CSP Three Buckets Retirement Program

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1 CSP Three Buckets Retirement Program Manage your cash flow now, sleep well at night knowing you can retire on your terms

2 Disclaimer: The information contained in this booklet is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser. Please refer to the Product Disclosure Statement (PDS) before investing in any products mentioned in this booklet. The information is current as at 3rd June Chick St Clair & Partners ABN is a Corporate Authorised Representative of The Advice Exchange Pty Ltd ABN Australian Financial Services Licence No Registered Office: Level 3, 7 Bowen Crescent, Melbourne Vic 3004

3 Don t lose sleep over your retirement plans Do you have big plans for your retirement? You need to be confident you ll have enough money to live comfortably, now and throughout your life. So do you sometimes wonder if your superannuation investments are strong enough to ensure you have the money you need, but also protect you from fluctuations in the market? At CSP, we re here to help you plan effectively for your retirement. No matter which expert investment strategy you choose, you ll benefit from professional advice and proven processes. We ll guide you to the investments that best match your needs and generate a solid return with easyto-understand risk profiles you can manage and feel comfortable with. The smart choice With our specialist guidance, you can achieve your retirement goals more easily, and with far greater reassurance. We ll keep you fully informed every step of the way, and help you make smarter decisions with your money. 3

4 Why do I need to think about it now? Most people need to draw an income from their superannuation when they retire at the very least to meet day-to-day living expenses. So if you want your superannuation to last you a long time, it s best to keep your pension amount to a minimum, subject to your basic living needs. At 65, the minimum amount you can draw is 5% of your account balance each year. 1 Here s a simple example: Let s assume inflation is running at 2.5% (in the middle of the RBA target inflation band of 2% 3%). If you draw the minimum 5% as income, you need a return of 7.5% after fees and taxes if you want the money to last you for the long term. If you want to withdraw more than 5%, you ll need an even higher return. The problem is, it s just not possible to get a 7.5% net investment return in cash or Term Deposits, or other low risk approaches, so investing in these assets may mean you outlive your savings. 5 % 7.5 % Shares are a great way to boost the return on your investment, but it's understandable to worry about the risks involved. Understandable, but with our support, not necessary... 1 As at 2013/2014 4

5 Did you know? If you get a 3.5% return on a term deposit, inflation is 2.5%, and you draw the minimum 5% as a pension, you will run out of money in around 22 years (excludes fees and taxes). $500k Index: XAOAI (All Ordinaries Accumulation data, 31/12/ /4/2014) $438,000* What your money would be worth at any given point in time had you invested $10,000 into the All Ordinaries on 31/12/1979 and reinvested the dividends (excludes franking credits) $130,000* Term Deposits what your money would be worth if you had cashed out of the share market on 31/12/1981 and invested the capital into rolling 12 month TD and reinvested principal and interest each time (Term Deposit data is from the Reserve Bank of Australia) $0 December, 1979 April, 2014 * Excludes tax and fees

6 Let s talk about shares Many people think the risk of investing in shares is the potential drop in the market. It isn t. The share market always drops in value at some stage the risk relates purely to when this happens, not if. So if you invest in shares over a long period of time, as with retirement planning, you will almost certainly experience these drops in value. And sometimes this can be unsettling. But accepting that the market will fall at some point, and having a sensible plan to deal with it when it happens, is far more worthwhile than worrying about the inevitable. A time to buy, and a time to sell The diagram shows a very simplified and real-life example of a share market rising, falling and rising again. Asked where is the best time to buy shares, most people would choose B. Likewise, asked to point out the best time to sell them, most would choose A. And if asked for the worst place to sell shares, most of us would say B. Buy low and sell high makes perfect sense. But in reality, most people do the opposite, simply because two things influence financial decisions more than anything else: greed, and fear. Greed When the market is heading towards point A, everyone s happy. Returns are high, the media heralds a golden age even taxi drivers are making money, and you feel left out. So you go and buy shares. But in many ways, this is the time to sell; it s similar to the property market in this sense. Fear Then, inevitably, the market falls towards point B. Investments are falling, the media makes it worse by predicting the end of the world, and you sell at the perfect time to buy! Emotions are extremely powerful and it takes a lot of discipline to ignore them and take advantage of how they affect others. But this is how to play the market and achieve the best returns on your investment as per the diagram, and is essentially what we re here to help you with. 6 A B

