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Quadrant Financial Planning Wodonga, 181 Beechworth Road, Wodonga (2026)

02/12/2025

Providing financial support to your grandchildren can be a meaningful way to invest in their future. There are several ways you can help set them up for long-term security and success.

Setting your grandkids up for the future: A Grandparent’s guide
Providing financial support to your grandchildren can be a meaningful way to invest in their future. From practical steps to financial strategies and legal considerations, there are several ways you can help set them up for long-term security and success.
Financial actions
1. Financial gifts and savings accounts
One off or regular gifts: Consider gifting money when you might otherwise give a physical gift. For special events like a birthday, graduation or a religious or cultural event, deposit a financial gift into a savings account specifically set up for your grandchild. According to the MLC Financial Freedom Report, 18% of grandparents provide one off financial gifts to celebrate milestones or alleviate significant expenses and 16% offer regular financial gifts to support their grandchildren.
Savings accounts: Open a high interest savings account in your grandchild's name. Compound interest helps regular contributions, no matter how small, grow significantly over time.
2. Education funds
Education bonds: These are tax effective investment vehicles designed to save for future education costs. Contributions to these bonds can grow. Income is taxed at 30% within the bond. Withdrawals for education expenses will attract a tax rebate for tax paid within the bond. There may be tax implications for the grandchild.
Paying for school or university: Directly paying for your grandchild's tuition can be a substantial help. This can reduce the need for student loans and the financial burden on their parents.
3. Investment accounts
Custodial accounts: These accounts allow you to invest in stocks, bonds and mutual funds on behalf of your grandchild. The assets in the account legally belong to the child but are managed by you until they reach adulthood.
Superannuation contributions: If your grandchild earns an income, consider making contributions to their superannuation fund. This can provide a significant boost to their retirement savings. Concessional contributions count towards a cap and penalties may apply if the cap is exceeded.
Practical steps
1. Financial education
Teach financial literacy: Share your knowledge about budgeting, saving and investing. Encourage good financial habits from a young age. The MLC Financial Freedom Report highlights how financial support from grandparents can lead to greater financial satisfaction and stability later in life. The report shows that 43% of Australians surveyed who received substantial financial support from their grandparents are extremely or very satisfied with their current financial situation, compared to 17% who did not receive such support.
Involve them in financial decisions: When appropriate, involve your grandkids in discussions about money. This can help demystify finances and prepare them for managing their own money.
2. Support for extracurricular activities
Funding hobbies and interests: Financially supporting your grandchild's hobbies, sports or other extracurricular activities can help them develop skills and interests that may benefit them in the future.
3. Housing and transport assistance
Living arrangements: Allowing your grandchild to live with you rent free or at a reduced rate can help them save money for other important expenses, such as education or starting a business.
Helping them buy a car: Nearly one in ten grandparents (9%) help their grandchildren achieve a degree of independence by assisting them with their first car purchase.
Other important considerations
1. Estate Planning
Wills and trusts: Ensure your Will is up to date and consider setting up a testamentary trust for your grandchildren. These trusts can provide financial support for specific purposes, such as education or buying a home and can be managed according to your wishes.
Power of Attorney and guardianship: Designate a trusted individual to manage your affairs if you become unable to do so. This ensures that your financial support for your grandchildren continues seamlessly.
2. Tax implications
Understand gifting rules: If you receive government support or a pension, there may be caps on the amount you can gift without affecting your pension. Make sure you check prior to gifting significant sums.
Consult a financial adviser: Work with a financial adviser to understand any social security and tax implications of your financial gifts.
Avoiding risks to your retirement savings
While supporting your grandchildren is a noble goal, it's crucial to ensure you don’t compromise your own financial security. Here are some strategies to avoid risks to your retirement savings:
1. Diversify your investments
Diversification can help protect your retirement savings from market volatility. By spreading your investments across different asset classes, such as stocks, bonds and real estate, you can reduce the impact of any single investment's poor performance.
2. Maintain an emergency fund
Having an emergency fund can provide a financial cushion in case of unexpected expenses.
3. Adopt a sustainable withdrawal rate
The 4% rule is a common guideline, suggesting that you withdraw 4% of your retirement savings in the first year and adjust for inflation in subsequent years. This can help your savings last longer during your retirement.
4. Consider annuities or IRIS products:
Speak to your financial adviser about whether annuities or an innovative retirement income stream (IRIS) product may work for you to reduce the risk of outliving your savings.
5. Regularly review your financial plan:
Periodically reviewing your financial plan with a financial adviser can help you stay on track and make necessary adjustments.
6. Limit large financial gifts:
While it's generous to support your grandchildren, it's important to balance this with your own financial needs. Consider setting limits on large financial gifts to ensure your retirement savings remain intact.
Inspiring the next generation
Your financial support can do more than just provide immediate benefits; it can inspire your grandchildren to achieve their own financial independence. By setting a positive example and providing the tools and resources they need, you can help your grandchildren build a solid foundation for their future.
Setting your grandkids up for the future involves a combination of financial gifts, practical support and intentional planning. By taking these steps, you can help your grandchildren have the financial stability and knowledge they need to achieve their dreams. Your legacy will not only be remembered in the form of financial support but also in the values and lessons you impart.
References
• MLC Financial Freedom Report 2024
• Australian Taxation Office (ATO) guidelines on gift tax

