The Strategy Stacker - Luke Talks Money - Luke on 2CC – Mortgage versus Super?

Luke on 2CC – Mortgage versus Super?

03/02/20 • -1 min

The Strategy Stacker - Luke Talks Money

Is it better to repay the home loan quicker or make contributions to your super?

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 28 February 2020.

Luke and Leon begin the show by reflecting on what’s been happening with stock markets given Covid 19, and the importance of keeping a long term perspective in the short term. Now might be a buying opportunity. The topic of the day however is super contributions versus paying off your home. Which way should you go?

Key highlights include:

What are the issues you might consider in making a decision?
Is the loan tax deductible or not?
How low interest rates help paying off the home sooner
Can you restructure your home loan to do both?
What circumstances might prompt you to pay off your home loan quicker?
What circumstances might prompt you to contribute to your superannuation?
Make the most of your options, considering perhaps even moving to part time as you get older.
There’s also an offer to seek advice with Envision Financial.

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2020/03/28.02.2020-The-Strategy-Stacker-Luke-Talks-Money.mp3

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

Do you need help to decide if you should pay off the mortgage or contribute more to super?

Let us help you consider your options and get your financial goals and plans in place.

Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your financial options and plan. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

Is it better to repay the home loan quicker or make contributions to your super?

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 28 February 2020.

Key highlights include:

What are the issues you might consider in making a decision?
Is the loan tax deductible or not?
How low interest rates help paying off the home sooner
Can you restructure your home loan to do both?
What circumstances might prompt you to pay off your home loan quicker?
What circumstances might prompt you to contribute to your superannuation?
Make the most of your options, considering perhaps even moving to part time as you get older.
There’s also an offer to seek advice with Envision Financial.

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2020/03/28.02.2020-The-Strategy-Stacker-Luke-Talks-Money.mp3

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

Do you need help to decide if you should pay off the mortgage or contribute more to super?

Let us help you consider your options and get your financial goals and plans in place.

Previous Episode

Luke on 2CC – Let’s look at PSS Pension – Government Super

Do you know how your PSS Pension works?

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 21 February 2020.

PSS stands for Public Sector Superannuation and it’s a defined benefit scheme. It’s a special kind of superfund found in the Public Service in Canberra and it’s closed to new members. So only existing members can benefit from the great things this has to offer. In the latest podcast, Luke and talks to Leon about how it works.

Key highlights include:

What is the PSS and how is it different from other kinds of super funds?
If you leave employment for another job, the funds stay within the PSS, you don’t ‘roll them’ to another fund.
Maximising your final salary over the last three years and your accrued benefit multiple is a big opportunity!
Work out your lump sum value, before working out your pension.
At pension phase, you have three options: (1) take a full pension, (2) take a part pension and cash or (3) take it as lump sum
Consider your broader situation, including your spouse before making a decision
Consider the tax implications too, it’s not the same as other kinds of accumulation super funds
The PSS doesn’t allow you to salary sacrifice or transition to retirement. These are great reasons to have a second super fund.
The PSS doesn’t offer any estate planning outcomes for singles, but will revert to a living spouse.
Don’t forget to make contributions to your PSS and check your yearly contributions cap on their website.
Consider a withdrawal and re-contribution strategy if you have a spouse.
Make the most of your opportunities and time, as well as the offer to seek advice with Envision Financial.

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2020/02/21.02.2020-The-Strategy-Stacker-Luke-Talks-Money.mp3

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

Do you need help with your PSS and retirement plans?

Let us help you get your retirement plans in place.

Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and life after full-time work goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Next Episode

Luke on 2CC – Share Market Volatility and Covid-19

What should you know about current share market volatility?

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 6 March 2020.

Stock market volatility continues to be front and centre of finance news but Australia has enjoyed many years of economic growth. This probably makes the current share market volatility seem more pronounced as we’re simply not used to it. In this episode Financial Planner Luke Smith and Leon from 2CC take a closer look at the personal finance issues surrounding movements and the importance of keeping perspective. Certainly the media like talking about losses, but in the current environment we’ve seen both down days and up days. What are the things smart investors need to be aware of at times like this?

Key highlights include:

Long-term investors beware: If you jump out of shares right now what are you jumping into? Cash rates are at record lows
Did you know that share dividends are a function of profit and do not directly correlate with the share price?
What business sectors are likely to be affected by covid-19?
Remember your ‘Why’, what are your goals and timeframe for investing?
Beware if sensationalist media reporting, percentage losses provide more useful information than total market rises or falls.
Do the down days on the stock market present buying opportunities?
What is short selling?
What are the mistakes people make during times of market volatility?
Above all, don’t panic.
There’s also an offer to meet with Luke at Envision Financial to talk about managing your own situation.

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2020/03/06.03.2020-The-Strategy-Stacker-Luke-Talks-Money.mp3

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

Would you like to talk about managing share market volatility with your own investments?

Make an appointment to catch up with Luke at his office over a cup of tea or coffee.

Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your financial concerns, options and plans. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.