7 Are you a buyer or a seller? Whether you re fundamentally a buyer or a seller is largely based on your stage of life. Buyers are accumulators still working and contributing to superannuation Generally speaking, if you re still contributing to your fund, you re a buyer you make your contributions and your fund buys shares. Falls in the market can actually work to your advantage, as you can keep buying during dips in the market and make good profits when it recovers. Sellers are in the pension phase not contributing any more and drawing income from investments On the whole, once you begin drawing money from your superannuation, you become a seller. Every time you get a pension payment, your fund needs to sell assets. If the market is going through a dip, the superannuation fund needs to sell more assets to match pension income. How a drop in the share market can damage your retirement Loss of discipline letting fear affect your decisions, and selling at point B on the graph. Loss of control you have no other cash income and your superannuation fund has to sell at point B to raise funds for your pension payment. To avoid or overcome these potential pitfalls, you simply need a strategy for managing the risk 7

8 Understanding the CSP Three Buckets Program Before we explain the CSP Three Buckets Program, there are two important things you need to understand: 1. It s never too late, even at 65 All retirees have plans, and these tend to be for the long term. The average 65 year-old male has another 19.1 years to go, and the average female has so you ve time on your side. 2. You don t need all of your superannuation on the day you retire Apart from clearing any debts, which we work into your program, you will most likely need a steady income upon retirement not a lump sum up-front. With this in mind, you can start to build a strategy that aligns when you need each income payment with the level of risk it is exposed to. This is fundamental to the CSP Three Buckets Retirement Program. 2 Source: Australian Life Tables

9 What is the CSP Three Buckets Retirement Program? At CSP, we believe cashflow planning is critical to retirement planning, because you can only expose part of your capital to risk when you know you have time on your side to ride out volatility. To develop the right retirement strategy for you, we split your superannuation and investment assets into three buckets of money: All the assets you need to fund your short-term income needs. Invested at the lower end of the risk/return spectrum. Examples include: + + term deposits + + cash + + hybrids The assets you need to fund your medium-term income needs. Because the money isn t needed for years we can afford to aim for a higher return, as we have more time to ride out market volatility. Examples include: + + diversified funds + + managed futures + + some hedge funds Assets you don t need for a long time yet, which we can apply to higher-risk investments. These assets will help you achieve the long-term return that should give you an income long into your retirement. Examples include: + + international equities + + domestic equities + + property 9

10 A closer look at how we do it RISK Let s assume you have $1,000,000 of superannuation assets at retirement, and plan to draw $50,000 each year to fund living expenses. For balanced investors 3, we d recommend allocating around four years income to Bucket 1, four years income to Bucket 2, and the rest to Bucket 3. 4 On this basis, your portfolio would look something like this: Based on this approach, even if the equity market falls the day after your retire, you know you have the next four years of income locked away in lowrisk assets that won t fall with it. You also have another four years of income in Bucket 2 assets that are tempered in terms of their volatility. This means you may have eight years you can wait (excluding any interest and earnings), during which time the equity market can recover from a crash before you need to start liquidating shares to fund your living expenses. 2 3 $200,000 [ 4 x $50k pa ] $600,000 [ i.e. $1m - $400k ] So is eight years enough? Well, according to almost 34 years of Accumulation Index data, the market has fallen in value (to the extent it has taken 12 months or more to recover the losses) only five times. Of these five times, twice the losses were regained within two years and once within three years. For the remaining two falls, one took 5.8 years to recover and one took six years. 1 $200,000 [ 4 x $50k pa ] RETURN This means giving yourself eight years is fairly safe, unless the markets take 33% longer to recover than the worst falls of the last 34 years! Nothing is guaranteed, but this is a sensible rationale for investment decisions. 3 A balanced investor is one comfortable with a 70% share and 30% defensive portfolio 4 Note this bucket allocation will vary for each individual. It depends on many factors, including your appetite for risk, the portfolio return required, any personal views on investing, how much income you need as a percentage of your capital, and any issues arising from your other assets. 10