Source: MLC

02/12/2025

Retirement can be a golden opportunity to make changes to your lifestyle and routine and boost your wellbeing in the process. Find out more about the benefits of using your extra leisure time to stay active and connected to your community.

Enjoying your retirement
Retirement can be a golden opportunity to make changes to your lifestyle and routine and boost your wellbeing in the process. Find out more about the benefits of using your extra leisure time to stay active and connected to your community.
Making the most of a new life stage
If you’ve been working for much of your life, starting retirement is likely to bring some significant changes to your routine. By taking the opportunity to make the most of all this extra time on your hands, you can plan for a retirement that’s as exciting as it is rewarding. Enjoying a retirement that keeps you active and social is also a great way to invest in your mental and physical health, now and in the future.
More time for your health and wellbeing
Retirement often means healthy and positive changes to lifestyle habits. Compared with their working peers, retired people are likely to sleep more, spend less time sitting down and more time being physically active.
A major life change like retirement creates a great window of opportunity to make positive lifestyle changes – it's a chance to get rid of bad routines and engineer new, healthier behaviours. When people are working and commuting, it eats a lot of time out of their day. When they retire, they have time to be physically active and sleep more.
Whether it’s spending more time planning healthy meals, getting into the habit of going for a regular walk or bike ride or joining a local gym, sports club or team, there are plenty of ways you can use your time in retirement to keep yourself in the best of health.
Stay social to boost your health even further
Some of these activities will also come with the added bonus of new social and community connections. After stopping work, you could find that your social circle will change. Opportunities to connect with work friends may be less frequent, particularly if they haven’t retired yet or you’ve made a move to a new location as part of your retirement plan.
It seems pretty obvious that keeping up with friends and family will be good for your mental health, regardless of your age. Seeing more of friends in your later years has a very positive impact on life satisfaction, as social isolation can actually be as bad for your health as smoking and drinking alcohol and has a bigger impact on life expectancy than lack of exercise or being overweight.
It can take time to build up your social network in retirement, so start to make a plan for how you’ll connect with your local community while you’re still at work. Your local council will be a good resource for information about groups you can join and finding out what’s going on locally. Searching online is also a great way to discover activities you’d like to take part in.
Feel good about giving back
Volunteering can also be a great way to meet people and make a positive contribution to your community. If you find yourself missing the routine and sense of purpose you experienced with your job, volunteering can be a good substitute. Keeping active and getting involved in voluntary work definitely brings retirees a lot of benefits that would have been brought about by keeping on working.
Speak to local community groups or search online to explore opportunities that interest you or could benefit from your skills. As well as organised volunteering programs, you might be interested in sharing your skills in a mentoring or tutoring arrangement. You can choose to offer your time and skills as a volunteer or by working part time if you need an income boost.
Spread your wings
Your retirement is also the ideal time to tick off some destinations on your bucket list. Many companies organise travel programs specifically suited for people who are travelling in retirement. These trips can be ideal if you’re looking to meet and travel with like minded people and have all the hard work and planning taken care of. Remember to arrange insurance to make sure you’re covered for unforeseen events and any medical issues on your travels.
Keeping busy on a budget
Staying social and active in retirement doesn’t have to cost much. While some interests, like golf or crafts, may involve spending on memberships and materials, there are plenty of recreation activities that are low cost or even free. Investing in a sturdy pair of shoes is all you need to join a local walking club and showing your support at a local sports event likely won’t cost you a cent.
With life expectancy rising, you could have many years ahead of you to enjoy new interests, friendships and opportunities to support your community. But it’s also important to plan for a secure retirement income so you can enjoy all these things with peace of mind about your financial future.

