The Strategy Stacker - Luke Talks Money

By Luke SmithSociety & Culture Business Education Kids & Family Investing

The Strategy Stacker - Luke Talks Money episodes

May 03, 2021Luke on 2CC – Annual leave and retirement – Should you take it or cash it out?
Retirement planning – What should you do with your accumulated leave?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 30 April 2021. This week’s topic: What to do with accumulated leave before retirement?
Luke and Leon start the conversation around thinking about your own end of financial year planning. As Luke says, if you’re always early you’re never late – so don’t leave your end of year planning too late. The end of financial year is fast approaching.
Have you thought about what you will do with your annual leave before you retire from work? Many people don’t think about it, but there are some tips and tricks to consider to make the most of your options. Seek advice if you need help.
Key highlights include:
Start with your own ‘why’ – what are you looking to achieve
Also consider when, if you retire before the financial year, cashing it out will add to tax implications for the current financial year
If you carry it over to the next financial year, you might pay less tax
Think about long service leave too, while you’re taking it, you continue to accumulate annual holiday leave
Can I take all my leave and then retire?
Can taking leave help me try out retirement before I retire?
If I cash out my leave, can I add it to my super? Yes you can but be aware of your limits
You can only cash out annual leave and long service leave
Sick leave cannot be cashed out, you either use it or lose it
How can people make the most of their leave payments?
Are there special issues you need to consider for defined benefit schemes
Luke shares his key strategy tips
Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/05/The-Strategy-Stacker-Luke-Talks-Money-30042021.mp3

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

Do you need advice around annual leave and retirement?
Consider what to do with annual leave before you retire. Seek financial advice if you need help.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Cashing out annual leave and retirement can be complicated but the good news is you can make an appointment to speak with Luke about your specific situation, goals and objectives.
Make an appointment to confidentially discuss your own super, investment, insurance or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday fortnight. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
20 min
April 25, 2021Luke on 2CC – How to retire in comfort and style
Have you thought about how you’d like to retire?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 23 April 2021. This week’s topic: How to retire in comfort and style.
There’s a few things to consider before you actually make the decision to retire. The more time you give yourself to plan your retirement properly, the more certain you are likely to be about it. Seek advice if you need help.
Key highlights include:
What do you want to do in your own retirement?
It’s really important you have an idea about what you want from your retirement, even in a broad sense
Is this a hard retirement? Or are you simply looking to take a break and then perhaps pick up part time work?
If you are planning to fully retire, are you making the most of your contribution opportunities before you leave work?
There are of course some key financial questions you should be asking and answering
Equally important is understanding what your life in retirement actually look like – what will you do with all of that free time?
Start your retirement planning at least 6 to 12 months before you retire
Do the big ticket items before you retire, such as buying a new car, doing up the bathroom before you retire
How important is timing your retirement?
How can you make the most of your contribution options and tax issues?
Did you know you don’t have to be working to put money into super if you’re under 67 years of age?
Luke offers his top tips for managing your own retire comfort plan
Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/04/The-Strategy-Stacker-Luke-Talks-Money-230421.mp3

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

Do you need advice around super contributions?
Like superannuation, retirement can be complicated. Seek advice from a financial planner if you require assistance before you make the decision to retire from work.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Superannuation and retirement can be complicated but the good news is you can make an appointment to speak with Luke about your specific situation, goals and objectives.
Make an appointment to confidentially discuss your own super, investment, insurance or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday fortnight. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
19 min
April 18, 2021Luke on 2CC – Should I make a contribution to super before 30 June?
Should you make a contribution to super before June 30?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 16 April 2021. This week’s topic: Should you make a contribution to super before the end of financial year? It seems like we just had Christmas but the end of financial year is fast approaching.
There’s a few things to consider when contributing to super and Luke explores them with Leon. They start the show though talking about this weeks navy dancing controversy. It certainly did raise a few eyebrows. Like Luke, we’ll let that one go through to the wicket keeper!
Key highlights include:
The end of financial year is fast approaching
There are many reasons why people might make a contribution to super
To get a tax deduction, it’s called a concessional contribution
To not get a tax deduction, it’s called a non-concessional contribution
With retirement in mind. How do you want to draw your income in retirement?
Remember limits apply to how much you can put into super as a concessional and non-concessional contribution.
Do you know about the carry forward rules?
What happens if you’re approaching retirement – do you know the work test has been raised from 65 to 67?
Do you know the downsizing rules around people selling their home to buy a smaller home?
Remember the funds need to be cleared BEFORE the end of financial year to be eligible before the current financial year
Always start with the end in mind before making a contribution – Why are you doing it?
Luke shares his top tips to consider and strategies around 30 June contribution strategies
Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/04/The-Strategy-Stacker-Luke-Talks-Money-16042021.mp3

