The MyNorth Lifetime Suite, comprising three innovative retirement accounts, offers a superior retirement planning solution by combining their unique benefits to enhance client income longevity and optimize Centrelink entitlements.
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in this series we've shown how the myor
lifetime super account lifetime income
account and deferred lifetime income
account can improve your client's
lifestyle in retirement by potentially
boosting their income and making the
most of the benefits they are entitled
to but it's through combining these
three accounts
the clients can gain the most
significant advantages over their
retirement as an Innovative retirement
planning solution the my North lifetime
Suite of three accounts help advisers
achieve a range of positive outcomes in
this final explainer we'll bring the
compounding power of these accounts to
Life by exploring how they're better
together we'll compare four scenarios
showing how clients can achieve Superior
retirement outcomes through income
longevity and enhanced centerlink
benefits let's consider the retirement
strategies for a couple both 50 years
old who have a retirement income goal of
$100,000 a year they have a combined
super balance of
$300,000 and each earn a $100,000 salary
will'll assume a super guaranteed
contribution of 12% and a retirement age
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to establish a baseline the first
strategy sees the couple both with
standard super accounts from age 50 to
66 at 67 they convert 100% of their
balances to account-based pensions the
income chart shows the contribution of
both the age pension and account-based
pension over their lifetime this sees
them achieve their income goals which is
$100,000 a year up until age 89 at which
point their account based pension
depletes and their sole source of income
pension death benefits also decline over
time as they draw down their balance
effectively coming to an end at [Music]
[Music] 90
90 [Music]
strategy 2 sees the couple again relying
on standard super accounts in the
accumulation phase but at age 67 they
split these savings equally between a
minor lifetime income account and an
account-based pension in this scenario
they achiev their yearly
$100,000 income goal until age 89 as is
the case when they don't use my nor
lifetime however now when their
account-based pension depletes their
lifetime income accounts continue to pay
over $20,000 in additional income on top
of the age pension they receive each
live [Music]
in our next strategy the couple both
have standard super accounts from age 50 to
to
66 however from 67 to 73 they convert
50% into a my North deferred lifetime
income account and the other 50% into an
account-based pension modeling shows the
couple can gain substantial age pension
benefits from the Deferred income
account by making commutations which the
couple choose to do remember the
Deferred income account is available to
clients who have met a condition of
release and provides tax-free earnings
bonuses and continued
benefits at 74 the couple roll over
their deferred income account to a
lifetime income account while keeping
the account based pension due to the
additional age pension and commutation s
taken from their deferred income account
during the early years of their
retirement the couple's account-based
pension is able to last longer they are
able to achieve their desired $100,000
yearly income until age 94 an additional
5 years and again once their account
base pension depletes their lifetime
income accounts continue to pay over
$20,000 additional income on top of the
age pension they receive here for as
live this also enables the couple's
mid90s strategy 4 starts with the couple
both having my North lifetime super
accounts remember clients can stay in
this account until they meet a condition
of release and can transition into one
of our other lifetime Accounts at 65
they convert these savings with 50%
placed in a minor deferred lifetime
income account and 50% in a standard
super account however at 67 in this
scenario they draw commutations from the
Deferred income account while rolling
over their standard super to an
account-based pension finally at 74 the
Deferred income account is converted to
a minor lifetime income account while
maintaining the account-based pension
this allows them to achieve their yearly
retirement income goal of
$100,000 for at least 15 more years when
compared to a strategy that doesn't
include a lifetime income stream this is
because of the increased age pension and
lifetime income withdrawals subsidizing
the larger portion of their income goal
which allows their account base pension
to last substantially longer this
scenario shows the power of the myor
lifetime Suite of accounts working in [Music]
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combination m North lifetime is a range
of three solutions that expand the
options available to your clients on the North
North
platform to learn more about the my
North lifetime Solutions and their
benefit for advisers and their clients
please view the full range of videos in
this series or feel free to reach out to
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