Source: Challenger

28/11/2025

How your estate will be distributed after your death will depend on who you nominate to be beneficiaries in your Will and for your superannuation. Learn more.

What is a beneficiary and why you need one for your super
The assets that make up your estate may include property, bank accounts, investments and superannuation.
How your estate will be distributed after your death will depend on who you nominate to be beneficiaries in your Will. That is, your estate minus your superannuation – unless you have specifically nominated your estate to be the beneficiary of your superannuation.
In that case, your Will can determine how your estate will be split.
But if you haven’t nominated a beneficiary for your super then it will be up to the superannuation trustee to determine where your superannuation will be paid and who will benefit.
Who can be a superannuation beneficiary
There are rules about who you can nominate to be your superannuation beneficiary.
A beneficiary can only be a dependant or personal legal representative – the person appointed as executor or administrator of your estate or a mix of these.
A dependant may include:
• your spouse (including a de facto spouse)
• your children (regardless of age)
• someone financially dependent on you (fully or partially)
• someone you had an interdependent relationship with.
An ‘interdependent’ relationship is a close personal relationship with someone you probably live with where you provide financial support to the other and where one of you provides domestic support and personal care to the other.
What are binding nominations, non binding, reversionary beneficiaries
To ensure your superannuation reaches the right people after your death you will need to have nominated a beneficiary.
There are two types of nominations – binding, which is legally binding, which the Trustee must follow, or non binding which isn’t legally binding but provides the Trustee with directions on how you would like your benefit to be paid.
If you select a binding nomination, you should also ensure that either you update this every three years or that you make it a non lapsing nomination.
Non binding nominations may be followed by the Trustee according to your wishes but ultimately is left to the Trustee’s discretion.
If you are receiving an income stream or annuity from your super and you have not nominated a reversionary beneficiary, the payment will cease on your death and the remaining balance or lump sum value will be distributed to your beneficiaries, in line with your binding nomination.
You may choose to allow your beneficiary to continue the pension or annuity – providing they meet an eligibility test, similar to a superannuation beneficiary.

Why is it important that you nominate someone
It’s important that you nominate someone as your beneficiary as your superannuation is not automatically counted as part of your estate. There have been cases where a person’s Will allocates the estate according to their wishes but because they have not named a specific beneficiary with their super fund, someone has made a claim on the person’s super – for example, an estranged spouse. The Trustee will have final say on how it is allocated so you should make your wishes known.
It is also important to consider the tax implications of who to name as your beneficiary if it is not one of the people listed above. If you are leaving your estate to various beneficiaries, a financial planner can explain the implications of the way you divide your assets including your superannuation.
Why you should review your beneficiary regularly
Like all your legal and financial matters, you should review regularly to make sure you are still in the same situation as you were when you last checked these.
In the last three years, have you married, divorced, had children or lost relatives? If you have done any of these things it is likely you will need to change your beneficiaries for your Will, your superannuation and even your insurance.
Once again, your Will does not automatically include your superannuation beneficiary – so make sure that you update both when there are any changes and review regularly.