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

Do you need advice around super contributions?
Will you be making a contribution before 30 June to superannuation? Super can be complex, seek advice if you need help.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Superannuation and retirement can be complicated but the good news is you can make an appointment to speak with Luke about your specific situation, goals and objectives.
Make an appointment to confidentially discuss your own super, investment, insurance or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday fortnight. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
18 min
April 12, 2021Luke on 2CC – How much tax do you pay in super and in pension?
How much tax do you pay in super, transition to retirement and pension?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 9 April 2021. This week’s topic: How much tax do you pay in super? And when you retire, how much tax will you pay in the pension phase of super? There’s a lot of confusion about tax and super.
Certainly no one wants to pay more tax than they need to on their retirement savings, and seeking financial planning advice is a great way to ensure you understand your situation and options, before you make important financial decisions. This is the first show after the Easter break and we hope you had the chance to enjoy some time away from work or perhaps even take a short break like Leon did.
Key highlights include:
Two key questions: (1) Where are you in your super journey? (2) Are you in accumulation fund or a defined benefit fund?
If you are:
Of working age you will be in the accumulation phase, you will generally be paying 15% tax.
Over 60 and retired, and taking a pension, you will pay 0% tax on your pension payments, provided that you’re below the transfer balance cap (1.6 million dollars at the time of recording).
In a transition to retirement pension, but are still working, your earnings will be taxed at 15% inside the fund, but you will pay 0% tax on the money you take out as pension payments.
Defined benefit schemes like CSS and PSS pensions however are taxed differently from the above accumulation super funds. It’s really important you understand the rules before you make decisions.
Do you really have to be over 60 to withdraw money from super tax free?
What determines the taxable and non-taxable components of your super?
It’s also important to note what happens if you pass, the taxable component will be taxed at 17% if it passes to adult children.
Luke offers his tips to manage your super and tax in the lead up to June 30
Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/04/The-Strategy-Stacker-Luke-Talks-Money-09042021.mp3

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

Do you need advice around super, pensions and tax?
Superannuation, retirement and tax can be complicated. Seek advice if you need assistance before you make important decisions.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Superannuation and retirement can be complicated but the good news is you can make an appointment to speak with Luke about your specific cover requirements and options.
Make an appointment to confidentially discuss your own insurance, investment, super or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday fortnight. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
20 min
March 29, 2021Luke on 2CC – PSS and PSSAP Superannuation
Government Super Schemes – PSS and PSSAP

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 26 March 2021. This week’s topic: Australian Government Super Schemes – PSS and PSSAP. If you work in Canberra or around Australia for the Federal Government, you might be in one of these superannuation schemes. But do you know how they work?
This week Luke and Leon explore the difference between PSS and PSSAP and the general things that members of these superannuation funds should be aware of when thinking about their retirement savings. PSS stands for Public Sector Superannuation Scheme. PSSAP stands for Public Sector Super Accumulation Plan.
Key highlights include:
PSS is the old plan, PSSAP is the new plan
PSS is defined benefit scheme is a defined benefit scheme. This means your final outcome is determined by your final salary and your contributions while you were working.
PSSAP is a standard accumulation fund. Your outcome is determined by your employer contributions and your own contributions and the returns to the fund over your working life. PSSAP only has 4 investment options, which might not be enough, depending on what goals you’re trying to achieve.
Public Servants in PSSAP, do have super choice, depending on their employment agreement.
When it comes to super does you have the have the tools you need to achieve the results you’re seeking to achieve?
When it comes to considering costs, also look at the Indirect Cost Ratio (ICR)
Why it pays to take a look at your investments, don’t just look at the investment label
Also look at your superannuation options in insurance, cheaper isn’t necessarily better, even in the PSSAP
Luke offers his tips if you’re in the PSSAP
Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/03/The-Strategy-Stacker-Luke-Talks-Money-26032021.mp3

