce Jennings|2022-04-08T09:51:48+10:00April 8th, 2022|Tips and Other News|0 Comments

Christmas/New Year operating Hours

MERRY CHRISTMAS & HAVE A GREAT NEW YEAR! Our office will be closed from Tuesday 21/12/2021 and will re-open on 10/01/2022. During this time our emails will be checked, so if there is anything urgent please send through to bruce@jenningsfs.com.au or info@jenningsfs.com.au. 2021 was a challenging year largely due to COVID-19 - we thank all our clients for your continued support and hope that 2022 is a better year! We hope everyone has a safe, healthy and fun Christmas and New Year break. The team at Jennings Financial Services

By Bruce Jennings|2021-12-16T11:16:16+11:00December 16th, 2021|Tips and Other News|0 Comments

NSW COVID-19 SUPPORT PAYMENTS

The whole team at Jennings Financial Services hope that you and your families are staying safe and healthy during the difficult times with the COVID-19 Lockdown & Pandemic. We are always here to help and discuss any possible financial difficulties or stresses you are experiencing, however if you would like to seek additional information or help, we have listed some of the payments available below and websites to gather further information. COVID-19 disaster payment The payment helps workers who are unable to earn money due to a COVID-19 lockdown or hotspot. Available to eligible people in a Commonwealth-declared COVID-19 hotspot. Pandemic leave disaster payment You may be eligible for financial support if you can't earn money because NSW Health has directed you to self-isolate or quarantine for 14 days or you are caring for someone who has COVID-19. Test and isolate payment A one-off payment of $320 to help meet the cost of wages lost whilst self-isolating at home waiting for COVID-19 test results. The payment is [...]

By Bruce Jennings|2021-08-19T11:29:05+10:00August 19th, 2021|Community Activity, Tips and Other News|0 Comments

Helping your Children – Financially

As a parent you probably have great expectations for your child. They will have everything you had and more! You will consider their every need and make the most of every opportunity to help them get ahead, right? Whilst every parent wants their child to be healthy, happy and financially secure, figuring out how to get them there is another thing. Working with a financial adviser can help you understand options available to financially help your children, and teach them how to take control of their financial future once it is time for you to step out of the equation, and them to step up. Introducing these discussions as a family from early on means you can get help for your children that will serve them well into their future. Savings It’s never too early to start a good savings system. If your child gets pocket money for helping out around the family home, birthday money and other small [...]

By Bruce Jennings|2021-04-13T12:20:17+10:00April 13th, 2021|Tips and Other News|0 Comments

Financial Advisor – Worth it?

Is It Worth the Money to Hire a Financial Advisor? Vanguard Study Calculates the True Value of a Financial Advisor Among the most common questions financial advisors hear is, “Why on Earth should I hire you when I can manage my own money? I have a Superannuation Account and if I want to make other investments there’s a ton of information and advice available on the internet.” We totally understand the question. Financial advice typically costs 1 percent of your portfolio per year. So, yes, people want to know if they are getting what they pay for. Vanguard, one of the world’s largest investment companies, has been examining this question for 15 years. Based on research, analysis, and testing, Vanguard has concluded that, yes, there is a quantifiable increase in return from working with a financial advisor. Vanguard calls this advantage the Advisor’s Alpha. When certain best practices are followed, the result can be an Alpha in the 3 percent [...]

By Bruce Jennings|2021-01-18T14:50:41+11:00January 18th, 2021|Tips and Other News|0 Comments

More than one super account?

Did you know there is over 10 (Source) million Australians with a superannuation account, approximately 36% of which hold more super accounts, which make up $20.8billion in ‘lost super’. Is some of that yours? Find it Moved house? Changed jobs? Don’t know where your teenage self stashed your super? It’s easy to track it down. Consider Combining it Save on fees, reduce your paperwork, keep track of your hard earned money, grow your retirement fund. But seek professional financial advice first to make sure combining is beneficial for you. Ask your financial adviser Many websites offer to help find and combine your super. It is quick, easy and free. You can ask your financial adviser for help, check with your known superannuation provider or the Australian Tax Office. Grow it A professional financial adviser can help you find an appropriate superannuation fund that will grow your hard-earned income ready for your retirement – and the sooner you get on top [...]

By Bruce Jennings|2020-11-16T11:43:01+11:00November 16th, 2020|Retirement, Tips and Other News|0 Comments

Risks of moving to Cash…

The risks of moving to cash in times of crisis When it comes to investing through a crisis, are investors better off in the market or in cash? A look at 4 scenarios. As markets unravelled early 2020, there were few places for investors to hide. As the coronavirus spread at an alarming rate across the globe, equity markets sold off indiscriminately, causing many panicked investors to sell riskier assets in exchange for cash. Flight to cash Parting ways with equity investments at or near a market bottom isn’t a new trend. Many investors have approached equities with caution since the Global Financial Crisis (GFC) in 2008-09. During times of crisis, many investors who’ve worked their whole lives saving for retirement, start thinking about what happened during past recessions, such as the Global Financial Crisis (GFC). Memories of these prior events, coupled with the barrage of frightening headlines from media outlets, can make it tough to maintain a planned asset [...]

By Bruce Jennings|2020-11-04T11:34:17+11:00November 4th, 2020|Tips and Other News|0 Comments

Looking after your Household Expenses

Take the pain out of managing your family’s finances. Taking care of household finances can be taxing, especially if you have a big family. But with proper planning and budgeting, there’s no need to stress. Here are some tips to help you effectively manage your household finances. 1 | Examine your finances Sitting down as a family and figuring out how much money is coming in and going out may help you gauge the state of your family’s finances. A clear picture of your household income and expenses could set you up to manage your cashflow better. 2 | Rein in spending Keeping expenses under control can be tough in a large household. But if you’re spending as much as or more than you’re earning, you might want to consider limiting your family’s discretionary costs by buying only what you can afford. 3 | Set financial goals Setting financial goals as a family may help you work towards future aspirations instead of [...]

By Bruce Jennings|2020-08-25T11:05:21+10:00August 25th, 2020|Tips and Other News|0 Comments

What Drives Member Outcomes

Fees and returns are important drivers of a member’s super balance. They’re also easy to measure and for members to understand. That’s why super funds have focused on delivering competitive returns and low fees for their members. But CoreData research shows that fees and returns are not important drivers of retirement outcomes. In the real world, retirement outcomes are about more than money. They’re about more than the super balance; and they’re about more than fees and returns. Please click on the link below to see the article in full https://www.newmodeladviser.com.au/2505/start-making-sense-episode-4-why-super-fund-fees-and-returns-dont-drive-member-outcomes/ CoreData is a research house. If you would like to discuss further, please contact our office. Author: Jason Andriessen

By Bruce Jennings|2020-07-01T12:40:17+10:00July 1st, 2020|Tips and Other News|0 Comments