Source: Money & Life

25/11/2025

Stay on top of festive spending this Christmas with Moneysmart’s simple tips to help you plan ahead and keep your budget on track.

25/11/2025

Cyber threats continue to evolve, so it’s important to strengthen your online safety habits. Here are more practical tips to help protect your personal information and accounts.

11/11/2025

Australians are living longer than ever before and with this longevity comes the challenge of ensuring financial security throughout a longer retirement. Learn more.

Understanding longevity risk in retirement
Australians are living longer than ever before due to a combination of factors including improved healthcare, better living conditions and over all better quality of life. With this longevity comes the challenge of ensuring financial security throughout a longer retirement.
Data from the Australian Bureau of Statistics (ABS) shows that life expectancy at birth is now 81.1 years for males and 85.1 years for females1. Despite the increases in these averages, many Australians will live well beyond these ages, making planning for your retirement income more important than ever.
What is longevity risk?
Longevity risk refers to the possibility of outliving your savings. Living longer allows you to enjoy the fruits of life for longer but it also means planning carefully to ensure your savings last as long as you do. For Australian retirees, this is especially important, as the Age Pension alone may not be enough to cover all living expenses over an extended period.
According to the Challenger Retirement Happiness Index2, 72% of Australians aged 60+ report that the rising cost of living has adversely impacted their financial security, with 34% admitting the impact was significant. This highlights the importance of planning for longevity risk to maintain financial confidence in retirement.
Building financial security for the future
To ensure a comfortable and secure retirement, it’s important to take proactive steps to manage longevity risk. Here are some key considerations:
1. Understand how long your retirement savings may last
Knowing how long you might live can help you plan your finances to last throughout retirement. Factors like health, lifestyle and family history can play a role in estimating life expectancy.
2. Understand your income sources
Retirement income can come from a mix of sources, including the Age Pension, superannuation, personal savings and investments. For many Australians, the Age Pension alone may not be enough to cover all living expenses, especially if superannuation or other savings run out. Adding a source of regular income such as a lifetime annuity to your retirement income plan can help you manage the risk of outliving your savings.
By using some of your super or other money to set up a lifetime income stream, you could create an additional layer of secure income that complements the Age Pension, if you are eligible. This approach helps to provide peace of mind by ensuring you have a regular source of income that can cover essential needs throughout your life. This can form part of a comprehensive retirement income plan.
3. Use planning tools and resources
• Make a budget
• The Age Pension is a key safety net for many Australians. Consider how it works, including eligibility and its role alongside superannuation and lifetime income streams.
• For personalised guidance to help you make informed decisions about your finances, consider accessing free services like the Financial Information Service (FIS) offered by Services Australia or see a Financial Adviser.
The benefits of financial security
Financial security can transform retirement into a time of freedom and fulfilment, allowing retirees to focus on what truly matters. With a lifetime income stream you can enjoy meaningful activities like traveling, pursuing hobbies or spending quality time with loved ones without the stress of financial uncertainty.
The Challenger Retirement Happiness Index2 reveals that 41% of Australians aged 60+ see "having enough money to enjoy retirement" as essential for happiness, while 33% value knowing their money will last. This financial confidence provides the foundation for a retirement filled with confidence, happiness and peace of mind.
Planning for a confident retirement
A well thought out retirement plan provides the confidence to enjoy life without the constant worry of running out of money. By understanding longevity risk and taking proactive steps, you can feel more confident that your retirement income will last as long as you do.

1 Life expectancy, 2021 - 2023 | Australian Bureau of Statistics
2 Challenger Retirement Happiness Index

Source: Challenger

11/11/2025

Money isn’t everything but it helps when it comes to making choices. Growing your super balance faster can give you more choices in retirement and peace of mind right now. Get on the fast track to more super.