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

Do you need advice around your PSS or PSSAP Super?
If you have a PSS or PSSAP super account, you can seek financial planning advice at Envision Financial Canberra.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Superannuation and retirement can be complicated but the good news is you can make an appointment to speak with Luke about your specific cover requirements and options.
Make an appointment to confidentially discuss your own insurance, investment, super or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday fortnight. Next Friday is Good Friday – so Happy Easter to our listeners, Luke and Leon won’t be on air on Good Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
20 min
March 22, 2021Luke on 2CC – Is insurance tax deductible?
Can you get a tax deduction on your personal insurance?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 19 March 2021. This week’s topic: Is insurance tax deductible, when it comes to your personal insurances? Personal insurance includes income protection cover, trauma cover, and life cover.
This week Luke and Leon wrap up the insurance series. When it comes to personal insurance some of it is tax deductible and some of it isn’t. Certainly tax deductibility isn’t the main reason for taking out insurance, but most people are happy to learn about what their tax deductions are.
Key highlights include:
As a general rule, people like tax deductions
There are two key questions to determine if personal insurance is tax deductible or not:
What is the purpose of the insurance (does it replace lost income)?
Who owns the policy?
Life cover and tax deductibility
Trauma cover and tax deductibility, and the opportunity for business owners
Income protection cover and tax deductibility
Also consider where the money is going, should a life insurance payment occur
Non-dependent children (adult children) received payments that will be taxed
Minor dependents and your spouse receive tax free payments
Always start with your why? Why are you doing it?
Then think about where the money is going and how it will be taxed?
Remember, good insurance is about the quality of the policy and the things you are covered for – it’s not just about getting a tax deduction
Luke offers some key strategy tips, as part of thinking about your own insurance requirements
Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/03/The-Strategy-Stacker-Luke-Talks-Money-19032021.mp3

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

Do you need advice around your insurance cover?
The quality of your insurance policy and the outcomes it provides are really important. Seek advice if you need help.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Insurance can be complicated but the good news is you can make an appointment to speak with Luke about your specific cover requirements and options.
Make an appointment to confidentially discuss your own insurance, investment, super or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
19 min
March 14, 2021Luke on 2CC – What is Life cover?
Life cover – Why is it important?
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 12 March 2021. This week’s topic: What is Life cover and why is it important?
Life cover helps you keep things going when you’re not here. This week Luke and Leon continue in the insurance series to explore what life cover or life insurance is as well as the key things you need to consider when looking at this kind of cover.
Key highlights include:
What is life insurance?
Life cover can be used to pay off a mortgage or financially look after your family if something was to happen to you
It can also be used to pay off other kinds of debt too or used to invest and replace your income for your family
Is their a time in your life when life cover isn’t worth it?
Why is it important to review your life insurance as your life situation changes?
What do ‘definitions’ in an insurance policy mean?
Are there circumstances where your life policy might not pay out?
Life insurance is not the same as Total and Permanent Disability (TPD), they are separate kinds of insurance
Did you know you can use super to pay for life insurance and it doesn’t need to be with the provider your super fund uses? There are sometimes better options outside of what your super fund offers
Luke’s top tips for considering life insurance – for yourself and business (if you have a business), and
A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/03/The-Strategy-Stacker-Luke-Talks-Money-12032021.mp3