11 What happens when the market falls? We ll show you clearly how much income coverage (the number of years your Bucket 1 assets can support your pension) you have, and can help you make smart decisions around when to top Bucket 1 up. 3 A proven track record through tough times This model is already working for our clients. Throughout the recent global financial crisis, they could deplete their Bucket 1 assets in income payments while holding on to their Bucket 3 assets. Now the market has recovered somewhat, they re taking the opportunity to sell down their Bucket 3 assets and top up Bucket 1. 1 In doing this, they ve avoided having to sell shares when the market bottomed out, and have sold them for a better return since the market recovered. This is a great example of how we help clients make smart decisions with their money. With the CSP Three Buckets Retirement Program, your retirement strategy really can stand the test of time. It s never too soon to start. 11

12 A smart retirement strategy The phasing of this allocation will depend on what age you intend to retire, i.e. 60 or 70 20s, 30s, 40s 50s 60s + 2 The last $ saved = the first $ spent 1 3 retirement A smart retirement strategy begins well before you retire. If you re still contributing to your superannuation and not planning to retire soon, your most pressing question might be; What do I need to do now so my superannuation is set up in these buckets when I do retire? The answer is quite simple: We fill the buckets up in reverse order. In your 20s, 30s, 40s? Generally, put your contributions in Bucket 3. You are a long way from retirement and have plenty of time to ride out market volatility. In your 50s, 60s? Then, as retirement looms closer, instruct your superannuation fund to hold on to your Bucket 3 investments and allocate future contributions to Bucket 2-type investments. Then, as you get closer still, instruct it to hold onto your Bucket 3 and Bucket 2 investments and allocate all remaining contributions before retirement to Bucket 1-style investments.

13 Let s get started! Step 1 - Deciding your goals We just need to know three key things before we get your CSP Three Bucket Retirement Program underway: 1. When are you planning to retire? 2. How much retirement income do you want? 3. How much can you contribute to your retirement assets each year? We know things may change, so you can always alter your goals as we build a plan that s best for you. Step 2 - Developing your retirement strategy Once we ve agreed these goals with you, we then develop a more detailed strategy. This involves: 1. Looking at the buckets your superannuation currently invests in 2. Confirming what you want the buckets to look like when you retire 3. Reviewing the best ways to achieve this: Can we do it by simply reallocating contributions to different buckets? Do we need to move capital between buckets, and is now the right time to do it? Are you expecting any lumps of capital between now and retirement (for example, from house downgrade, inheritance, or a business sale)? Into which bucket should this money go? 4. Documenting everything for you, so you have a clear retirement investment strategy that s easy to understand. This gives you confidence, so you can manage risk effectively and achieve your goals. Step 3 - Ongoing review Every well-thought-out strategy requires ongoing review. Where your circumstances might change (perhaps you are unwell, or have an unexpected financial emergency), the amounts allocated within the CSP 3 Buckets Program will need adjustment and refining as time goes by. At CSP we have a comprehensive ongoing service and review program which we deliver to all of our clients, making sure that your retirement program stays on track, regardless of what might happen in your life. 13

14 Why choose CSP? We re here to offer you confidence you ll have enough money to live the life you want to now, and throughout your retirement. Give us a call to discuss your situation further: (02) We ll help you sleep well, knowing you have the right plan for your needs. We ensure your superannuation investments are aggressive enough to generate decent returns, yet conservative enough to protect you from market volatility. We provide a retirement program tailored to your unique requirements, which generates the income you need through risks you can understand, manage and feel comfortable with. For advice you can trust, understand and follow, you need to seek the advice of an experienced and professional team. We have over 40 years of experience helping people live comfortably in retirement. With the right advice and planning there s no reason to think you can t live the life you ve always wanted, when you retire. Visit us online at chick-st-clair-and-partners

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