In this Australian Retirement Podcast episode, your hosts Drew Meredith, from Wattle Partners, and James O’Reilly, from Northeast Wealth, bust the myth that financial advice fees are fully tax-deductible after the 2024 changes, walk through a real client case where an insurance refund accidentally triggered the bring-forward non-concessional cap, and run the numbers on what a daily coffee, a weekly pub meal, and three streaming services really cost a retiree over 25 years. They also explain what professional indemnity insurance actually covers (and what it does not), and answer two listener questions: the best month of the year to retire, and whether a still-working 60-year-old with $2 million should set up an allocated pension now.
Topics covered
- The myth that all financial advice fees are tax-deductible — what actually changed in 2024 and why accountants are tightening up
- A real case study: an insurance premium refund accidentally treated as a non-concessional contribution and the bring-forward trap it triggered
- Why the latest age pension increase was completely wiped out by higher deeming rates, petrol, and grocery prices
- The $432,000 cost of a daily coffee, weekly pub meal, and three streaming services over 25 years — and why we still say spend it anyway
- Professional indemnity insurance: what it actually covers, what it doesn’t, and why “bad returns” aren’t a claim
- Mad About Money’s question: what is the best time of year to retire? (Hint: August)
- Super Sandwich’s question: 60 years old, $2 million in super, still working five more years — should you start an allocated pension now?
- The over-60 super recycling strategy: meeting a condition of release, drawing the minimum, and re-contributing to save up to $14,000 a year in tax
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