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

Do you need advice around life cover?
Life cover can pay off debts and help look after your family if something happens to you or your partner. Seek advice if you need help to work it out.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Life cover can be complicated, but the good news is you can make an appointment to speak with Luke about your specific cover.
Make an appointment to confidentially discuss your own insurance, investment, super or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
20 min
March 08, 2021Luke on 2CC – What is trauma cover?
Trauma cover – Why is it important?
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 5 March 2021. This week’s topic: What is trauma cover and why is it important?
No one wants trauma in their life but sadly there are few of us who don’t know someone who has been through a cancer or a heart condition. We might of even been through it ourselves. This week Luke and Leon continue in the insurance series to explore what trauma cover or trauma insurance is as well as the key things you need to consider when looking at this kind of cover.
Key highlights include:
What is trauma insurance?
Depending on your insurance contract, trauma cover may cover you for between 30 and 50 ‘traumatic’ events
It’s important to know what you’re covered for
What can it be used for and when is it paid?
Did you know a trauma cover payment is a tax-free payment if you ever need to make a claim?
There is no waiting period with this cover, unlike income protection insurance
Trauma is based on your age, your general health and well-being and your amount of cover – not your occupation
How much trauma cover do you need?
Don’t forget to review your cover as your needs and situation changes
Can you get cover after you’ve had a trauma event and received an insurance payment?
Trauma cover is not the same as Total and Permanent Disability (TPD) cover that you might have in your super as default cover
Luke’s top tips for considering trauma insurance
A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/03/The-Strategy-Stacker-Luke-Talks-Money-05032021.mp3

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

Do you need advice around trauma cover?
Trauma cover provides peace of mind when a serious medical event occurs. Make sure you understand what you’re covered for and seek advice.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Trauma cover can be complicated, but the good news is you can make an appointment to speak with Luke about your specific cover.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your own insurance, investment, super or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
19 min
March 01, 2021Luke on 2CC – What is income protection?
Income protection – Why is it important?
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 26 February 2021. This week’s topic: What is income protection and why is it important?
So what is your greatest asset? It’s probably your income. Many people only realise this when they become injured or ill and cannot go to work. This week Luke and Leon explore what income protection insurance is as well as the key things you need to consider when looking at income protection cover.
Key highlights include:
What is income protection?
Did you know that income protection tax deductible?
How much of your income can you insure?
Should you hold cover in your own name or via your super fund?
What is a super linking strategy?
Why policy definitions matter!
What happens if your income changes?
What is the waiting period?
How long do you want to be paid for, should you need to make a claim?
Does the policy you hold allow for partial claims?
Being made redundant – or quitting your job – these are not claim events, as you still have the ability to do your job.
How much is enough? You need to check and review your cover.
Can you get cover if you are a contract worker, or a worker with irregular income?
Luke’s top tips for considering income protection cover.
A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/03/The-Strategy-Stacker-Luke-Talks-Money-26022021.mp3

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

Do you need advice around income protection insurance?
When was the last time you reviewed your income protection cover? If you need help, please seek advice.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Income protection insurance can be complicated, but the good news is you can make an appointment to speak with Luke about your specific cover.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your own insurance, investment, super or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
21 min
February 21, 2021Luke on 2CC – What is retirement?
Are you approaching retirement? Here’s some tips
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 19 February 2021. This week’s topic: What is retirement? Sure there’s a legal definition but there’s also a real life definition too.
In recent weeks Luke has looked at growing your super and taking income from that super when you retire through an account-based pension. This week Luke explores what retirement actually is and offers his top tips for those approaching their life after work or life with reduced working hours.
Key highlights include:
What does retirement really mean?
The real life definition: Do you have the resources to live the life you want and without working?
What Covid has taught us: most people struggle to sit at home and do nothing – the same can be said for retirement
What Covid has taught us: you can work remotely from home
The legal definition: You reach a certain age and you can access your superannuation – it’s called the Commonwealth Preservation Age
Your Commonwealth Preservation age is between 55 and 60, depending on the year you were born – click to see the table
From 60-65, if you meet a condition a release, eg give up work, you can access super
From 65 onwards, you’ve reached your maximum preservation, and can access your super without having to give up work
If you’re under the age of 65, but have retired, you can still put money into super
Luke shares his top tips for those approaching retirement
A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
https://www.envisionfinancial.com.au/wp-content/uploads/2021/02/The-Strategy-Stacker-Luke-Talks-Money-19022021.mp3

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

Do you need advice around your retirement plan?
Approach your retirement with confidence. Seek financial planning advice.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Retirement planning can be complicated, but the good news is you can make an appointment to speak with Luke about your superannuation and retirement strategy – including the account-based pension.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your own investment, super or retirement 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.
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
20 min

About The Strategy Stacker - Luke Talks Money

From the publisher's feed

Luke Smith is The Strategy Stacker. He's an experienced financial planner and each Friday afternoon talks about money with Leon Delaney on 2CC Talking Canberra. Luke's down to earth approach breaks…