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Superannuation is a powerful tool designed to help you save for retirement. One of its key advantages is that investments within your superannuation fund benefit from lower tax rates compared to regular savings and investments.

It’s important to understand that superannuation itself is not an investment; rather, it’s a vehicle for investing. The success of your superannuation largely depends on selecting the right investments within your fund.

At McKinnon Financial Planning, we recognise the importance of this distinction and are committed to crafting the optimal superannuation strategy for you. Our comprehensive approach includes:

• Reviewing Your Current Superannuation Strategy: Assessing your existing plan to identify strengths and areas for improvement.

• Evaluating Your Current Investments: Analysing your investment portfolio to ensure alignment with your retirement goals.

• Developing a Tailored Strategy: Creating a personalised plan that meets your specific superannuation objectives.

• Consolidating Your Superannuation Investments: Streamlining your investments for better management and performance.

• Ongoing Reviews: Regularly monitoring and adjusting your strategy and investments to keep you on track.

Let us help you maximise your superannuation and secure a comfortable retirement.

Managing your own superannuation fund can be complex, but our expert administration services make it simple and stress-free. We provide comprehensive support for self-managed superannuation funds (SMSFs), including compliance, reporting, and investment management. 

Our team ensures your SMSF meets all regulatory requirements while maximising your retirement savings potential. Trust us to handle the details so you can focus on your financial future with confidence.

Life insurance and income protection are essential components of your risk management plan, designed to keep you financially secure in the face of unforeseen events. There are four main types of life insurance:

Life insurance provides a lump sum payment to your beneficiaries if you pass away. This payment can be used to cover various expenses and debts, such as:

• Funeral expenses

• Mortgage debts

• Credit card debts

• Personal loan debts

• Children’s education

• Replacing lost income

Income protection insurance offers a regular income if you become temporarily disabled due to illness or an accident. Typically, it covers up to 75% of your income and is taxable. This income helps you manage regular expenses, including:

• Home loan repayments

• Food

• Education

• Utility bills

• Rates

Additionally, income protection premiums are tax-deductible.

Trauma insurance provides a lump sum if you suffer from a serious medical condition. This payment is intended to cover medical costs, extended rehabilitation fees, and give you financial breathing space during recovery. It can help with:

• Medical fees not covered by Medicare or private health insurance

• Medical advice and treatment not available in Australia

• Loan repayments and debts

• Taking time off work to fully recover

TPD insurance pays a lump sum if you become totally and permanently disabled. This sum is meant to cover your liabilities and replace your income. Consider insuring for enough to cover:

• Paying off your home loan or purchasing a home

• Clearing all remaining debts (credit cards, personal loans, car loans, etc.)

• Medical fees not covered by Medicare or private health insurance

• Ongoing medical costs

• Replacing your income

By incorporating these insurance types into your financial plan, you can ensure that you and your loved ones are protected against life’s uncertainties.