How to help your super grow faster
Super is money from your employer and your own savings you can use when you retire. As you earn an income it keeps growing a little at a time. But if you want to set yourself up for more choice for your life in retirement, there are two ways to help your super savings grow faster.
Super booster #1: save more
When you earn income, your super gets paid by your employer as a percentage of your salary. That’s something they are legally required to do and that’s why it’s called the superannuation guarantee. But your super savings don’t have to be limited by what you earn. You can make personal payments into super and there are a few different ways to do this.
Super booster #2: invest smart
Choosing how to invest your super is another step towards helping your savings grow. When you join a super fund, if you don’t choose how to invest your super, any savings you already have, and any new payments into your account, will be invested in a standardised investment option, known as MySuper. This might be ideal for your life stage and the type of investments you feel comfortable with. But most super funds offer a whole range of investment options and there might be one that is a more appropriate choice for getting the most from your super savings or if you want to play a more active role in your investment decisions.
Get motivated to save
Saving a little extra in your super now can make a big difference to your future income. But this can be hard to get your head around when it’s money you won’t get to spend until you retire. Here are four things to think about when it comes to saving as a way to grow your super:
• Super is your money
It’s important to think of super as part of your net worth, just like any other savings account or the $50 note in your hand. Finding out how much super you actually have is a good way to remind yourself that it has real value, even though you usually need to wait until retirement to access your super.
• Even small savings count
Another way to get motivated to save is to look at the difference your extra savings can make in 30, 20 or even 10 years’ time. See how a head start can help you reach your super goal and find out more about the big changes small savings can make for your super.
• Super isn’t everything
Choosing to save more super can be hard if you feel like you’re struggling to make ends meet or you’re saving for something that’s really important, here and now. So you need to think about your other money priorities before choosing to make extra payments into your super.
• Extra super can save on your tax
Making extra payments into super up to a certain amount each year could actually see you pay less in tax. So you get to put more money into retirement savings.
Get educated to invest
When it comes to investing super, knowing how to choose between all the options is a major hurdle to get over. And there are a lot of different things to consider when you’re investing your super, from the time it will be invested to the amount of risk you’re comfortable with or what is suitable for your life stage.
Take a closer look
Cass starts saving an extra $100 each month from age 25. Her friend Sunita starts her extra savings into super from 45. If the two friends earn the same throughout their career and keep saving at the same rate, Cass will have a super balance of $560,488 and Sunita will have a super balance of $521,198. Cass will have a super balance that’s $39,290 higher when they both retire at age 65.
Choosing to save a little more into super now will see your money grow much more over time. And thanks to the magical multiplying effect of compounding interest, every extra dollar added to your super savings is another dollar that can earn even more towards your final balance.
The interest or investment returns your super is earning are also going to be reinvested and earn more for your super. As this example shows, a 20 year head start on saving extra into super has earned Cass an additional $15,290 in investment earnings form her super savings up to age 65. Around 60% of her extra balance at retirement comes from her savings and around 40% comes from the earnings on those savings.

Source: MLC

06/11/2025

Many of us have debts and bills to manage but what happens when you’re really struggling to pay? Find out what to do when you fall behind with bill or loan payments and what to expect if you do.

How to get out of debt
In Australia, we’re pretty big on borrowing money. According to figures published by Finder in 2024, Australia takes the number three spot, after Switzerland and the Netherlands in the top five countries with the highest levels of household debt. So, if you’re in debt, you’re certainly not alone in owing money. Mortgage debt is the number one contributor to household debt, followed by personal loans, credit cards and student loans.
Quick stats – average Australian debt levels
Household debt $261,492
Home loan debt $665,978
Credit card debt $3,306
Personal loan debt $8,098
Care loan debt $13,315
Student debt $27,640

Source: Finder – March 2024
Being in debt doesn’t have to be a problem as long as you’ve got money coming in to meet all your financial commitments, including loan repayments.
But falling behind on those payments or finding yourself juggling too much debt along with bills and rent, can lead to serious short and long-term financial stress. In this guide to getting out of debt you’ll learn about the steps you can take straight away to deal with debt problems. You’ll also find out what to expect if your debts or bills remain unpaid.
What to do if you can’t pay
The most important thing when it comes to getting on top of debts is to act quickly. Take one or more of the following steps as soon as you become aware that you’re struggling to keep up with payments. This gives you more time to understand your options and make the right decision without putting yourself under extra pressure.
• Speak to your credit provider – contact your bank or other loan, credit card provider or utility company as soon as you can. Even if you’ve already missed a payment, there’s a good chance you can speak to someone about a new instalment plan you can afford.
• Apply for a hardship variation – if you’re unable to keep up with payments because of unemployment, ill health or changes in your financial circumstances, you could be eligible for a hardship variation. You can phone your provider to begin this process but may need to make an application in writing. The Financial Rights Legal Centre offers sample letters you can use for a hardship variation and for other situations like dealing with debt collectors.
• Speak with a financial counsellor – when your finances get out of control, dealing with debts and unpaid bills can be scary and isolating. If you’re confused about what to do, speaking to a financial counsellor could be the best course of action. You can hear more about your options and find out about your rights and responsibilities when it comes to dealing with debt collectors and any legal action against you because of your debts.
Moneysmart offers more detailed information and advice on these different ways to get help with debts.

Accessing super to pay debts
It’s generally the case that you can’t withdraw any of your super until you reach your preservation age. However, there are two ways you may be able to gain early access to your super to pay off debts. The first is access on compassionate grounds, which includes ‘making a payment on a loan or council rates so you don’t lose your home’ as a legitimate reason for early access to a lump sum from your super.
You may also be able to withdraw super early on the grounds of severe financial hardship. The Department of Human Services website provides guidance on what is considered to be financial hardship. You’ll need to apply to your super fund to make any arrangement for early withdrawal on these grounds. It’s well worth speaking to a financial counsellor before making a decision to apply for early access to super as this could impact your future financial security in retirement.
What can happen if you don’t pay
• Credit history – unpaid debts or bills that have been outstanding for more than 60 days will be included on your credit history for five years, even after the debt or bill has been paid. When your provider is unable to contact you to request payment, this stays on your credit history for seven years. This will lower your credit score, which can impact your future ability to borrow money.
• Repossession – when a loan is secured on an asset, such as your car or home, and you miss a repayment, a lender may take action to repossess that asset. Once you’ve missed a payment, a lender must issue you a default notice and then give you 30 days following the date of issue to pay the overdue amount before taking steps to repossess the asset.
• Debt recovery – if you do not make an instalment plan for overdue debt or bill payments or take any other steps to repay money you owe, your provider may arrange for a debt collection service to recover the debt. Debt collectors are required by law to operate within strict guidelines in how they can contact you. If you are experiencing threatening or intimidating behaviour from a debt collector, you can make a complaint to the Australian Competition & Consumer Commission (ACCC) or your credit or service provider.
What to do about debt recovery
Unless you dispute a debt – and you can do this if you believe you don’t owe the money you’re asked to repay – it’s important to communicate clearly and honestly during all stages of a debt recovery process. If you don’t, it’s possible your credit provider will seek judgement from a court to issue a garnishee order to recover the debt directly from your bank accounts or your salary payments. The ATO can also take this action to claim unpaid taxes without seeking judgement from a court.
How long can debts last?
Unpaid debts can stay on your credit history for up to seven years, even once they’ve been paid in full. In most cases, debts are consider ‘statute-barred’ if no payment has been made on the debt within the last six years and there has been no court judgement regarding the debt. So, if you have an ‘old’ debt and receive a request for payment, seek legal advice before agreeing you owe the debt or making any payment.
You may not be falling behind on debts but some sound advice from a financial planner could see you pay them off sooner rather than later.

Source: Money & Life

Quadrant Financial Planning Wodonga

02/12/2025

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